The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-22
STOCKS WERE STRONG
RECENT PRESSURE LIFTED AND
SHARES SCORED ADVANCES.
Exchange Is in Light Demand and
Prices DuII-LOcal Markets show
Better than Last Year.

At New York yesterday money on call
was easy at 1A41h per cent; last lean,
IA per cent; closing offered at 1Aq112 per
cent
Prime mercantile paper, 314Q4 per cent.
Sterling exchange was steady with actual
business in bankers bills at $4S71444S7h
for demand and $4.S6A@ 4s612 for sixty days;
posted rates, $4.S7 and s4.SS04.sS12 CONNER
cial bills, $4S51s.
Silver certificates, 6O1s@609sc; bar silver,
Goo; Mexican dollars, 471ac At London bar
silver closed at 271zd per ounce.
Total sales of stocks were 1920 shares,
including the following: American Sugar,
600; Burlington & Quincy, 1880; Chicago
Gas Trust receipts, 13,4OO; Delaware & Hud-
son. $500; General Electric, $500; Louisville,
1880; Manhattan Consolidated 1890; Rock
Island, 51G0; Western Union, 400; New
Jersey Central, 21,3OO.
The New York stock market was relieved
yesterday of some part of the pressure of
heavy liquidation in the coalers and
pecially New Jersey Central and in Chicago
Gas, which has been the heaviest drag on
fl for several days past The latter stock
showed some strength on renewal of faith
in favorable action by the Illinois Legisla-
tUre on the consolidation bill. New Jersey
Central also recovered about two points
from the lowest of the day quite
heavy covering movement The underlying
strength Of the market was thus allowed to
assert itself to some extent and was helped
by some special strength in individual
stocks with the result that the days trad
Ing brought fractional gains all through the
list. But while the tendency Of prices was
Upward the market was totally lacking in
buoyancy and was dull and apatnetic, the
dealings being in the strictest sense pro-
tessionai and very small and the Varia
tons outside u few special cases very mar
row. \ feature of the market for the last
few days has been the small volume of
dealings in Sugar. Efforts have been APP
parent at different times recently to repress
any marked upward movement in this stock
since the tariff bill has been reported to
the Senate. Restricted dealings in droop-
ing market would be a natural consequence
of this policy. The engagement for export
OF $l200,OOU in gold had no very marked eff
feet on values as the amount was about
what had been anticipated. The shipment
is said to be in settlement of bills of eX-
change sold during the week. The exchange
requirement has been very small and the
probability is that such exchange is
called for is being settled by gold shipment,
even at the low price of exchange prevail
ing. and this is considered to be not unlike
ly to continue. The weeks imports of dry
goods at New York were valued at $2,Sl3,
2S4, which is a decrease of S423,SS1 compared
with last week. 1t is probable that the
imports of general merchandise at this port
to be reported to-day will show proper
tional falling off. the decreased receipts
from customs reported from day to day
IOt6SnGuOWlIS SUCH ii IeSuiL anu dCCOuiil-
ing in part for the light demand for eX-
change. London did some buying in the
New York stock market and was factor
in the upward tendency of prices. New
Jersey Central and Chicago Gas again abb
Sorbed about one-third of the total deal
ings, the aggregate sales of all stocks beiEg
only 112,009 shares. New Jersey CentraPs
range was 23s per cent and the net gain
13s per cent. Lackawanna and Delaware &
Hudson also improved, the former rs and
the latter e. Chicago Gas, General Elec-
tric and Manhattan also gained about
point each on the day, the latter on re-
ports afterward denied, that the new mo-
tive power to be adopted had been deter
mined upon The railways practically all
closed higher, Omaha leading with a gain
of q. There was good buying in Westeri.
Union resulting in rise of "a on the day.
Tobacco was heavy and lost large frac-
tion The closing was strong though dull,
and practically at the top prices OF the
day.
The bond market ruled quiet and unin-
teresting with a slight tendency toward
higher plane The St. Louis q San Fran
cisco securities were prominent in the spec
ulation, with general tiVes rising 112 and
general SKIES per cent. Several issues
We're marked by heavineSS, including New
jersey Central coupon and registered hVes.
The aggregate sales were SS11000. Govern
n,ent bonds were neglected but generally
firm. The sales were $4,000.
The following table, prepared by L. w. Louis,
Room H. Board of Trade, shows the range OF
quotations: