The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-15
COVERING BY SHORTS
FORCED UPWARD SHARE PRICES ON
CHANGE YESTERDAY.
Dealings i'm Railway stocks Were
Triaing, with n Narrow Range
Local Markets Quiet.

At New York yesterday money on call
was easy at IIza2 per cent. last loan. Ia
per cent; closed offered at 1lzG2 per cent.
Prime mercantile paper. 3l494 per cent.
Sterling exchange was firm, with actual
business in bankers bills at A.S74M4Sl2 for
demand and s4sf4diS5 for sixty days;
posted rates. $i.S5H4.s2 and A.SSqLSSA;
commercial bills. S-S31..
Bar silver, 64Ac; silver certificates, 6i3sn
65hc: Mexican dollars, J0ac. At London
bar silver closed at % 11-16d per ounce.
Total sales of stocks were 1O3. $50 shares,
including: American Tobacco, $500; Amer
lean Sugar. Is. 700: Burlington. 500; Chicago
Gas. 1O.1OO; st. Paul. 4.6Oo; Tennessee Coal
and Iron, $500; Wheeling & Lake Erie,
II, 300.
The New York stock market yesterday
was for the mos part extremely narrow
and professional. but with one or two ex-
ceptions the tone was firm and the move
ment of prices upward. There was little
news of general Importance. but the traders
appeared TO favor the long side. Higher
London prices for American securities and
buying for the account here and the en-
larging investment inquiry induced by the
steady piling up of Idle money were partly
instrumental in causing the bulls 10 force
covering by the shorts in a number of spe-
cialties. In some stocks of this class also
there was continued liquidation. but the de-
clines were confined to the particular prop
critics involved. Dealings in the railway
shares were on a trifing scale, and aside
from Manhattan, Wheeling & Lake Erie
and Long Island the fluctuations were frac-
tionaI. The first-named rose liz per cent. on
covering. In Wheeling & Lake Erie, how
ever, continued weakness was displayed:
the common declined l and the preferred 3
per cent, Long Island was sold down pa
per cent. to 50l2. on seller, twenty options,
but the bonds exhibited increased strength,
the sevens rising rs per cent. Chicago Gas
aovahced i?s per cent, 10 as; on what was
ton of the impending dividend. and also on
q reported belief that all obstacles to the
amalgamation of the constituent companies
will soon be removed. Sugar, on covering.
pure and simple. gained 2 per cent. to 1895.
The report in circulation regarding negotia-
tons for a settlement between the Atchison
and tlantic & Pacific companies galvan-
lied - stocks and bonds of the last-men-
toned into comparative activity at the tri-
fling gains. In the last hour the general
market was more spirited than at any time
In the day The closing was strong at the
top level. with comparative figures show
ing sharp fractional net gains.
The bond market continued to advance on
increased and well-distributed dealings. The
inquiry for gilt-edged issues is very good.
With the offerings light. The sales were
$~l.596.0o0: The main advances were: New
r.hsidnu seNenS, 5h2 per cent; New England
skies. ia: Erie seconds. extended. ga: Mil
waukee & Northern firsts, consols Of 1913,
and Richmon d Danville debenture fives,
stamped. 2: Richmond & Danville equip
ment fives. IL: Richmond & Danville consol
skies. i; Northwest sinking fund skies. Ia;
Louisville Il Nashville. Pensacola division
skies. 1h: Chicago e. Northern Pacific first
trust receipts and St. Paul. c. & NJ. fives.
Ia; st. Paul. Southwest division skies, and
81, Paul general tours. Series a. /; Long
Island sevens. rs. and Morris & Essex
firsts. Pacific gold skies and Northern Pa
cif1c threes. l per cent. Declines: Kings
County Elevated firsts, 4, and Union Pa
ciic sinking fund Fights, 1a per cent.
Government bonds lacked feature. but
were generally firm, on transactions of sl2.-
600. State issues were dull but slightly
higher. on purchases of $40. 900.
The following table. prepared by l.. w. Louis.
Room IL Board OF Trade. shows the range of
quotations: