The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-13
STOCK PRICES RISING

At New York. yesterday. money on call
was easy at lzf2 per cent: last loan. 2
per cent; closing offered at 112n2 per cent.
Prime mercantile paper. 3i2d41z per cent.
Sterling exchange was firm, with actual
business i'm bankers bills at $4.S714G4.S7H
for demand and AS4izN4.S44 for sixty days;
posted rates. &~.S4lzd4.S5iz and Sl.SSd4.Ssla;
commercial bills. s4.s3h.
Silver certificates, 6f7sn65c; bar silver.
64a4c: Mexican dollars. 5O%c. AT London
bar silver closed at % 1l-1sd per ounce.
Total sales of stocks were 115.541 shares.
including the following: American Tobacco.
$500: American Sugar, 500: Burlington.
$500: Louisville & Nashville. $500; Reading.
$500, Rock Island. 500; Tennessee Coal and
Iron. 5000: Union Pacific, 1000; Wheeling
& Lake Erie. 1900.
Inc New York stock speculation yester-
day was narrow. with the bulk of the very
limited dealings centering in a few of the
speciaities. which class, as usual. was af-
fected by pecuniary considerations. The
general trend of prices was upward. the
motive force being simple covering of short
contracts: A few stocks ran counter to the
movement. notably Wheeling & Lake Erie
and Baltimore K Ohio. In both cases Iioui-
dation was clearly evident. Wheeling pre-
Ierred was unusually active and made a
sensational break of az per cent. to l6Ik.
and the common fell rs per cent. to 81.
Inc decline was due to the circulation of
rumorS suggesting the probability of an
impending receivership as a result of sever,
losses by the continued generalization In
freight rates and prices for bituminous
coal This traffic forms one of the most
important items OF the company's business.
OlnclalS or the company denied the reports
ana stated that no such step had been con-
templated up TO the present time. The de-
nlals caused a rally OF rs i'm the preferred.
baltimore * Ohio was also depressed on the
Soft-coal fight in which II Is alleged to have
been the most aggressive. Another influence
against the stock was "A report that the
reorganization committee had decided that
the reorganization TO be effective. must
involve a heavy assessment OH the stock.
The result was a decline of 2s per cent.
10 l4s- The news that action on the regu-
lar quarterly i per cent. dividend had been
deferred by the Long Island directors was
followed by a recession of 8 per cent. to 80.
In spite of the expectation of important de-
velopmentS in the extension OF the COM
pany's facilities and resources. The gen.
eral market was superior to the movements
and considerations noted, except for a brief
interval around midday. when pressure
against Manhattan and the Southwesterns
caused some recessions i'm prices. The aft
ernoon market lacked important features
until around delivery hour. when support
was given to some of the high-priced indus
trial shares Covering of shorts was noted
I'm the grangers, Manhattan. Tennessee
Coal, Leather preferred, Delaware * Hud-
son and Tobacco common. and preferred.
the last two gaining a point each. The clos
AAh NAD nhlA 1AALA ct lAAOA htA - III
IN many instances.
The bond market continued TO display
strength on investment purchases for local
and foreign account. The dealings were
marked by increased trading on the usually
inactive mortgages at subsequently i'm
proved gains over preceding sales. Long
Island tours were conspicuous for a jump
TO ~. against 76l2. the last sale. Other i'm
portant gains were: New York. Brooklyn
q Manhattan Beach firsts, ga per cent;
Rochester * Pittsburg consols and Oregon
Improvement trsts. 2; ST. Paul & Omaha
consols. Ia; Equitable Gas of Chicago
frsts. Ia; Chicago 4 Erie frsts. rs. and
Georgia Pacific frsts. international and
Great Northern firsts, Missouri Pacific con-
soils, st. Paul seconds. Ohio Southern firsts
and Ontario * Western refunding tours. /
per cent. Declines: st. Louis d San Fran
cisco Trust fives. 22 per cent: Cleveland IL
Canton firsts. trust receipts. pa. and Scioto
Valley & New England tours and Union
Pacific. Denver x Gulf trsts. l per cent.
Sales. 1.5s3, 600.
Government bonds were dull, but gener-
ally higher. The transactions were s2b,vJ0,
principally the new fours.
The following table. prepared by L. w. Louis.
Room IL. Beard Of Trade, shows the range of
quotations: