The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-01
STOCK MARKET QUIET
THE SELLING BY LONDONERS HAD A
DEPRESSING INFLUENCE.
Bull News PredOminated, However,,
Local Markets Strong.

AT New York, yesterday money on call
was hrmer at 1NQr2 per cent; last loan, IA
per cent; closed at l14Q112 per cent.
Prime mercantile paper, 5Q4 per cent.
Sterling exchange was dull and steady.
with actual business in bankers bills at
$487Q4Sl54 for demand and at 81 S57sa4.S6
for sixty days; posted rates, $4S612u48712
and $4SSQ46S12; commercial bills, $4S519.
Silver certificates, 60Aq6012c; bar silver,
601sc; Mexican dollars, 4714c. AT London
bar silver closed quiet at 27 9-16d per ounce
Total sales Of stocks were 2S5,OOO shares,
including the following: American Tobac-
co, $500; American Sugar, "a 200; Burlington
q Quincy 100000 Chicago Cas- 24,20O louis
Vile x Nashville, 1900; National Lead, 400;
New York Central, 1000; Northwest $500;
New York. Susquehanna q Western, 1000;
Northern Pacific preferred, 1880; Omaha,
$500; Reading, $500; Rock Island, TO- $780, St
Paul, 81, 800; Tennessee Coal and Iron, $500;
Western Union, $500; Southern Railway
preferred, 1900; New Jersey Central, 64OO.
Yesterdays New York market for securi-
ties was not distinctly reactionary at any
time, as was Tuesdays, but there was a
lack of aggressiVeness in il and d manifest
sense of rebuff among the bull contingent
The admonition contained by Tuesdays
lively selling by London that the advance
were not going too far, was taken to heart
and had quieting influence. There was a
gentleness OF demeanor shown by the bulls,
and the buoyancy was taken out of prices
generally. This was the more notable as
there were not such hearty offerings to
realize profits as was the case Tuesday.
The result was dull market compared
with recent days, although the total sales
OF all stocks approached 100000 shares. OF
these over 1000 were of st. Paul, and the
Burlington
CagO Gas, Rock Island and Northern Pa
cine preferred leaves less than half the to-
tai still TO be accounted for. So far as
Benerd news was concerned there was no
change in the encoura ging outlook which
had accompanied the long and steady adj
vance. crop adVtceS continued good, such
railroad earnings as We're published were
not discouraglng the likelihood was
strengthened that no gold would go out this
week and the money market displayed a
distinctly better tone than for weeks past.
Rates for call money were held at from IL
TO Ia, against l to Ia for a long time
past. Merchants and importers were in the
market for loans on imports and TO with
draw goods from bond, and the demand for
money TO put into stocks ana securities
continued. After the opening depression the
bulls did, in fact, carry prices very gener-
ally above Tuesday nights close. The
grangers and coalers were particularly
strong in this upward movement and the
former showed the frmest resistance to the
subsequent decline. Stocks which rose
more than point over Tuesday nights
close We're Sugar. Rock Island, Consoli-
ANNHoAA eNiN
Jersey Central The subsequent reaction
wiped out the gains through the whole list,
and the only important stocks to rally to
net gain We're Delaware q Hudson
point and Rock Island, Manhattan and Ten
nesSee Coal fractions. Net losses were gen
eraL even at mai rally, and extended to
a point in Laclede Gas preferred, Lead
Pullman and Tobacco. There We're a few
special causes for depression of individual
stocks, such as the apprehension that the
sugar schedule of the tariff bill would be
changed so as to lessen the protection on
G11trn N-N~th horn ani
reflected the belief among security dealers
that the plans for the harmonious opera
tions of Northern Pacific and Great North
ern had come to pause through differences
between President Hin and the Northern
Pacific voting trustees. II is probable that
industrial shares generally reflected some
apprehension caused by the result of the
trial of the tobacco company officials for
combining in restraint Of trade. although
disagreement showed ten jurors for con-
VictiOn.
The bond market was inactive, but ruled
fairly firm, although some of the specula-
tive issues fell off slightly on profit taking
Transactions in the gilt-edged bonds were
quite numerous at substantial improve
ments i'm some instances. The aggregate
sales were 81 $4,000. Government bonds
continued firm on light dealings. The sales
were $4,000.
The following notice has been served upon
the Western Union Telegraph Company by
the New York Stock Exchange: Pending
the making of further or other arrange
ments by the New York Stock Exchange
with respect 10 its quotations it is willing
day to day after June 80 1897. in considera-
ton of receiving from the Western Union
Telegraph Company for each day during
which said contract shall be so continued
in force a sum payable at the close of bust
ness on each day it being distinctly under
stood that all the provisions of said CON
tract other than those relating to its dura-
ton are to be and remain in force during
such temporary continuation of the con-
tract, but that the New York Stock Elk
change or its committee on arrangements
may az any time or without notice wholly
and that on such discontinuance or ter
mination all rights Of the Western Union
Telegraph Company shall forthwith cease
and determine.
II the terms be accepted by the Western
Union Company the contract will continue
as above until further notice
The following table. prepared by l. w
Louis, Room H. Board Of Trade, shows the
range Of quotations:
Omen Hirh- .nvu- CIne-