The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-07
INDIVIDUAL VALUES UP
SPECIAL INFLUENCES HELPED IN M
PROVING STOCK PRICES.
international shares Show ed
Local Markets Active and Firm.

At New York yesterday money on call
was easier at 1A@1A per cent; last loan,
~; closed, 116d134 per cent.
PCime mercantile paper 3l304 per cent
Sterling exchange was slightly drmer.
with actual business in bankers bills at
$4.S7G4.S7A for demand and at $4.S6a4.S6A for
sixty days; posted rates. $4S615aLS7 and
$4.SS04.s814; commercial bills $.S5l2
Silver certificates. 61@6llzc; bar silver,
Gle; Mexican dollars, 47d4712c At London
bar silver closed at Esd per ounce.
Total sales of stocks were 151,546 shares,
including the following: American Tohac-
CO. 5000; Burlington & Quincy, 300; Chica-
go Gas, 26S0O; Louisville & Nashville, $500;
Manhattan Consolidated, AGO. Missouri Pa
cffc $500; Omaha 1900; st. Paul, 5000; Ten
nessee Coal and Iron, 3400; Western Union,
1880.
There was considerable strength apparent
in yesterdays New York market but it
was due rather TO the combined ef-
feet of special influences on individual
stocks than to any developments in affairs
affecting values generally The narrowness
of the market and its professional charac-
ter left it very susceptible to such infiu-
ences and the fact that the short interest
has been largely reduced was shown by the
small dimensions of the manipulative
movements TO offset the advance. 1t Will
be remembered that prices were sold off
to some extent Wednesday on the SUPPOSE
ton that British holders of American Sc
curities would reflect the public resentment
heretofore manifested over the rejection by
the Senate of the arbitration treaty by of
fering them for sale. AS nothing of the
kind occurred, the international stocks on
the contrary, showing rather exceptional
strength, it was natural that there should
be some recovery of yesterdays losses. An
other faVOring influence was that 1t was the
time set by the exchange houses for def
nttely deciding whether they should make
gold shipments. i
the board room floor during the day that
one of the largest railroad interests had
given an order for an enlargement of its
holdings and the room traders accepted
this as suggestion to buy. Many stock
movements were largely due to special in
fuenceS and their influence on the general
list was only sympathetic. The strength of
Chicago Gas was such an influence, the
dealings in that stock being larger than
any other on the list. 1t, together with
Western Union, Sugar. Burlington and st.
Paul, absorbed about half the total sales
of the day. The pressure on the Gould
shares continued very severe and the long
continued weakness of these, coupled with
the circulation of rumors of liqui-
d dat nc OF heavy interests Later
complete recovery on reassuring statements
from authoritative sources. There was
more or less restriction manifest in the
movement of Sugar, which was attributed
to political purpose to prevent very mani
fest response in the price to the announce
ment OF the tariff bill. Omaha declined be-
cause no further dividend is probable this
year. Chicago & Alton made a marked de-
cline on the reduction of the quarterly div
idend on both the common and preferred
stock from per cent. to IA per cent. Ten
nessee Coal and Iron enjoyed the advantage
on the announced settlement of it's contro-
versy with its laborers. The net gain on
the standard shares on average was a
large fraction. The decline in Missouri Pa
citic reached 212, the recovery being almost
complete. Brooklyn Union Gas jumped "a
and metropolitan Traction 4. New Jersey
Central gained IA and Delaware & Hudson
Us. Chicago & Alton, which was 166 bid
Wednesday night, was sold at 1913 and closed
at l55 bid. The decline in Omaha was H.
with q rally of a point. The grangers
showed exceptional strength, advancing
from y to 19s. the latter Rock Island
Other gains were: Lake Shore, 2; New
York Central. rs, and Northern Pacific,
point.
The bond market broadened appreciably,
but few important changes were scored in
prices. The undertone Of the market was
quite firm The sales were 81 127, 600
Government bonds were more active and
advanced slightly on purchases of $50. 900.
The following table. prepared by l.. w Louis
Room II, Board OF Trade, shows the range of
quotations.