The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-22
NET GAINS IN STOCKS
PROFESSIONALS TRIED IN VAIN TO
BREAK THE MARKET.
Rally from Early Weakness When
LOndOners Began to Buy-LOcaI
Markets Continue Strong.

AT New York yesterday money on call
was easy at 1Q1A per cent; last loan, /
per cent; closed at l per cent.
Prime mercantile paper, 344 per cent.
Sterling exchange was firm with actual
business in bankers bills a $4.S714q4S71A for
demand, and at $4.861s@4. S61s for sixty days.
posted rates, $4S6h@4.S714 and $4.SSd4.S01a
commercial bills, SASH.
Silver certificates, 61A@611ac; bar silver,
601sc; Mexican dollars, 479s At London
bar silver closed quiet at q 9-16d per ounce
Total sales of stocks were 174,576 shares
including: American Sugar, 27,800; Burling-
ton & Quincy, 1890; Chicago Gas, 1890;
Missouri Pacific. $500; Northwest, $500;
Northern Pacific preferred, 10000; Pacific
Mail, 300; Rock Island, 4,7OO; st. Paul,
1880; Western Union, 6100.
The efforts of the professional traders to
work a reaction in the bull stock market
again proved abortive yesterday, and the
result of the days trading shows net gains
in the majority of standard shares. The
recent order of things somewhat re-
stored, in that sagging tendency of prices
came early in the day, and it was overcome
later by the rally. Perhaps the most omi-
nous circumstance of the days market was
the fact that the dealings sank into a con-
dition of almost total apathy, with prices
tending upward. Dizziness ON a decline is
the technical evidence of an undertone of
strength. Dizziness a rise is the evil
dence that prices have reached a stage
where dealers do not care TO put money into
them as speculation. There was, how
prices at the opening came in face of some
slight improvements in London, after
which, however, the dealings were almost
stagnant Later in the day London was a
buyer and a factor in rallying the market
The effective instrument in effecting the
early decline was the talk of large gold
shipments later in the week. To-dayS ship
ments were not increased over the 81, $4,000
announced last week. The tone of exchange
was firm, but the market was so exceeding
ly quiet that apprehensions as to the vol
ume of exports subsidized to a large extent.
The quietneSs of exchange was attributed
partly to the jubilee holiday in London. 1t
is believed that a shipment of gold of quite
large dimensions will be made before the
end of the week. The immediate impetus
strength in the Yanderblts. This COM
menced in Northwest on the talk of prog
ress being made in the plan to refund the
bonds of this road in a way to benefit the
stock The Improvement in Omaha was
due to sympathy with Northwest which
owns controlling interest in Omaha Both
stocks were helped by the general strength
in the granger group on crop prospects The
favorable showing of New York Central
for the quarter, with a surplus earned of
$256,000 against a deficit for the same PERIOD
last year of $197, 002, broadened the demand
for the Vanderbiits, and practically all the
members of the group advanced, and the
whole market was sympathetically affected
The rise from the early loY point in Omaha
was 21a; Northwest, 1ss; New York Central
11s; Canada Southern a point, and Burling-
ton, St Paul and Rock Island large frac-
ton each. New York, New Haven q Hart
ford gained over the low point. Northern
Pacific preferred was largely dealt in, and
after decline of "a rallied above Satur-
days close on the belief that the election
of Daniel Lamont, representing the Hill in
terest to succeed President Winter had
been decided on. Sugar lost II on the day
after fluctuating over a fractional range
quite erratically. Chicago Gas also recov-
cred practically all of an early decline of
rs Rubber preferred dropped "a and Con-
solidate,4 Gas, 21s
Trading in bonds was quiet, and values
varied but little in the leading issues. The
undertone, however, was prm, with some
of the usually inactive Mortgages con-
spicuous for material gains, notably Omaha
& ST. Louis firsts, trust receipts. which
gained 4, and Louisville & New Albany con-
soils, 3 per cent. Aggregate sales We're
81 2S4, 000
Government bonds continued to move up
on light purchases. The transactions were
s. 600.
The following table prepared by L. w.
Louis, Room H. Board of Trade, shows the
range of quotations: