The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-05
STOCKS WERE BUOYANT
VOLUME OF TRADING HEAVIER
THAN FOR WEEKS ON 'CHANGE.
Expected Rapid Advance OF the TarfR
Bill Largely ResponsibIe-LOcaI
Markets Show More Activity.


was firmer at 11sq2 pei. cent; last loan, IA;
closed. 114a1$4 per cent.
Prime mercantile paper, 31aG4 per cent.
Sterling exchange was weak with actual
business in bankers bills at $4S714n4S712 for
demand and at $4.S604S614 for sixty days;
posted rates, $4.86lz9487 and S4.SSQ4.S812;
commercial bills, $4.S5G4S5A.
Silver certificates, 601sQ61Ac; bar silver,
60a4c; Mexican dollars, 1850. At London
bar silver closed at 27 15-16d per ounce.
Sales of stocks, 1872 $50 shares, including
the following American Tobacco, $500;
Burlington q Quincy - 400; American Su-
gar, So 300; Chicago Gas Trust receipts, 49,
300; Delaware & Hudson, $500; Louisville &
Nashville, 4.500; Manhattan Consolidated,
S4OO; Missouri Pacific, 1900; Omaha, $780,
Reading. 1850; st. Paul. 1920; Tennessee
Coal and Iron, $500; Western Union, 10000;
New Jersey Central 5000.
Several factors combined to give strong
tone to the market for stocks yesterday
and the upward course of prices was prac-
ticaily without interruption of any reaction
airy tendency all day in nearly all of the
standard shares. The day closed with a
burst of animation and buoyancy of val
ues which has not been equaled ON the ex-
change for many weeks. The bears were
fairly driven into panic ana rushed pell-
nell to cover, prices jumping with each
succeeding sale. Large blocks of the prin-
cipal stocks also changed hands in quick
succession for the long account. The vol
of trading in the last hour was very
large, especially in Sugar, though the trad
ing extended pretty generally over the ac-
tive list. The sales of Sugar shares aggre
gated for the day over one-fourth of the
total sales, which were 10000 shares, fig
ure in excess of any days sales for sew
eral weeks. There was notable activity,
also, in Chicago Gas, the grangers and
Yves tern Union, and the anthracite coal
group were strong, though not quite so con-
spicuous in the dealings. The immediate
cause of the buoyancy in the market was
the reporting of the tariff bill to the SEN
ate. The properties which Immediately
benefited by the provisions of the amended
the bill was unexpected in Wall street and
the forWardnesS of the work towards its
enactment, where delay was counted upon
III the committee, gave an impetus TO busi-
ness in all securities on the list Sugar nat
urally derived the greatest benefit from the
published provisions of the bill and Tobac
co and Leather did not participate in the
gains which resulted in other stocks. But
the strength of the market was not all due
to the reporting of the tariff BILL The
weakness of the sterling exchange mar
ket indicated that further shipments of
gold on Saturday were less probable than
was thought. Demand sterling was weak
at S4.S7A and transactions occurred at $4S7
fiat. Bankers have not, however definitely
concluded not to ship. The market also re-
ceived encouragement at the opening from
the good prices for Americans in London.
though London sold some thousands of
shares of stock during the day, which were
however, very well absorbed The Gould
stocks we're made the center of the bears
efforts to work a reaction in the market
and were depressed-Missouri Pacific ia
Manhattan, IL, and Western Union, g. All
rallied, however, Western Union more than
recovering the loss and the others in great
part. Sugar showed the extreme gain of
312. The coalerS showed sharp advances put
there was evidence of manipula ton of the
loaning rate for the stocks to pinch the
shorts. Delaware q Hudson and New Jer-
sey Central rose over points and Reading
IA. The grangers showed gains of 1 to IL,
the latter in Burlington. Cotton Oil pre-
ferred rose "a, Chicago Gas points, the
latter after an earlier decline of "a and
Canadian Pacific "a. Advances of over a
point occurred in Cotton OIL Brooklyn
Union Gas, Tennessee Coal, Lake Shore
and Cleveland, Cincinnati, Chicago & St
Louis. Laclade Gas broke a point. There
was slight recession from the top in some
stocks at the close, but the closing was
strong and the days gains were generally
nearly every stock dealt in except as above
excepted
Railway bonds also moved up on large
dealings. Business was fairly we'll dis
trtbuted, with the market deriving its chief
strength from the favorable factors operat-
ing in the stock market. The aggregate
sales were $1,172,00e
transactions in government bonds were
generally noted at slight gains over Mon
days close with the aggregate dealings
amounting to $4,000.
The following table, prepared by L. w Louis
Room II, Board Of Trade, shows the range of
quotations: