The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-12
STOCK PRICES HIGHER
SECURITIES ON 'CHANGE BECOMING
FIRMER WITH EACH DAY.
Inside CIiques Manipulating Some OF
the LOw-Priced Shares-LocaI
Il Markets Improving.

At New York yesterday, money on call
was easy at 19114 per cent. last loan, per
cent; closed, 1a1A per cent
Prime mercantile paper, 31ad4 per cent.
Sterling exchange firmer with actual bust
ness in bankers bills at $4S7 for demand
and at $4.S524a$4S6 for sixty days; posted
rates, $I.S61a94S7 and $4SS44SS1z; CONNER
cial bills, $4S5.
Silver certificates 60Q6O2sc; bar silver,
$3.50; Mexican dollars, 47Ac. At London
bar silver closed steady at 27lad per ounce.
Total sales of stocks to-day were 1903
shares, including the following: American
Tobacco, 10000; American Sugar, 400;
Burlington. 1900; Chicago Gas Trust re-
ceipts, 113O0; Delaware & Hudson, $500;
Louisville, & Nashville, 800; New York
Central, $500; Omaha, 3,400; Northwest,
$500; Northern Pacific, 1920; Northern Pa
ciic preferred, $4,000: Pacific Mail 1900;
Reading, 1000; Rock Island, 1900; ST Paul.
Is, 400; TIE lneSsee Coal and Iron, $500; Union
Pacific, q 800; Western Union, 1850; South
ern Railway preferred, $500; New Jersey
Central, $500.
The prices of securities yesterday scored
a further step in the progress towards d
higher plane which has continued the domi-
.nant tendency of the New York stock mar
ket for over two weeks There was large
amount of selling to realize profits from
time to time by holders satisfied with their
gains and skeptical of stability and perma-
nence of the higher range prevailing. But
as has been the case more and more no
stably the offerings TO realize were quickly
Sabsorbed with only temporary setback to
prices. Closing prices were generally below
the best of the day owing TO this profit
taking, as was the case Thursday, net gains
being considerably less than the extreme
advance. The aggregate of sales was not
$50 large as Thursday, but next to
the largest OF the year The list of trans
~ q al ma an
awakened from dormant state into active
trading This was, in fact. so markedly
the case as to suggest manipulation with
the purpose of bringing inactive stocks up
to the level of the recently advancing and
active securities. There was talk on the
exchange OF bull pool at work IN certain
securities. This belief was accumulated by
the contrast of the halt in the advance of
the active leaders of the recent upward
movement. notably the grangers 1t is
familiar device in a bull market to realize
IN one group of securities while sustaining
the market by purchases of another. The
1aVorites In the advance were the low
priced shares of reorgaHized companies
There were over $4,000 shares of Northern
Pacific sold, exceeded ONLY by Sugar, with
q, 900 shares. Northerel Pacific common also
showed sales of over 1900 shares, and of
Union Pacific, 22,0O0 shares were sold. This
group OF stocks had been a favorite with
London for some time and the high range
attained invited some selling by London to
buyer. Reports from exchanges in other
cities of revived interest and activ-
tain the market. Sugars aggressive
strength also gave tone to the whole mar
ket the buying being induced by the prog
ress made with the sugar schedule in the
Senate. The advance in the anthracite
coalers was accelerated by the difficulties
of the short interest whose needs were ag-
gravated by the increase of the loan rates
on the stocks of this group. The prices of
many stocks were carried below Thursday
nights close by realizing at one time or
another during the day, but practically
all show net gains at the close
the notable exceptions being North
western Omaha and Lead pre-
ferred. Tobacco lost a point. Canada
Southern at one time reacted ia, but gained
a fraction net The stocks of the iron com
panies were notably strong on the trade
outlook Net gains were for the most part
fractional
The bond market continues to broaden
from day to day with increasing strength
in the usually dominant mortgages. The
inquiry for these securities is quite good
with wide variations between bid and asked
prices Transactions noted are several
points above previous sales with some is
sues recording exceptional changes Trad
ing in the speculative issues queted
down somewhat with fluctuations narrow
The aggregate sales were $751; 600. Gov
eminent bonds continued to trend upward
with business confined to counter dealings
Tie following table, prepared by L. w. Louis.
Room H. Board of Trade, shows the range OF
quotations: