The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-26

of ante-tariff imports and the continuous
sale of American securities by London.
Sterling exchange demand bills were quoted
at A.Sl12 in some instances, but the
current rate was $4.S114. The gold export
caused no alarm, the treasury being forti-
fled by a large reserve already and con-
slant accessons being made by the receipts
of the yellow metal from the Klondyke dis
trict, and considerable gold it was an
nounced would ultimately be received from
Australia in payment of American wheat
The general speculation was very broad,
and many long dormant shares Wed with
the recognized active stocks IN point OF
animation. Purchases by inside interests
were in evidence and reports of pool sup
port were freely circulated Investment
shares were eagerly sought and the pie
thora of money at the prevalent low rates
encouraged extensive purchases for long
what SITTER al times, call accommodation
ranging up TO l12 per cent, although busl-
cent The loans were in better request with
short periods in most demand. The com
nercIal paper market held quiet without
essential change from current rate of 344
per cent, according to maturity. The fall
for the week of rs for bar silver and %
per cent. for Mexican dollars was in SYM
athy with the decline in London
With the exception of Rubber preferred,
which lost 3A per cent for the week, the
lnuuStrlals We're strohg IN anticipation oI
the benefits from the new tarlGt sugar
made a net gain for the week of l1A per
cent Sugar transactions were on an enor-
nous scale at the opening this week, and
blocks of one thousand up to $500 shares
were juggled about with unconcern by the
traders frantic to share in the extensive
profits they thought would accrue to the
company owing to the favorable treatment
accorded to~it in the compromise sugar
schedule. The fact that the company i'm
ported large amount Of raw sugar, which
Was considered likely to yield millions or
profit. and rumors that extra DIVIDENDS
would be in order. were contributory in
fuences to the advance. While the stock
was not allowed to sag sharply il was free
ly supplied at the top notch. But the
ensuing daX the inward movement was re-
sumed, and, amid tumultuous scenes, the
common registered 146A. the highest price
ever attained by the speciality. The adj
vance eliminated al this level, and a re-
cesson followed to 14o, with subsequent
recovery to ia before the close of the week
The preferred stock bounded up to III. re-
acted to Ill and closed at 113, a net gain of
AZ per cent.
SENSATIONAL ADVANCES.
The activity in Sugar subsidized the
week wore along and the standard shares
assumed the leadership of the market in
point of strength. Reports of purchases by
powerful interests and advances in various
grades of the staple contributed to the
sational rise. Lead and Tobacco responded
to prospective benefits to be derived from
the new tariff Tobacco common rising AZ
! and preferred 212 while Lead common and
| preferred was up 3ts Chicago Gas rose
! per cent. on the Suppos1uon that the re-
| organization of the company was being per-
| fected. Purchases in the general list were
| confidently made, and the activity of com
| mission houses indicated an increase IN
| public interest, which has been lax for
| some time. The continued dribble the
market of foreign holdings was explained
| by the unfavorable comments of the Lon
| don newspaper press A change of tenor in
| the editorial columns of the English press
| towards the close of the week may have in
! fuenced the extensive London purchases
or they may have been coverings of short
contracts The bears brought about a reac-
| ton about the middle of the week on the
assumption that the enactment of the tariff
bill would be delayed, but subsequent
| surances that it would be disposed of this
week caused the best prices of the week
| to he recorded in the last two days.
Expectations that an amicable agreement
would be effected in the soft coal difficulty
strengthened the shares of roads largely
dependent upon this tariff. The anthracite
! conditions and gossip as to the likelihood
Of an early dividend on Reading first pre-
ferred was responsible for a rise of 212 in
| that stock. Some attention was directed to
/ local street-railway securities by rumors of
various impending consultations. This
/ lacked verification but the strength of
/ some of the roads concerned lent color to
! the report. The exceptional strength and
/ activity Of railway mortgages Indicative of
| substantial backing to the market created
! considerable enthusiasm among the bulls,
! who were sanguine of further marked en-
hancement in values. The only notable de
| clines in the whole list were Rubber pre-
ferred and East RIVER Gas, both of when
receded more than per cent.
Among the advances of two points and
over follow: Rock Island 612; Burlington,
42l; ST Paul, 2ss; Brooklyn Union Gas, 512;
Missouri Pacific. 3a4; Kansas 81 Texas pre-
ferred, 3s4 ST. Louis 81 southwestern pre-
ferred, 212; Delaware & Hudson, "a Morris
& Essex, 515 American Express, 2; Tobacco
scrip, A; Canadian Pacific, 3; Denver & Rio
Grande preferred, 21s; Detroit Gas, s; Erie
first preferred, 212; Great Northern pre-
ferred, 3; Illinois Central 2b; Leclede Gas,
~; Lake Erie & Western, "a; Lake Erie
4 Western preferred. 8 LOUISVILLE, ~;
first preferred, z; Starch first preferred, 3a4;
Starch second preferred 5; Pittsburg. Gin
cinnati Chicago & St. Louis. 2, and United
States Express 5. The aggregate sales for
the week reached the unusually large total
of 2.315, 700 shares.
The bond market during the week de-
veloped marked animation, with notable
Improvement in values of many issues. The
speculation was very broad, with purchases
for investment account being discernible in
many instances. The lower grade securities
were quite generally dealt in, and were
largely taken for foreign accounts. The
aggregate sales were $50, 100000.
Governments were, quiet but generally
strong.
The following table prepared by L. w.
Louis Room II, Board of Trade, shows the
range of quotations:
Low