The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-09
DEPRESSION IN STOCKS
THE RESULT OF GENERAL PROFIT
TAKING By PROFESSIONALS.
Dcfcrring of Presidents Message on
Currency Commission Used by
/ Bears-LOcaI Markets Dull.

At New York yesterday money on call
was easy at 1Q112; last loan, IA; closed,
1Gl1A per cent.
Prime mercantile paper, S44 per cent
Sterling exchange was firm with actual
business in bankers bills at -.8 for de-
mand and at $4.S52444.s6 Tor sixty days;
posted rates. $4S6la04S7y2 and $4SSQ4SS12;
commercial bills, $4S5.
Silver certificates 603sQe07sc; bar silver,
60Ac; Mexican dollars 4612c. AT London
bar silver closed at 27 1I-l6d per ounce.
Total sales of stocks were 1898 shares,
including: American Tobacco. $500; Amer
ican Sugar, 90 200; Burlington q Quincy, 15,-
9o0; Chicago Gas Trust receipts, 800;
Louisville & Nashville 5000; Reading, 800;
Northwest, 500; Rock Island, $500; st.
Paul $4,000; Western Union. $500; New Jer-
Bey Central, 5000.
Profit taking was the order of the day
in the New York stock market yesterday.
The sending of the tariff bill to conference
ends the Senate stage of the bill, the ter
minaton of which has formed a subject for
speculation in the recent market. The ter
mination is regarded as a favorable infiu-
ence on values but, having been previous
ly discounted, realizing sales were to be
looked for in the natural order of things.
The reaction did not develop Immediately
at the opening owing to several sustaining
influences. The sugar refining induSrys
special interest in the tariff bill made that
stock sensitive to Washington reports as
to the chances of the sugar schedule IN
the conference These reports varied all
day as a matter OF course but carried
Sugar UP at the opening The grangers
and international stocks also opened with
an upward tendency. The former group
enjoyed impetus also from the an
nouncement by the refunding committee of
the Chicago & Northwestern that the d.
rectors of that company had authorized
mortgage for $3.50 900, 600 to run ninety years.
"A marked improvement about the same
time in a group of usually inactive Sc
curities, due to marked operations by an
interest which has large holdings in each
of the group, was a further influence
toward an advance, as was the special
stocks. These combined influences resulted
in q rally after the first decline and car
ried prices generally to the hlghest point
of the day and St. Paul to S43s the highest
of the present movement The influences
were of only temporary effect however IN
checking the reactiOnary tendency of the
market and in fact served only to accentu-
ate the desire to take profits. Inc rean2lng
was based both on the passage of the tarin
bill by the Senate and on the continued
belief in the elimination Of the long turn
the market has made on general coIdl-
lions of business. There were traders, also,
who expressed their disappointment that
the Presidents message recommending a
currency commission had been deferred amt
that the authorization OF the commission
with the membership of the Senate as AT
present was unlikely Such traders gave
these as their reasons for selling. Ihere
was an increase of activity in the dealings
over both Tuesday and Wednesday bat
quite one-half the dealings was absorbed
by St Paul, Sugar and Burlington chi
cago Great Western, Des Moines q Fort
Dodge and Minneapolis & St. Louis were
quite conspicuous and strong as group.
The first gained liz net and the second
points East River Gas made an apparent
" sensational jump in the closing dealings
to 1874, net gain of 3A points, but 1t was
a reflection of q rise effected in outside
transactions on the curb Laclede Gas
gained 1as and Laclede Gas preferred and
starch seconds preferred a point each.
otherwise losses of a fraction were general
all through the list, reaching near point
in many prominent stocks. Sugar lost rs,
Burlington rs, and Spirits preferred, Rub
Der preferred and Western Union point
each.
The bond market lacked feature aside
from some notable variations in the indus
trial issues in which special Influences
operated. The general market displayed
q hardening tendency but tie improve
ments were mainly slight. The aggregate
sales were $1,563,OO0. Government bonds
were easier for the new fours, but the other
issues were steady Sales were $500
The following table prepared by l.. w
Louis, Room IL. Board of Trade SHOWS the
range of quotations: