The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-18
STOCK MARKET RALLIED
BULL TRADERS RESUME TACTICS OF
THE LAST TWO WEEKS.
Strength Was More Noticeable in the
Prominent Shares-LOcaI Markets
Continue to Improve.

At New York. yesterday, money on call
was easy at 1q1A per cent; last loan, /;
closed l.
Prime mercantile paper, Sa4 per cent.
Sterling exchange was firm with actual
business in bankers bill at $4.S714S7A for
demand and at $4,S6d4.s6A for sixty days;
posted rates, $4s61204.S7 and Sass; CONNER
cial bills $4.85A.
Silver certificates, 6O1zG61c; bar silver,
COZ; Mexican dollars 1850. At London bar
silver closed fairly steady at 2734d per
ounce
Total sales of stock were 250 722 shares.
Including American Tobacco, 3,400; Amer-
can Sugar, 1880: Burlington & Quincy, 26-
800; Chicago Gas, rs, 400; Delaware & Hud-
son, 1900; Louisville & Nashville, 1920;
Manhattan consolidated, 1900; Missouri Pa
cific, 3,4O0; Northwest, 1900; Northern Pa
cif1c preferred 1890; Omaha, 1890: Read
ing. 400; Rock Island, 1850; St. Paul, 3D.
100; Tennessee Coal and Iron, $780, Union
Pacific, 7OO Western Union, $780, Southern
Railway preferred, 400; New Jersey Cen
trail 1900
The strong upward tendency of prices for
securities resumed on the New York Stock
Exchange yesterday after the reactionery
tendency of the last two days. A powerful
group of professional traders have been
selling their holdings during the two pre-
vious days to realize profits. They have
coupled this maneuver with the expression
of the conviction that the markets would
prove healthier for reaction rather than
with too long continuation of steady adj
vance. The reaction has not been caused
by any general condition seriously affecting
values but as indicated by the above fact
has been largely the result of manipulation
with view to keeping up its tone. Yester-
days selling was accompanied by some eX-
pressions of apprehension regarding posi-
bic foreign complications growing out of
the Hawaiian annexation project But these
apprehensions were heard no more of yes
terday The reaction has not reached
rious proportions and the offerings to real
lie have been Well absorbed. The develop
ments indicate either that the large opera
tors have completed the taking of their
profits or have found the markets too firm
to effect marked reaction. They were in
the held as large buyers again yesterday
and all the smaller operators flocked to
their leadership to swell the demand for
stocks. The buying seemed directed again
to the leading stocks. in which the strong
upward movement of three weeks ago orig
mated, and which have been for some time
stationary while the bull campaign was di-
rected TO other groups. The market was
largely professional, commission house
This class of buying has diminished during
the reaction of the previous two days,
was to be expected. Operations for the for
eign account were also of small dimensions
London being engrossed with jubilee fes-
tivities, though some. selling for London
was done early in the day. Prices for
Americans were lower in London and this
worked early decline for the interna-
tionals here, which was practically the
only exception to the uninterrupted advance
of the whole market all day. except few
protit-taking sales at the close. The small
lots of short selling. which were put out
in a tentative way Wednesday, were driven
to cover yesterday and added to the strong
factors in the market Some of the special
ties enjoyed the benefit of special influen-
ces and this also added to the strength of
the market st. Paul was the leader of the
market in volume of transactions with over
$4,000 shares, Chicago Gas Burlington and
Sugar coming next in the order named. ST.
was strong on the second week statement
showing an increase of nearly $4,000 in
gross earnings, and, like the first week
earnings, the largest for the corresponding
Dodge preferred jumped per cent. to 65
bid on the announcement of the dividend
of per cent. Susquehanna & Western
ferred 212. Delaware & Hudson moved over
a range of 2B and closed "a lower on
the day. The net gains, which were gen
tral throughout the list. REACHED point
or over in Sugar. Chicago Gas. Tobacco
Starch, Rock Island. Burlington, North
west. Omaha, New Jersey Central and Man.
haitian Northern Pacific preferred was
heavily dealt in and advanced rs.
The bond market continued to display
marked strength, which was most manifest
in the middle grade issues. Gains OF sub
StantiaI fractions were made in the active
mortgages were conspicuous for material
gains. The inquiry for investment account
was in large volume and purchases of the,
international bonds on continental orders
were quite heavy. The aggregate sales We're
81 ,267, 0C0 Government bonds were neg
lected, but quite firm. The sales were $1,000
Louis Room H. Board of Trade shows the
range of quotations: