The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-09

At New York, yesterday, money on call
was easy a 1Q1A per cent; last loan, /;
closed, 1Q1A.
Prime mercantile paper, 31za4 per cent.
Sterling exchange steady with actual bus
mess in bankers bill at $4.s63z04S7 for de-
mand. and $4.S52444.s6 for sixty days;
posted rates, $4.S6l2G4.S7 and $4SSq4S82;
commercial bills, $4.S51h
Silver certificates 6OG607sc; bar silver, 69c;
Mexican dollars, AZ 3-16c. At London bar
silver closed at q 9-16d per ounce.
Total sales of stock were 266 800 shares,
including: American Sugar. 1000; Burling-
ton 1880; Chicago Gas Trust receipts, 49,
0OO General Electric, 54OO; Louisville g.
Nashville, 6.300; Manhattan consolidated.
1900; Missouri Pacific $780, National Lead,
5000; n. Y. S. & w. preferred. 5000; North
ern Pacific, $500; Pullman. $500; r. & w.
preferred certificates third assessment paid,
5000; Rock Island 10 900; Southern Pacific,
$500; Wabash preferred, 1890; New Jersey
Central 1900
The tone of yesterdays New York mar
ket for stocks was distinctly reactionary
throughout though not to Il marked ex-
tent. The tendency made the more
marked by the failure of the market to
rally with any marked degree of vigor
under the strong impetus Of the upward
bound of sugar. This failure was the more
notable on account of the great stress laid
by the traders in stocks hitherto on the
early disposition Of the tariff question by
the passage of the bill-a contamination
which seems appreciably advanced by yes
terday's action Of the Republican senate
rial caucus. The heaviest influence towards
reaction came from London, though there
were other elements of weakness in the
market which must be taken account of.
Arbitrage brokers have bought American
securities while the London exchange was
closed for the Whitsuntide holidays on
Saturday and yesterday. This was done,
of course, to the confidence that London
would be a buyer at the advancing prices
on resumption of trading yesterday. On
the contrary, London showed an inclina-
ton 70 realize on earlier purchases of our
securities and prices in consequence de-
clined in London. This disposition to real
lie was accentuated by the fact that the
regular fortnightly settlement on the Lon
don exchange commenced yesterday Pri-
Vate cable advices received in Wall street
reported also that London traders have
been considerably influenced by an attack
by the London Times on United States gov
eminent finances and financial policy. The
stocks bought for London account in the
last two days of trading were left without
profitable market and were offered for
sale again. All the international stocks re-
acted under this state of affairs. The trad
ers sought TO ,preciipitate the recation which
they have believed was more than due and
there was heavy profit taking and some
evidences of short selling OF a not very
comment sort. sugar was strong all
morning on Washington advices foreshad-
owing the action Of the Senate caucus on
the sugar schedule of the tariff bill but it
surged upward with bound when the for
mai decision of the caucus and the terms
of the substitute became known. The ex-
treme rise was AS and the close was only
slightly below that The preferred gained
49, The covering of shorts and long buy
ing induced enormous transactions in this
stock, the total sales for the day number
ing over 00J0 shares, out of a total of all
sales of over 100000 shares. The grangers
were sold to take profits, and to some ex-
tent. on the belief that crops have been
damaged in the Northwest. Manhattan and
Western Union tended quite strongly up
ward at one time on the action of the Off
quarterly dividends of L per cent. on the
former, and ~ per cent on the latter
nouncement that Western Union had sold
1000 900 of additional stock from the treas
and closing at net losses Missouri Pacifc
gained fraction ret. Leather preferred
gained rs on the .supposition that the pro-
posed duty on hides will be defeated. Chi
cage Gas was sold down 1% on profit taxi
ing but recovered q in sympathy with SUI
gar. General Electric showed strength in
the closing hour. In the general list small
losses were general, the early decline being
led by the grangers and internationals, but
the rally left losses generally very narrow.
The bond market did not participate in
the heaviness that characterized the stock
trading. except for few issues in which
special considerations operated. Business
was less active, but the strength of the
market was unimpaired The aggregate
sales were $1,316,000. Government bonds
were well supported and gained slightly on
purchases of s., 600
Formal application has been made by the
Western Union Telegraph Company for per-
mission to list 81, 900 additional stock.
The stock is issued against improvements
Including lightweight miles of new lines
81. 100000 In its application the company
says that it's stock has been sold. The APP
pIication came before the stock list commit
rec 10 exchange MOn0aV. autlOr-
fed capital stock of the Western Union
Telegraph Company is $l00.00O.O00.
The following table, prepared by L. w. Louis
Room H. Beard of Trade shows the range of