The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-20
WILD TIMES IN SUGAR
TRUST SHARES JUMPED TO IA
ON THE TARIFF BILL NEWS.
All Previous High Records Broken on
the New York Stock EXCHANGE
Local Markets Active.

was quiet and steady at l per cent. last
loan, /; closed offered at l per cent
Prime mercantile paper, BOA per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4.S7@4.S7A for
demand and $4S6G4S6A for sixty days;
posted rates, $4.S7@4.S71a and $4.SSQ&.SS1s;
commercial bills, $4.S5.
Silver certificates, 6014@6O9sc; bar silver,
6O4c; Mexican dollars. 1870. At London bar
silver closed uncertain at 275sd per ounce.
Total sales of stocks were 4S2, $50 shares,
including: Atchison, $500; Atchison pre-
ferred, 15S07; c., B. & O., 1920; Louis
Vile & Nashville, 11,725; Manhattan, 300;
Missouri Pacific, 1890; Missouri Pacific pre-
ferred, 1850; New Lork, Susquehanna &
Wheeling preferred, 4,54O; New Jersey Cen
trail, $3.50; Northern Pacific preferred, L, S55;
Reading, 1875; Rock Island, 21,370; st.
Paul, 1894; st. Paul & Omaha, 4, 400; South
ern Railroad preferred, 5,235; Wheeling &,
Lake Erie, 7130; American Tobacco, 1910;
Chicago Gas, 1895; Lead. S092; Sugar, 49,
462; Sugar preferred $685.; United States
Leather preferred 1900.
The New York stock market yesterday
was almost unparalleled for a July days
trading, both in activity and strength.
Such influences as a moderate export of
gold to Canada and some decreased earn
AHBS LUZ the SeCOuu week Oh July were
brushed aside as chsff and nothing was
talked of or the exchange but speedy ac-
ton on the tariff, ideal weather for eX-
cellent crops and foreign demand for our
securities as we'll as grain. Enormous deal
1ngS in bonds at advancing prices was a
lit accompaniment for broadening stock
market. BY all odds Sugar was the great
feature, the traders realizing that the refn-
ing interest had secured the reporting of
a sugar schedule that if adopted by Con-
gress would mean profitable business for
INV f1t.t l,~
years al least Sugar scored an extreme
advance for the day of 10% points. touch
ing Hay, breaking all previous high record
prices. At the very opening 5000 shares
were sold at from 1856 to 1879. Tremendous
blocks of the stock changed hands at al
most uniformly rising prices. Six thousand
shares were taken by a brokerage house
reputed to represent a most powerful in
terest which is credited with having recent
ly acquired large quantities of that sCcur-
ATTY. The argument that the new sugar
schedule would result in some increase in
ent law stimulated extensive covering on
the part of the shorts who temporarily at
least lost faith in their previous prediction
The tumultuous scene at the Sugar post
continued we'll throughout the day, 10000
shares having been bought and sold. In
the CLOSING hours the stock eased off
trife, reaching 81 below the best, but
loaned at a per cent. premium for use
night. Sugar preferred also had shown an
extreme gain for the day of per cent
two points of which were later lost. The
slackening demand for the speculative lead
bullish developments in the rest OF the list
Standard shares however showed an aver
age rise at the close of to per cent on
don was caught short in both st. Paul and
Louisville d Nashville and the foreign pur-
chases considerably exceeded the sales
The railway list was generally influenced
by further reports of foreign crop short
ages and prediction of improved earnings
cue to excellent progress of American
crops A number OF prominent railway
shares made new record prices. especially
the granger roads Chicago Gas on reports
of another dividend being possible on the
present trust receipts and American To-
bacco, on the concessions made on the To-
bacco and cigarette schedule. each closed
at point advance. In the large industrial
shares. Rubber preferred lost a point and
three-fourths. Reading preferred stocks on
improved trade conditions and earnings
rose over a point other changes of point
or more not hitherto enumerated follow:
Detroit Gas, per cent; National Starch
firsts preferred, 3A; National Starch sec
onds preferred. A; p, c.. G. & St. l.. pre-
G. q St. L., Erie hrsts preferred, Denver
a. Rio Grande. Consolidated Gas Iowa Cen
trail preferred. Lake Erie & Western. Man
haitian. Metropolitan Traction, Minnesota
Iron, New York Central and st. Louis sec
onds preferred and Northern Pacific pre-
1erred showed advances. while Northwest
and Brooklyn Rapid Transits showed frac-
tional declines
The bond market was a feature because
OF the enormous transactions, which ag-
grevated 50, 000 and included an extern
eive variety of issues. The trend of values
was upward throughout, which thoroughly
reflected the growing confidence in rne
financial and commercial situation Pur-
chases by foreign interests were generally
noted and round amounts of speculative
The gains ranged UP to 4 Per
cent with Oregon Improvement fives
trust receipts leading. Government bends
were neglected, but generally firm
The following table. prepared bv l. w
Louis, Room II, Board of Trade shows the
range of quotations:
f~h