The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-11
STRENGTH IN STOCKS
DEALINGS CONTINUE DULL ON
'CHANGE, WITH PRICES RISING.
Better Crop Reports and Improved
Local Business Active.

At New York yesterday money on call
was easy at 1AQ112 per cent; last loan, 1A
per cent; closed, 1Aq11a per cent.
Prime mercantile paper, $50 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4S7AQ4S71@
for demand and at $4.S6A 04.S6k for sixty
days; posted rates. $4.S7G4.S712, and $4.SSQ
Ass; commercial bills, $4S5A.
Silver certificates, 60Aq60asc; bar silver,
60Ac; Mexican dollars, 474c. At London
bar silver closed at q 11-16d per ounce.
Total sales of stocks We're 143, PSI shares,
including: American Tobacco. 300; Ameri-
can Sugar, 800; Burlington & Quincy, TO-
400; Chicago Gas Trust receipts, S,4Oo;
Northern Pacific preferred, $500; Omaha,
1880; Reading, 10000; St. Paul, 14.1OO; Ten
nessee Coal and Iron, 1000; Union Pacific,
$780,; Western Union, 1900.
The New York market for stocks yester-
day showed signs of decided strength
throughout, though the dealings continue
duh and prices advanced very cautiously,
in spite of improved prices for Americans
in London. This was supplemented by
some small buying for London account in
this market later in the day. The excellent
crop reports from the Northwest and inn
proved earnings, both those reported and
those rumored for the immediate future,
gave an impetus TO the buying of railroad
properties in that region. The granger
and Northern Pacific received the most no
ticeabIe benefit Npm this, St. Paul and Bur
nngton especially being largely dealt in.
Omaha Jagged In the Improvement and
showed some continuance of heaVineSS
growing out OF disappointment that no fur
Jhcr Ci,iuCnd will be declared this year. In
spite III the strength of prices, the market
continued narrow and professional and
showed no signs whatever of outside inter-
est. Tie exchange situation and the re-
sultlng or accompanying gold movement
continue to mystify dealers in stocks and
help in curtatlfng speculation. Further
shipments or gold are confidently predicted
this week, with demand sterling exchange
ranging from $4S7i4 to $4.S712. AS an evil
dence that the gold shipments are certainly
the result of the obliteration of the tremen-
dous trade balance in our favor heretofore
established during the fiscal year, the large
hSureS of last weeks imports at New York.
exceeding SlSsOO0,0 are pointed to as con-
elusive by those who seek to deprecate the
idea that any special demand for gold
abroad is responsible for the outgo. But
exports of gold at prevailing rates of ex-
change leaves unexplained the fact that on
the saturday previous TO the first gold ship
ment demand sterling ruled at $4. SAM4.SSA,
after having been at $4.SS12 and upwards on
the previous Monday and $4.S71a and S4.S7A
the week preceding that, without inducing
shipments or gold. In fact, the exchange
houses had determined that there was no
adequate profit for them in gold shipments
under a rate of $4.SSs4 for demand sferline
The fact remains that further hipmenf
are looked for, and that the fact has senti-
mental restraint of buying of stocks.
Ihe bears on Western Union Yesterday
added to their stock of ammunition the SUI
prerne Court decision affirming the validity
of the Berliner telephone patent. which.
1t is alleged, foreshadows opposition from
the Bell Telephone Company to the tele-
graph field. The stock led the list in num-
Der of shares sold, fuctuating ~irregularIy.
and closed unchanged. Chicago Gas showed
early weakness, but rallied and showed a
slight net gain. Sugar also was weak at
times bat recovered the decline. Consoli-
dated Gas fell rs on profit taking but re-
covered. Baltimore & Ohio lost q on small
dealings. The coalerS showed sharp frac-
uonal gains, notably Reading, but partly
lost the advantage, Lackawanna receding
TO below Saturdays close. Tennessee Coal
was heavy throughout, losing "a net. Bur-
llngton showed the extreme gain of a point
IN the granger Covering by shorts forced
Iobacco up : and the scrip ~, and the
same cause yielded Leather preferred a net
point OF gain. Union Pacific touched ga on
good buying, and the Lead shares advanced
12 each Tor the common and preferred.
Ihe market closed quiet but firm.
Trading in bonds was attended with con-
slderdble animation, but prices of the lead
Ing issues ranged narrowly. Some decided
changes were noted either way in the mac
i've Iow-grade mortgages. The aggregate
sales were $1,S21, 600.
Government bonds We're active. demand
toi the new tours coupon advancing the
pIlCS 70 lo on transactions, with l229s bid
on Inc last call. The total sales were S61. 900,
The following table, prepared. by L. w. Louis
quotations. ~S ANHSS u