The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-23
WEAK SPOT IN SUGAR
THE ONLY IMPORTANT STOCK ON
'CHANGE TO SHOW A DECLINE.
Foreigners Said to BE Short on Amer
lean Securities, and buying Expect
ed-LocaI Market Active.

At New York, yesterday, money on call
was easier at l per cent; last loan l; closed
at per cent.
Prime mercantile paper, 304 per cent.
Sterling exchange was easier with actual
business in bankers bills at $-Sl44SiA for
demand and $4.S6@4,S6A for sixty days;
posted rates, $4S744S719 and $4SSQ4.SS13;
commercial bills, %S5Au4S51z.
Silver certificates. 59%Q60Ac bar silver,
$3.50; Mexican dollars, 1880. At London
bar silver closed at 27 Sled per ounce.
There was not d weak spot in the whole
stock list yesterday save net loss of over
a point IN Sugar The volume of business
was large and broad. Bonds as well as
stocks were strong, and the dealings ex-
tended to many hitherto moribund securi-
ties Decreased exports of grain and lower
quotations for wheat, well as London
arbitrage sales, were ignored and the mar
ket advanced on pool support. The highest
figures were recorded in many securities
about noon, but an even larger number of
securities scored about their best prices al
the close. Some foreign houses are OF the
opinion that London is heavily short and
anticipate interesting developments at the
end of the account next week. Brokers',
having little faith that there would be
much change in the sterling exchange mar
ket, gave but temporary attention to pre-
dictions that 81 600 in gold would be ex-
ported to Paris on Saturday. The CONT
nent has been buying gold, and with easy
money here this country can spare the gold
more readily than any other. Extensive
commission house buying was potent fac
tor in the markets strength, and it remains
10 be seen whether, now that the pubic Is
taking hold of the market, professional
traders will unload as usual. London adj
vices were that II the present movement IN
Americans continued the British public
would come in as purchasers, but that al
though 2 larger business was being trans
acted in americans than usual, it was prln-
cipallT on continental and American ac-
count. Sugar fell ga, to 140, in the initial
dealings recovered the loss, but was again
pressed for sale and ended with a loss of
rs. The grangers and Southwestern were
the leaders in the days upward movement
on large dealings. Other stocks conspicuous
for their strength and activity were Lead.
Chicago Gas, General Electric Louisville
& Nashville and the Gould shares. Rock
Island scored a net advance of 212 points
on rumors of increased earning capacity.
Burlington, on similar Influences was bet
tered to the extent of a point and a half.
Coalers were neglected because of the trade
conditions. American Spirits preferred rose
a point on heavy buying by the same inter-
estS recently active in Sugar and st. Paul.
The rise in industrials, including a point
and a quarter in Cotton Oil common and
two in the preferred and one in Starch sec
ond preferred, was attributed TO an ex-
pected increased demand of their products
said to be expected because of the new
tariff. General Electric advanced Ia on UNI
confirmed reports or an adjustment or back
dividends on the preferred stock. The mar
ket generally closed with net advance of
1h. The principal advances of point or
more not hitherto enumerated were: United
States Express, 9; Pittsburg,s Cincinnati.
Chicago q st. Louis preferred, 2; Cleveland
Cincinnati Chicago & St. Louis, Detroit
Gas, Erie seconds preferred, Illinois Cen
trail, Lake Erie &s Western preferred, Louis
vile, Manhattan, Missouri Pacific, Susque-
hanna d Western preferred and Union Pa
cific.
The bond market continued to reflect a
brisk demand for Investment and specu-
latiVe account which included numerous of
the middle grade and speculative issues.
Values moved uninterruptedly upwards,
and at the top level indicated gains of /
per cent Whereabouts in the leading
mortgages. improvements were, as rule,
more material in the usually inactive Sc
curities. The aggregate sales were $685.
600.
Government bonds displayed an improved
tone and were more active, the sales ag-
gregating $4,000.
The following table, prepared by L. w.
Louis, Room II, Board of Trade shows the
range of quotations:
II 7