The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-03
BETTER STOCK PRICES
EARLY DISPOSITION TO SELL WAS
NOT WELL MAINTAINED.
Further Gold Shipments Result in a
Slight FIurry-LOcai Trade I'M
proving on Active Demand.

At New York, yesterday money on cali
was easy at 14Q112 per cent; last loan, IA;
closed at 1Aq1h per cent
Prime mercantile paper, 31aG4 per cent.
Sterling exchange was steady but dull,
with actual business in bankers bills at
$4S, for demand and $4S5s4@4S6 for sixty
days; posted rates, $4.s6l4G4.S7 and $4.8Sa
ASH; commercial bills, $4S5A.
Bar silver, Coo; Mexican dollars, 471sc. AT
London bar silver closed at n 9-16d per
ounce
Total sales of stocks were 234, 548 shares
including: American Sugar, 74OO; Burling-
ton. $3.50; Chicago Gas trust receipts, 3d.
600; Chesapeake d Ohio $500; Louisville &
Nashville, $500; Manhattan Consolidated
$500; New York Central, 700; Northern Pa
cit1c preferred, 1850; Omaha, 5000; r. q w.
+. certificates, third assessment paid, 400;
Rock Island, 10, 700; St. Paul, q ,l0U TenneS-
see Coal and Iron, 1890; Southern Railway
preferred, $500; New Jersey Central, 100.
1t looked for time after opening or the
New York stock market yesterday as if the
looked for reaction from the strength of
the last few days had come TO pass and the
average OF prices was about to Vibrate
downward again within the narrow limits
which have characterized the short turns
of the market for many weeks past under
the manipulation of the professional trad
ers. Prices Of American securities came
lower from London in the morning, reflect
lH6 the dlSappolltMent OF the BRUSH IN
Vesting public that Wall street had not re-
sponded with more enthusiasm to the con-
fidence in Americans displayed by the Lon
don rise on Monday. The New York trad
ers had, in fact, made up their minds that
the market had advanced as far as was
usual recently and was ripe for a reaction,
and they worked to that end. The gold
shipment for to-day, small as 1t is helped
the reactionary tendency. The shipment,
amounting to only $500. geo. was sufficient to
indicate that the price of demand sterling
-$4.Sl-was not yet low enough to preclude
gold shipments under the prevailing abb
normal demand for gold abroad The with
draWal OF a sum of gold from the sub
treasury for deposit in the clearing house
vaults to the account of a bank also served
to offset to some extent the favorable effect
of part of the shipment being secured from
private sources instead of from the sub
treasury. The consequence of these things
was reactionary tendency in the market
through the morning hours Liberal sales
OF New Jersey Central marked down the
price of that favorite of the bears. But the
depression in the market was at no time
marked and the decline in prices
was limited to small fractions except in
one or two special cases. The traders
awoke to perception that their selling in
special stocks did not invite a following
and that the expected reaction halted. The
buying by the commission houses for out
side account proved sufficient to hold prices
firm, even when the traders had ceased to
buy, especially in the grangers and some
other leading stocks. The dealings in the
bond market indicated equally the improved
tone Of the buying and the broadening tend
ency of the speculation. The Rock Island
annual statement showing the increase in
net earnings and surplus after dividend
added to the strength in the granger group,
as did the further scrutiny of the April
statement of Burlington and the aggregate
results to that road for the quarter. The
outside buyers showed a marked preference
for the low-prced shares of some of the
reorganiZed companies a class of securities
that has been greatly in demand for several
days past. There was a slight recession
in the final hour on profit taking, but
prices stiffened at the close to the high
figure attained in the strong buying move
ment which set in after noon. The notable
feature of the rise was that it was unac-
cOmpanied by London buying in any volume
and was in face of efforts by traders for
a reaction, profit taking being in marked
volume at times. but always well absorbed.
Net gains occurred in all stocks with a
few exceptions and extended to point or
over. Fractional declines were shown in
New Jersey Central. Omaha, Reading,
American Spirits. both common and pre-
ferred and Standard Rope.
The bond market participated to a mod
crate extent in the decided strength APP
parent in the stock market. Round
amounts were taken for foreign account,
with the Atchison liens especially fancied.
Some marked gains were registered in some
of the middle grade isues. The aggregate
sales were $l,S29 600.
Government bonds were neglected at the
board, but were steady at bid prices.
The following table, prepared by L. w Louis
Room H. Board vi Trade shows the range of
quotations: