The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-29
STOCKS DULL AND FIRM
UNDERLYING STRENGTH SHOWN BY
RISE AT THE CLOSE.
Foreigners Refuse TO NibbIe at Ameri-
can Securities-LOcaI Markets
Doing Good Business.

At New York yesterday money on cali
was easy at 114q114 per cent; last loan, ~
closed, 1AM11a per cent.
Prime mercantile paper 3i2G4.
Sterling exchange was firmer with actual
business in bankers bills at s4.S7 for de-
mand, and $4.S53lQ4.S6 for sixty days; posted
rates. $4S611G4S7 and $lSS1a; commercial
bills, $4.S5G4.S5A.
Silver certificates, 6OAa6O7sc; bar silver,
6ORc; Mexican dollars 47asc. AT London
silver closed steady at 277sd per ounce.
Total sales of stocks included: American
Sugar, $780, Burlington 81 Quincy, $500;
Chicago Gas trust receipts, 1850; c., c., C.
& st. L., 1890; National Lead Company,
5,e00; Reading, 4,2o0; St. Paul, 1000; West
ern Union, 1900; New Jersey Central, TO- 700.
Yesterdays New York stock market was
distinguished by intense duIness through
out almost the whole of the session. during
all of which prices were very firmly held,
so that the lively demand in few stocks
to cover just at the close carried them sub
stantially above Thursday nights close.
Doubtless a part of this buying was in an
ticipation of covering movement which
may develop ct to-days short session of the
exchange, in view of Monday being a holt
day, thus leaving interval of two days
before trading shall be resumed The dull
ness Of the trading is an indication of
DERIVING strength, as there were some
favorable factors to hamper a rise, and
holders preferred to hold with confidence
The principal factor in the dullness was the
unfaVorable effect on the whole tone of the
speculation, but the official announcement
of the Baltimore & Ohio receivers that there
would be a default in the interest payments
on some of the bonds coming due on June l.
This action has been anticipated for several
days, ana the companyS securities nave
sold down accordingly.
But the effect was none the less marked
both here and on the London market for
Americans. which were entirely neglected.
Some of the selling here for London
count was due to the same cause. The
sales of all stocks footed up total of only
10000 shares. There was no positive weak
ness in the market, but the weight of semi
Stagnation prevented values from benefiting
from several favorable influences One of
these was the continued weakness of the
exchange market, which, though somewhat
firmer, failed to recover sufficiently to in
duce the expected further shipments of gold
by tO-day'S steamer. But the imports of
dry goods at this port for the week show
an increase over last week in value of over
$500 0O0 indicating that the import move
ment is again expanding with an influence
necessarily on exchange. Chicago Gas the
leader of the market in the volume of trans
actions, was quite strong on renewed hope
of benefits from the Illinois Legislature and
rose Us above in the final dealings There
/, marked disposition TO cover in the
anthracite coal stocks, thus eliminating
what has been persistent element or
weakness in recent markets. The strength
manifested by the grangers, a rise in Sugar
and the firmness OF the Gould shares were
other influences that helped TO carry prices
very generally above Thursday nights level
at the close and to leave substantial net
gains In few stocks. National Lead
showed strength on the approval OF the lead
schedule by the Senate. New Jersey Cen
at the close and to leave substantial net
gain of ia; Consolidated Gas. IA and Del
aware & Hudson and Northwest rs each;
c.. c.. C. & st. L. fell rs on the decreased
earnings and rallied only Is. Baltimore ~
Ohio rallied slightly from the depression
more than recovering an early decline.
Railway bonds were relatively more ac-
tive than share values, and more decided
tendency was evident towards a higher
plane Fractional gains were noted In the
speculative issues except for the Texas ~
Pacific seconds which exceptionally gained
point American Spirit skies were marked
by a decline of 2la per cent, with SUD
sSuuent recovery of = per cent. Severe
losses were also recorded IN a few other
inactive lines. The sales were 81, $4,000;
Government bonds showed an improved
tendency. with the old tours gaining slight
" The sales were $1,000.
The following table prepared by L. w Louis
Room II, Board of Trade, shows the range OF
quotations: