The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-19
STOCK MARKET STRONG
But LEADING TRADERS ARE
WATCHING FOR A REACTION.
Bond Market Gives Evidence of "a GEN
eraI ImprOvement-LOcaIB Business
the Best in Months.

At New York. yesterday, money on call
was easy at 1Q1A per cent; last loan'
per cent; closed, L per cent.
Prime mercantile paper, S@i per cent.
Sterling exchange was firm and quiet,
with actual business in bankers bills at
s48714M4. S71h for demand and at $4.S6G4.S6A
for sixty days; posted rates, $4.S61a94.S7 and
S4SS(J4SS12;. commercial bills, S4.S5A.
Silver certificates. 6O3s46O24c; bar silver,
6Olkc Mexican dollars, 4714c. AT London
bar silver was weak at 27s4d per ounce.
Total sales of stocks were 2499O3 shares,
including: American Tobacco, 1920; Ameri
can Sugar, 5O.O0O Atchison, $500; Burling-
ton & Quincy, 1850; Chicago Gas, %, 100
Chesapeake & Ohio, 3,OOO Louisville &
Nashville, 300; Manhattan Consolidated,
4,s0O; Missouri Pacific, 500; Northern Pa
cifc preferred, $780, Reading, 1900; Rock
Island, 1900; st. Paul. 2l,1OO Tennessee
Coal and Iron, S,1e0; Union Pacific 1890;
Western Union, 5000; New Jersey Central,
$780,
There were evidences yesterday of
marked strength in the New York stock
market for securities and the level of prices
was at times materially above Thursday S
close. Some stocks held net advance until
the close of the market, but some prom
inent shares sold off to Thursdays close
or below the conclusion of the days trad
ing. The grangers were an example. Very
marked strength was developed in some
conspicuous cases due to special causes and
this sustaining factor in the market.
But powerful professional traders are oper-.
atinG on the conviction that a general re-
Actlon IS que or OVERDUE IN the InarheI anu
they are watchful to take prohts or 10
join the short side. London buying and
good crop reports were against this element
as was the general outlook for business
and the aggressive strength of special
stocks But they found effective inStru-
ment in the apprehension due to the sharp
cit pfpr in he cfnr q
and sthe announcement of gold exports
900 for to-day and 5000 for next
Tuesday. The special demand for exchange
is said to be due to July remittances for
dividends and interest payments on securi-
ties held abroad and for half yearly pay
ments. But the statement of the week S
imports of dry goods at New York shows
them to be valued at So, 3S9, 102 an increase
of 1894 IT'S over last week. This foreShadoWS
an increase in the imports of general mer-
chandise also, as has been Indicated by the
larger receipts from customs by the United
States treasury as reported from day to
day. Imports of nondutiable articles such
as wool continue heavy. Sales of stocks
for London account have been quite large
during the week. There was also some
buying for the same interest. These facts
are all harped on by the bears as indicating
that outgoing gold movement is likely to
continue for some time yet. The dealings
were somewhat better distributed. AL
though the VOLUME of dealings in in SUGAR
was far in excess of any other stock the
number of stocks in which a thousand
SHARES or over were SOl0 showed an IN
crease and many inactive stocks We're
stirred. In the railway list Missouri Pa
cifc scored the extreme advance of IL per
cent. and reacted 70. Net changes in the
railroads were small either way. A number
was notably weak and scored sharp net
losses.
The bond market displayed broadening
tendency and general improvements We're
registered in the more prominent issues.
Profit taking was discernible in some of
the speculative liens, but the offerings were
we'll absorbed and higher range of valAes
established. The aggregate sales were
$1S94, 900. Government bonds hardened
slightly on light purchases. The sales were
$4,000.
The following table. prepared by L. w.
Louis, Room H. Board of Trade, shows
the range of quotations: