The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-23
THE UPWARD TENDENCY
HIGHER PRICES FOR STOCKS CON-
TINUE FEATURE ON CHANGE.
Only Temporary Reactions All the
Bears Were Able to Cause-LOcaI
Markets Active and Firm.

At New York yesterday money on call
was easy at 101h per cent; last loan, IA
per cent; closed at 1914 per cent.
Prime mercantile paper, 3a4 per cent.
Sterling exchange was firm, with actual
business in bankers bills at A.87AG4.Sl12
for demand, and at s4S61BG4S6l2 for sixty
days; posted rates. $4.S61za4.S71s and $4SO12;
commercial bills, $4.S51a.
Silver certificates, 60ls4605sc; bar silver,
601sc; Mexican dollars, 473sc.
Total sales of stocks were 1870, 45S shares,
including: American Tobacco, 1900; Amer
lean Sugar, 13,7OO Burlington, 1920; Chi
cago Gas, n,40O; Chesapeake & Ohio, $500;
Missouri Pacific, 1880: New York Central,
$500; Northwest, 14.5OO; Omaha, 800; Read
ing, 1890: Rock Island, 1900; st. Paul.
235OO; Tennessee Coal and Iron, 400; West
ern Union, 600.
The New York stock market yesterday
again gave a demonstration of its aston
fishing capacity for sustained increase of
prices with only temporary pauses and
trivial reactions. The maturing plan of the
committee of directors of the Chicago d
Northwestern for refunding the bonds of
the company so as to effect a saving which
may be applied to the stock, has become
the central object of interest in the mar
ket. The upward tendency of prices which
radiated from this stock ultimately per-
meated the whole market, carrying even
the industrials some of which had sagged
during the morning, to higher plane
Northwest's extreme rise was "a. Omaha
as being nearest in relation to Northwest
followed its course with closest sympathy
But the Vanderbilt stocks were all strong
in sympathy. Lake Shore made new rec
ord price, jumping 3A to 175. This was
efits to accrue to the stock from the re-
funding of the bonds, the time OF the ex-
change of the old bonds for the new three
and-a-halfs expiring to-day The New
York, Chicago q st. Louis stocks, on ac-
count of the close relation of traffic inter-
ests with Lake Shore, also showed marked
advance. The first preferred was bid at
Il, against SO bid on Monday. The common
stock gained 112 and the second preferred
2; Lackawanna gained 3l2 to 156 on a def
mite announcement that the regular quar-
terly dividend will shortly be declared A
the comparatively small transactions on
which prices rose. This was, of course,
more markedly true of the high-priced in.
vestment stocks. very small supply of
which is offering in the market at any time.
A quickened demand naturally marks up
the price very sharply. But the volume of
the dealings were lacking in animation all
day. Sugar and Chicago Gas. which usu-
and some other specialties were rather
heavy and neglected all day, though they
showed a recovering tendency before the
close. Southwestern railroads were par
ticularly strong on account of the good
outlook for business in that section. Con-
tinued good crop reports sustained the
markets, particularly the grangers. The
announcement of a $1,000 shipment of gold
for thursdays steamer and the probability
that more will go did not renew Mondays
rather fictitious alarm on the subject. The
weeks exports of general merchandise
from New York, amounting to $79O9.68O a
decrease of $217S.12 from last weeks in
dicates one source of the strength in ex-
change. In the closing dealings Lake Erie
q Western fell a point and the preferred
jumped two points. Laclede Gas lost IA,
but recovered it. Tennessee Coal also fell
point and rallied feebly.
Trading in railway mortgages was in
considerable volume, and some striking
gains were made in few issues, including
Lehigh q Wilkesbarre fves which i'm
proved 21a per cent. The general tone of
the market was good, and free purchases
were noted of the prominent international
mortgages for continental account. The
aggregate sales were 81, 1903 Co.,
government bonds were more active, but
without essential change in values. The
sales were $50, 600
The following table, prepared by L. W.
Louis, Room H. Board of Trade shows the
range of quotations: