The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-05
FIRMER STOCK MARKET
STRENGTH HAS BEEN A MARKED
FEATURE FOR TWO WEEKS.
Net Gains in Nearly All shares, Some
in Large PrOpOrtiOn-LocaI Mar
kets Steadily Improving.

At New York yesterday, money on call
was easy at 1qf1a per cent; last loan, l
per cent; closed offered at per cent
Prime mercantile paper. 312M4 per cent.
Sterling exchange was easier. with actual
business in bankers bills at $4.S678lD4.S7 for
demand and at $4S594q4.S6 for sixty days;
posted rates, A851A@4S7 and $4SSa48812;
commercial bills $4.S5.
Silver certificates, e97sg6O1ac bar silver,
60c; Mexican dollars, 47Ac At London bar
silver closed steady at q 9-l6d per ounce.
Total sales of stocks were PA shares,
including: American Sugar, 1860; Burling-
ton & Quincy, 400: Chicago Gas, 80 800;
Louisville & Nashville, 400; Northwest,
7,400; Reading, 10 100; Rock Island, $500; ST
Paul, 14,000; Tennessee Coal and Iron, 1900:
Western Union, 5000; Southern preferred.
$780, New Jersey Central, 20.2OO.
There were some room traders on the
New York Stock Exchange yesterday who
manifested occasional timidity as to the
stability of values at the improvement
which has been sustained now for the
greater part of two weeks. This element
took profits from time to time during the
day and its selling had a slight temporary
effect by causing small recessions in the
more susceptible stocks. But the offers to
on the general market, which remained
strong and firm all day and closed at prac-
ideally the best prices of the day net gains
being the rule which extended to note
worthy proportions in some of the special
ties Chicago Gas was the center of inter
est in the market and displayed continu-
ance of the strength which it has enjoyed
Tor a heightened period. determined
drive was made against this stock along
towards the close of the market, apparently
with the purpose of effecting a decline in
the. general market by inducing sales to
realize, as was done Thursday. The gas
stock was IN fact driven down IA per cent.
and some losses occurred at the same time
in the general list. But there was no such
rush to realize as marked down prices at
the close Thursday and Chicago Gas more
than recovered its loss, and the market rose
to the high point before the close. The
newly reawakened outside interest in the
market, made manifest by the commission
house buying, was the noteworthy sustain
ing interest in the market Orders were
forthcoming in all the leading stocks on the
smallest recession in price. There was a
marked demand for shares from the shorts
IN some of the stocks that have been heav-
lily sold of late. This was notably so in
New Jersey Central, the stock rising
strongly "a points and gaining points net.
The Reading shares also registered notable
gains and were freely bought. There was
a. concident advance of Lehigh Valley in
Philadelphia, due to reports of the secur-
ing of control in the company by large
financial interest identified with coal by
since. The sales of New Jersey Central and
of the different Reading shares footed up
40uOG SnareS. chicago Gas alone absorbed
over 40,0O0 shares, and Burlington d st.
Paul another 10000 shares. This constituted
considerably over half the total dealings.
Further scrutiny and study of the North
west annual report impaired aggressive
strength the stock of that company and
by sympathy, to the whole granger group,
constituting what is aptly, though figura-
lively termed a back log to the market.
Northwests net gain was liz per cent.
London was much less of a factor than for
several days past though there were pur-
cnases for London account in number of
stocks. These were probably curtaied on
account of tomorrow and Monday both
being holidays in London. The Gould
shares were under some special pressure,
missouri Pacific and Western Union both
losing traction on the day in spite of an
increase of gross earnings for the fourth
week in May by the former of $4,000. The
engagement of 100000 in gold for shipment
TO Europe was without appreciate effect
on the market Fractional declines were
shown in Pacific Mail, Southern preferred.
Leather preferred. Tobacco, Baltimore &
Ohio, Canada Southern, Chicago, Cincinnati
of point or over were shown by Laclede
Gas, Metropolitan Traction, Susquehanna
q Western preferred, Tennessee Coal and
Rubber, besides those above specified.
The strength of the bond market con-
tinued undated and a considerable degree
of confidence was noted in the dealings.
changed hands and investment interests
took liberal amounts of the middle and
high-grade liens. The constant absorption
of the active international mortgages by
foreign interests tends to impart a consider
able degree of buoyancy to the general
speculation, which is accelerated somewhat
by the favorable developments in individual
issues. The aggregate sales were 81, 256. 000
Government bonds displayed a hardening
tendency, with the tours absorbing the
bulk of the dealings. The sales were $21, 900.
The following table prepared by L. w Louis
Room II, Board of Trade. shows the range OF
quotations: