The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-16
STRENGTH IN STOCKS
MORE LIVELY TRADING ON CHANGE
AND PRICES ADVANCING.
Bea RS Figured Wrongly on the Effect
of Congress In ScssiOn-LOcal Bus
mess Getting Back in Form.

At New York yesterday money on call
was easy at i1zd2 per cent; last loan, IA;
closing offered at 113d1A per cent.
Prime mercantile paper. 3ft4 per cent.
Sterling exchange was firm, with actual
business in bankers bills at si.S7G4.S7A for
demand and at si.s51za4-s5s4 for sixty days;
posted rates. $4.Sed4S6A and $4SSa4sS12;
commercial bills Si.Sfa.
Silver certificates. 6SAM6S%a; bar silver.
CSC; Mexican dollars. 1870. At London bar
silver closed at 2s1kd per ounce.
Total sales of stocks were 233340 shares,
including: American Tobacco. 5000: Chicago
Gas, 500; Cleveland. Columbus. Cincinnati
* ST. Louis. 5000: Louisville. 11.6O0; Man.
haitian Consolidated. 500; Missouri Pa
cific, 1900; New York Central, $500; New
York & ST. Louis second preferred. $500;
Omaha, n,1Oo; Reading 500 Rock Island.
1000; ST. Paul, 22Je0; New Jersey Central.
400
There were over 233,OoO shares of stock
sold on the exchange yesterday, which is
the largest aggregate for many weeks
past The dealings covered wide range
OF properties, many usually Inactive stocks
being quite largely dealt in and a. num-
Der of the low-priced shares being espe-
ciaIIy notable for awakened activity. This
was particularly true OF the Vanderbilt
group, which was remarkable for heavy
buying and strength The tendency of the
market. was. III fact, strong throughout,
the exceptions being stocks which were
subject TO some special influence. Traders
have been expecting for some time that
the assembling OF the extraordinary
OF Congress would operate, 10 some
extent, as bear influence and have put
out short lines of stocks in anticipation OF
a fall in prices. The strength OF the buy
ing movement which began Immediately
aIIer the opening, consequently took them
helped the advance in prices. A noticeable
fact in connection with the activity In the
Vanderbilt group which has been manifest
ever since the news of the Like Shore $780,
100000 refunding operation Is the manner I'm
one to another of the stocks. This has
given rise TO the belief among some deal
ers that the large capital interested in THESE
stocks has come into the market for ac-
tive participation again. The advances
which occurred in the Vanderbilt stocks
wereNA follows: Michigan Central: 4: Cleve-
land Columbus, Cincinnati * St Louis,
2ss; Northwest, IL; Illinois Central, IA;
New York. Chicago &c st. Louis, rs; New
p; New York. Chicago & st; Louis second
preferred. "a; Canada Southern, l. New
York Central. 1; Omaha. IA; Chesapeake &
Ohio. on unusually heavy dealings. y. There
was a fractional reaction in New York
Central and St. Louis second preferred.
New York Central, Cleveland. Columbus.
Cincinnati & st. Louis, and Northwest.
Some irregularity was manifest at differ
ent points in the list and there were &C.
cdSfOndl reactions Que 10 prOnt taxing, but
the general tendency in the railway list
was upwards. The grangers showed frac-
tional gains. st. Paul being exceptionally
active and strong at a higher level than
the London equivalent, which led to some
arbitrage selling here. all offerings from
that source being well absorbed. The in
dustrials did not share in the advance in
the rest OF the market, Sugar moving ir-
regularly. but showing weakness on the
sugar schedule in the tariff bill as
presented to Congress. The net loss the
day in this stock was e. The Rubber
shares labored under rumors of price war
with another company, the common stock
losing 2A ard the preferred 2is- Full recov-
cries were made OH official denials, but
the price eaSed off again at the close New
Jersey Central. which fell l early in the
day. rallied rs. Lackawanna jumped IL
and the other Anthracite coalers gained
fractionally On the strength of efforts max
ing 10 further consolidate the interests In
the trade Missouri Pacific showed excep-
tionaI weakness. breaking points. to 177s
on talk that difficulty might be felt in meet
ing early accruing interest charges. THE
closing was firm with substantial gains in
numerous shares.
The bond market responded sharply TO
the Improvement In the standard railways
and exhibited more animation than for
some time. The gains were OF most conSe-
quence in the usually neglected issues of
which an unusually large number were
dealt in. The sales were S1.s31O0O-
Government bonds were dull. but decided
~ firm. The sales were 81 900.
The following table. prepared bv l. W. Louis.
Room IL Board of Trade, shows the range OF