The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-24
STOCK MARKET HIGHER
MANY INFLUENCES CONTRIBUTED TO
SUSTAINING PRICES.
Sugar Shares Manipulated on Various
RumOrs-LOcaI Trade Active in
Several Lines.

At New York, yesterday. money on call
was steady at 1 per cent. the last loan
being made at 1 per cent; closing offered
at / per cent
Prime mercantile paper, 3G4 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.S7A for de-
mand and at $4S6A for sixty days; posted
rates, $4.S7Q4S71z and $4SSq4.SS12; CONNER
cial bills, SASH.
Silver certificates, 5911G59s4c. Bar silver,
59%c. Mexican dollars, 46Ac. AT London
bar silver closed at 81 5-16d per ounce.
Total sales of stocks at New York yester-
day were 397 1876 shares, including: Atchi-
son preferred, 5O508; Chicago, Burlington
& Quincy, 3S797; Louisville & Nashville,
12S06; Manhattan, 1926; Missouri Pacific,
S,915; Missouri, Kansas e. Texas, $50; Mis-
souri,, Kansas & Texas preferred, 1870; New
Jersey Central, $3.50; Northern Pacific pre-
ferred, $500; Reading, Ass; Rock Island,
S3,0S5; ST. Paul, 1855; Southern Railway
preferred, 1928; Texas & Pacific, $3.50;
Union Pacific, 1875; American Cotton Oil,
3,625; American Tobacco, 23,565; American
Spirits, 1854; Chicago Gas, $3.50; General
Electric, 10000; Lead, 7S40; Pacific Mail,
3,125; Sugar, 575T; Western Union, 4,9OS;
Discussion as to the probability of in
creased earnings benefited Burlington 212
per cent, and all grangers to the extent,
on an average, or per cent. rise on the
New York Stock Exchange yesterday, al
though wheat suffered an approximate
average decline of cents, with decreased
engagements for export for the day. 1t
was argued, however, that when the farm
ers were enriched by the good prices ex-
pected for their products they would be
eXpend portion of the proceeds that
transportation channels would be benefited
by heavy return traffic as we'll as large
grain tonnage to meet the demands of Eu-
rope and South America. While their mo-
tiveS are hardly disinterested some bulls
lkened present conditions with those pre-
Vailing seventeen years back and would
have 1t believed that the boom of 1880-&
may be duplicated in 1S97-9S London
bought some 10000 shares, against 1900 sold
Thursday. These purchases may have been
due to the fact that to-day is a holiday
in London and the traders there will have
only until Monday to cover or carry over
stocks into the new account. The first of
next week will disclose London's true
speculative position showing whether
cent transactions there have been short
sales of Americans or liquidations by pro-
fessionals, as British advices are that the
is becoming interested in American Sc
curities. Traders in New York rather
ignored the engagement of $l,SOO,OOO gold
Tor export, as they were more than bal
anced by receipts of the precious metal
from the Klondyke region and impending
became known.
The customary end of the week profit
taking sales were offset by foreign and
commission house buying. ForeshadoWing
decided shrinkage in imports on the enact
ment of the tariff BILL the weekly imports
decreased for the week third of a million,
being the smallest amount in many weeks.
Sugar fell off rs only on an effort to- have
1t appear that the sugar schedule but in
adequately protected the company and that
the company was to experience increased
competition. The stock rose 49, points,
al tnff hot
disclose richer aid and prospective profits
after the. tariff became law, Suisse
quently Sug2r lost Il per cent. on the
previous gain. The fact that the company
had advanced the price of soft refined sugar
may have had some bearing on the 22s
net rise in the common and Ia in the pre-
3erred. Southwestern railways, on daily in
creased earnings and investment securities,
were in brisk demand Some shares which
figured conspicuously in the recent advance
lacked support and lost fraction. including
Chicago Great Western and Chicago Gas.
Tobacco was benefited to the extent of 1%
Tor the common and 8 per cent. for the
scrip by the refusal of New York States
executive to call an extraordinary term of
the criminal bench OF the Supreme Court
to retry the tobacco case. General Electric
sustained a loss on an adverse legal de-
cision concerning the trolley arm patent,
part of which 1t subsequently recovered on
statements by officials of the company that
the decision was of no consequence, leav-
ing the net loss fractional. Rock Island
rose point and a half on the stories that
replacing its $54000,000 extension and col
lateral fives on lower basis was in con-
temptation and on the assumption that the
dividend rate might be restored to 4 per
cent. basis as it was the first road to re-
duce it's dividend in the recent depression.
The principal gains of a point or more
not hitherto enumerated were Consolidated
Gas, 3A; Detroit Gas, 2: Minnea polls e.
St. Paul and St. Louis first preferred, 2;
Morris q Essex, 5l9; Adams Express, Brook
lyn Union Gas, Lake Shore, Pullman Ore
Gon Navigation preferred and United States
Express.
Trading In bonds continued in considera
BILE volume and further substantial i'm
provement occurred in many issues. Pur-
chases for continental account embraced
the more prominent liens. The aggregate
sales were $2,260000
Government bonds ruled strong on light
transactions.
The following table. prepared by L. w.
Louis. Room IL, Board of Trade, shows the
range of quotations: