The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-17
HEAVY PROFIT TAKING
HOLDERS OF STOCKS UNLOAD AND
DEPRESS PRICES ON CHANGE.
Sugar Trust FIuctuates with Ha-
waiian Northumberland Mar
kets Active and Strong.

AT New York yesterday money on call
was easy at f@1A per cent; last loan, per
cent; closed at per cent.
Prime mercantile paper, Sd4 per cent.
Sterling exchange was firm and dull, with
actual business in bankers bills at $4S7G
4S7A for demand and at $4S57sa4 S61s for
sixty days; posted rates, s4.s6h@4.S7 and
Sass; commercial bills SASSY.
Silver certificates, 601s96O5sc; bar silver,
S01sc; Mexican dollars, 47Ac. AT London bar
silver was quoted at 81 9-16d per ounce.
Total sales of stocks were 233, 522 shares,
including: American Sugar, 46,000 Burling-
ton & Quincy, 143OO; Chicago Gas 81, 400;
Louisville & Nashville, $780, Missouri Pa
ciflc 1900; Northwest 5000; Northern Pa
cific preferred, $500; Reading 800; Rock
Island, 3,1OO; st. Paul, 1900; Western Union,
7,1O0; Southern Railway preferred, $500;
New Jersey Central, ZOO.
Yesterdays New York stock market was
marked by a continuation of the heavy
profit taking which was feature of Tues
days trading. and though the day closed
with the prices of many of the most proyn-
nent stocks below Tuesdays closing prices
the average decline is small, showing good
resistance to the large selling. There were
times during the day when prices rose
sharply but the higher level invited real
tinuance of the good commission house buy
ing, which has been a feature for some time
past, and which SuStainS values with re-
markabie firmness The short interest, how
ever, seems practically eliminated from the
market, and the needs of this element,
Which usually serve to strengthen the up
ward movement, were not a factor. The
utter dizziness of the dealings in London on
account of the jubilee festivities also with
draws a stimulating factor The announce
menJ that Japan had filed a protest at
washington against the annexation of Ha-
nf ks1kf to-, I Il
influence on the selling to some extent
though the influence was largely senti-
mental The movement of special stocks
had a sympathetic effect on the market,
which was more important than that of
general conditions. Sugar was strong on
the votes in the Senate diSposing of the
sugar schedule, but was later depressed on
the news that the treaty for the annexation
of Hawaii had been signed by Secretary
Sherman and the Hawaiian representative.
The selling on this news was based on the
presumption that the sugar company would
derive benefit from the abrogation of the
Hawaiian reciprocity treaty and the impo-
sition of a tariff on Hawaiian sugar This
stock was dealt in ex. dividend Chicago
Gas was also very active all day. and
showed the effect of large purchases by IN
side interests. The early advance was
practically wiped out in the later selling
movement. The extreme range of these two
stocks was a fraction over a point The
transactions in them absorbed fully one
vanced early, but the bears opened their
batteries on the group quite hercely and
worked receSSlOnS IN New Jersey Central
of points, Delaware & Hudson IA and the
Reading shares nearly point. Leather
preferred advanced IA. but reacted subse-
quently.. Cleveland. Cincinnati, Chicago &
St. Louis preferred broke to So, compared
with 20 the last sale. The stock is very in
active. and the fall is due to the passing of
the dividend The early advances were
fractional net losses all through the list
The decline extended to point or over in
Northwest Louisville Missouri Pacific
Susquehanna & Western preferred, North
ern Pacific preferred, Tennessee Coal, West
ern Union, ST. Louis & San Francisco sec
ond preferred and Laclede Gas preferred
liz net. The new securities of the Consoli-
dated Ice Company were traded in at 80 to
303s for the common and so to 81 for the
preferred, closing at the highest.
The bond market displayed little feature,
but values were well sustained for the lead
ing shares during Che greater part of the
day with some of the less active securities
conspicuous for material Improvement In
the final dealing the speculative issues
tended lower in sympathy with the heavi-
ness of the share speculation. The sales
were ST. 900. Government bonds were
quiet but firm. The transactions were $12, O0O
The following table, prepared by L. w.
Louis. Room IL, Board of Trade, shows the
range of quotations: