The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-02
STOCK LIST IMPROVED
TENDENCY TO EARLY REACTION
OVERCOME BY HIGHER PRICES.
An Order for Gold from London Went
Begging in Wall Street-LOcaI Mar
kets Full of Promise.

At New York yesterday money on call
was easy at 1A@11a per cent; last loan, 2;
closed, 2 per cent.
Prime mercantile paper, 3G4 per cent.
Sterling exchange was dull and heavy,
with actual business in bankers bills at
$4.S7@4S7A for demand and at $4.S524d4S6
for sixty days; posted rates. $4.S61z@4.S71s
and S4.S8Q48S1a; commercial bills, A.S5
Silver certificates, 6OAG6O1zc; bar silver,
6OBc; Mexican dollars, 47c. At London bar
silver closed steady at 20 9-16d per ounce.
Total sales of stocks were 274,4n shares
including; American Tobacco, 100; Amer
lean Sugar, 34,7O0; Burlington & Quincy,
1850; Chicago Gas, 10000; Louisville &
Nashville, 4,5OO Manhattan Consolidated,
1900; Missouri Pacific, 74OO; Northwest,
4,So0; Omaha 800; Reading, 7,3OO Rock
Island, 10000; St. Paul 43 SOO Union Pacific,
$780, Western Union, AGO. New Jersey
Central, $500.
Yesterdays New York stock market was
somewhat erratic, the earlier hours of the
day inclining to reaction, but stronger
tone developed after noon, which carried
prices all through the list above Wednes-
day nights closing level. There was no
news regarding the general situation to ac-
count Tor the early decline, and it must be
attributed TO a general apprehension among
the professional traders that the advance
ia prizes mas OuLSIflDpeu conditions. The
ldle strength did not develop until after a
period of feverish uncertainty and a hest
tatlng and somewhat timorous effort on the
part OF the bears to take control of the
market There was decided falling off in
activity and in the outside interests in the
market all day. Nor was there any general
heaVy selling to realize apparent The de-
cllhe gave every appearance of being pure
4y manipulative in character, the bulls
seeming to assent to it as promising benefit
TO the tone of the market. 1t was not of a
character to invite aggressive short sales,
and In fact, the sales that were made for
snort account were covered before the end
OF the session and were largely responsible
Tor the rally. A feature of the market all
Gay was the ease with which prices moved
both up and down on small transactions
Inc late rise was accomplished without any
very heavy buying, rejecting the DISPOSE
ton on the part of heavy operators to nurse
the reaction for the purpose of recuperating
the market and preventing its too rapid adj
oailce, Loaqon aiready rehected an IN
creased confidence in the stability of val
ues here and bought quite freely during the
day General news as to the outlook for
business continued favorable The transfer
OF $ZG1OB0 IN currency from the subtreasury
TO Now Orleans is considered an Indication
Of increasing business activity in that sec
ton. An order from Europe for 100000 in
gold went begging in Wall street there be-
ing no adequate profit in the transaction
at the ruling price of exchange. The gov
eminent good showing for the fiscal year,
with a deficit of less than $40 10000 against
an estimate year ago of over S64. 00O is
looked on as a favorable factor. Louisville
q NdShVllle 5 good showing for May of an
increase of $50 021 in gross earnings and of
S64 2i5 in net helped that road to maintain
us price above Wednesdays close or near
the level all day. This was true of the in
ternauonals as a group, with one or two
exceptions. With these exceptions the
whole list declined the loss reaching 1% in
Sugar and over a point in Tobacco. Chi
cago Gas and Northwest. The recovery
was complete in all prominent stocks but
Bay State Gas, and net gains attained a
point or over. Chicago & Eastern Illinois
preferred lost ~
The bond market displayed a good tone on
moderate transactions. which were largely
restricted 10 the leading mortgages Fluc-
tuatlons were quite narrow but We're fairly
uniform fractional gains. The market
showed some irregularty at times. but
ended with the principal liens showing adj
tantages- The aggregate sales We're ST.
1922 coo. Government bonds were dull hut
hardened fractionally. The transactions
were 81.
1 The following table, prepared by T.. w.
@Louis, Room H. Board of Trade, shows the
MTange of limitations. -