The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-07
HEAVY SALES OF STOCKS
MARKET PRICES STIFF AND QUOTA
TIONS ON THE ADVANCE.
High Records Established in a Num-
Der of Shares-LOcaI Markets
Active and Firm.

At New York yesterday money on call
was easy at 1a114 per cent; last loan, /;
closed offered ar l..
Prime mercantile paper, 31244 per cent.
Sterling exchange was weak, with actual
business in bankers bills at $4.S6A@4.S612 for
demand and at $4S5q4S5A for sixty days;
posted rates, $4.S6a4.S7 and $4S7u4SS; COM
mercial bills, S4.S41z.
Silver certificates, 5645612; bar silver,
56Ac; Mexican dollars, 43c. At London bar
silver closed steady at 25Hd per ounce.
Total sales of stocks were 541, 600 shares,
including: Atchison, 2,1S5; Atchison pre-
ferred, 6,20S; Chesapeake & Ohio, $3.50; Chi
cago, Burlington & Quincy, 34,195; Erie
new, 4,267; Erie firsts preferred, 3,161;
Louisville & Nashville, 5000; Manhattan
l., 1890; Missouri Pacific, $50; New York,
Susquehanna & Western preferred, $3.50;
New Jersey Central, 400; New York Cen
trail, 6,919; Northern Pacific, 5,400; Northern
Pacific preferred, $500; Northwestern, 1850;
Rock Island, $3.50; St. Paul, 1870; st. Paul
& Omaha, 4,207; Southern Railway, 1888;
Southern Railway preferred, 12,410; Union
Pacific. j, 300; American Spirits, 10, 80;
American Tobacco, SO, 500; Bay State Gas,
9,1S0; Chicago Gas, 12,05O; General Electric,
1920; Laclede Gas, Il, 4S0; Pacific Mail, 1850;
Sugar, 1927; Tennessee Coal and Iron,
$3.50; United States Leather, 5,S45; United
States Leather preferred, 1000; Western
Union, S,410; Chicago Great Western, %, $50.
The stock market rebounded yesterday
from the depression manifest during the
greater part Of Thursday, many stocks es-
tablishing new high records. The volume
of transactions was second only TO that Of
yesterday in the record of the year thus
lar ana the animation was without inter-
ruption, except for a few brief lulls, when
GOn1& were 4kn hW nTnfGGGinnnlC VI
though the dealings n stocks were in some
what decreased amount, compared with
yesterday. the buying of bonds was
heavier. The efforts of the professionals
10 bring about q reaction were abandoned
ana the market seemed to move upward
almost. without restraint except for a few
exceptional cases. The activity permeated
every department of the market. The sag
glng tendency of prices of American securi-
ties In London and the continued large sell
ing OF them here for London account We're
ignored, some of the stocks in which the
heaviest selling was done by London. as
Illinois Central, showing the widest adj
vances here. There was a temporary lull
IN the advance of some international stocks
during the process OF absorption of London
oftSrings, but it was resumed when these
offerings had been taken. London's sales
We're estimated at about $50 shares. The
foreign selling was also without effect en-
the exchange market, which sank heavily,
actual business for demand sterling being
done at $4.86A and for sixty days at $4.S5,
with the tendency still downward. Posted
rates were also reduced hc, to $486. for
long bills and $4.S7 for short. respectively.
The failure of the London selli- . affect
the exchange market led to some surmises
that the selling is for short account. Skilled
estimates place the amount of american
railroads stocks still remaining in the Lon
don market at a very low figure. The re-
covery in the wheat market had a sustain
ing effect in the stock market, most pro-
nouliced in the grangers, and especially in
81 Paul, burlington and Chicago Great
western. Thursdays good reports of earn
ings OF Southern railways continued to ex-
ert a good influence on the stocks of those
roads. The stocks of iron and steel COM
panies reflected an improved feeling in
those trades, except Colorado Fuel, which
lost 19s, and Leather preferred rose on en-
couraging reports Of prospects in the
sensational advances. Consolidated Gas
and Chicago Gas retained their rather
heavy tone. though closing with fractional
rally, and closed with a net loss of 1s.
Manhattan rose. buoyantly on reports of a
union with surface car interests, the net
gain being "a. Other gains of importance
were: Laclede Gas preferred, 6E; Mime
sofa Iron, 3; Pittsburg, Cincinnati, Chicago
itoba, 8; Edison Electric, of Brooklyn, Z;
two points or over in Northwest preferred,
Detroit Gas, Illinois Central, Illinois Steel,
Laclede Gas, Metropolitan Traction, Soutn-
ern Pacific, and Leather preferred. and a
point or oyer In Burlington. Chicago Great
Western, Duluth. South Shore & Atlantic,
Des Moines and Fort Dodge preferred,
Erie second preferred. Flint & Pere Mar
quettd preferred, Iowa Central preferred,
Minnesota & st. Louis second preferred,
Now Jersey Central, New York Central,
ousquenanna * Western preferred, Pitts
burg, Cincinnati, Chicago & ST. Louis, Ten
nesse Coal. Rubber, Rubber preferred. ST.
Louis & San Francisco first preferred. and
st. Joe & Grand Island first preferred.
Values of railway miscellaneous securities
continue to trend upward on heavy pu--
chases, which include a number of the gilt
edged liens. The middle grade and low
priced mortgages scored the more note
worthy changes, with foreign purchasers
again in evidence. The aggregate sales
wero SO, 000.0
Government bonds showed some irregu-
larity, but closed firmly on light trading.
The following table, prepared by L. w.
Louis, Room II, Board of Trade, shows the
range of oI0t1tionS.