The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-13
A STAMPEDE IN SUGAR
RUSH TO COVER ON INSIDE NEWS
LEAKING FROM WASHINGTON.
Highest Price Ever known Bid for
the Trust stock Yesterday-LOcaI
Markets More Active.

AT New York, yesterday, money on call
was easy at 1Q1A per cent; last loan at l
per cent; closing offered at 1 per cent.
Prime mercantile paper. 3u4 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4S7Cd4S714 for
demand and at $4.S6 for sixty days; posted
rates, $4.S612@4.S712 and $4SSQ4 S81a; CONNER
cial bills $4.85A
Bar silver, 60Asc; Mexican dollars, 47c;
silver certificates, 6O3sc At London bar sill
yer closed dull at 273sd per ounce.
The total sales of stocks yesterday were
1852 LOG shares.
Sugar occupied the largest share of at
tention on the New York stock market
yesterday and its buoyancy was a sustain
ing factor through the whole list with the
exception OF such stocks as We're subjected
to special depressing influences The course
OF Sugar was directed by the gossip about
the tariff conference in Washington, and
the price sufficiently indicates that this
pointed to action that would insure profit
able protection on refined sugar The out
standing short interest, which has been re-
puted to be large, showed a nervous ap-
prehension under the persistent strength
of the stock and extensive covering car
ried the stock up by leaps and bounds the
closing being buoyant at 1876, the high point.
and six points above the low point The
movement to cover became something like
stampede at the close. large blocks
changing hands on the rising price The
sales OF this stock reached a total of over
$4,000 sares, which was over one-half the
aggregate OF all sales. The price reached
135, is the highest on record for the stock
On June 20 the price touched $50, and has
since ruled below that figure until yes
terday. Outside of Sugar the market was
dull, the variations of important stocks he
ing small and wider variations being shown
only in important stocks The opening was
mgher ana quite distinctly diSregardful of
the tone OF the London Exchange on which
prices were lower. The international shares
We're, however, comparatively neglected
Louisville Il Nashville was heavy on the
preliminary statement showing a decrease
III the surplus of $415,344. Northern Pa
cif1c preferred was also offered quite freely
but recovered its loss. The Rubber shares
were weak on belief in dissensions in the
directory. the preferred stock losing 234
Pacific Mail advanced to 321s but lost the
gain The grangers showed marked depres-
sion during portion of the day receding
an AVERAGE OF about a point below the
early gain, but they recovered the loss
Inc anthracite roads were firm, in Sympa-
Thy ny with the strength of Lehigh Valley in
Phlladelphla and on belief in benefits to
accrue i'm the anthracite trade from the
soft-coal strike. Des Moines q Fort Dodge
Chicago Il Great Western, Brooklyn Rapid
Transit and Rio Grande Western were quite
strong. Features of the day were the APP
pearance of grain and cotton bills of ex-
change in the market and some short sell
ing of long bills of exchange There was
no further hardening of exchange rates
manifest, and the indication is strength
ened that gold shipments for the season
are over.
The bond market was fairly active with
fractionally higher values prevalent in the
speculative issues Some of the less known
securities displayed aggressive strength and
q good demand was apparent for the mid
go aIlf
were extremely narrow The aggregate
sales were 81 075,00
and gained a fraction on purchases of
So, GOO -
The following table, prepared by L. w
Louis, Room II, Board of Trade, shows the
range of quotations: