The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-04
DEATH STOPPED TRADES
TRAGIC INCIDENT IN BUSINESS ON
THE NEW YORK 'CHANGE.
Strong Undertone to the Market and
Some Lively Bidding for a Time
Local Markets Active.

AT New York. yesterday, money on call
was easy at I4Q112 per cent; last loan, /;
closing, 1@1A per cent.
Prime mercantile paper, 312G4 per cent.
Sterling exchange was dull and steady,
with actual business in bankers bills at
$4.S7 for demand. and $4.s534@4S6 for sixty
days; posted rates, $4S61504.S7 and S4.SSQ
4SS11; commercial bills. $4.S5A.
Bar silver 60c; silver certificates G01s@
6O1zc; Mexican dollars, 479sc. At London
bar silver closed steady at 27 Sled per
ounce.
Total sales of stocks were 1856 OIL shares,
including: American Tobacco $500; Ameri-
can Sugar, $780, Burlington, q, 700; Chica-
go Gas, 25,50O; Chesapeake & Ohio, 1890;
Louisville & Nashville, 1900; Reading, % 600;
Rock Island, 6100; st. Paul, "A, 400; Western
Union, 500; New Jersey Central, $500;
Southern Railroad preferred. $780,
Prices on the New York Stock Exchange
yesterday were in full swing upward all
along the line when Samuel l.. Post jr
an old and popular member of the Stock
Exchange, was seized with heart disease
and expired almost Immediately on the
floor. The visitation of death put an i'm
mediate stop to the trading in stocks and
1t was not resumed for nearly two hours.
The volume of business was in consequence
largely curtailed, many active operators
Withdrawing from the dealings for the re-
mainder of the day The confidence of
Wednesday. with which all offerings were
absorbed, even q large amount of stocks
which had been bought for London account
and were resold here, had its effect in Lon
don on the tone of the market there for
American securities. There an active
demand and advancing prices as long as
trading continued in London and after it
ceased large purchases were made in New
York of favorite stock for London account
The London buying was the most potent
FACTOR in the market, and supplemented by
10 fIeff -f-N ia
some special stocks IT moved prices up
ward to a point materially above Wednes-
days nights close in the great majority of
stocks. But rush of realizing sales in
the closing transactions wiped out the
earlier gains in a great many stocks and
left them a fraction lower and at or near
the low point touched in a realizing move
ment earlier in the day. The selling to take
profits at the close started in Chicago Gas,
which had been most aggressively strong
all day, rising in the final hour to ST. the
high point of the present upward move
induced selling in other stocks Sugar also,
which was the leader of the market with
total of nearly $4,000 shares sold. sagged
q in the final dealings and had a strong
influence in causing the final decline. There
was manifest all day a rather nervous
watchfulness on the part of professional
traders for the moment to take the highest
profits and several notable selling move
ments occurred during the day with this
IN view. The early slump in the Rubber
shares on account of the reduction of the
semi-annual dividend on the preferred
stock from to per cent. led to one of
these movements. But the buying for Lon
don account, the improved business by the
commission houses and the strength in the
specialties all served to give a strong I'M
dertOne to the market. The covering move
ment in New Jersey Central was also an
element of strength. Therefore, while the
profit taking caused a net loss in a ma
jority of the stocks in the list the decline
was small. The grangers continued in very
heavy request. Burlington coming next to
Sugar in the list. with several large buying
orders executed in the stock.
The bond market displayed unusual ami
nation, the sales aggregating 81, 13S 600, de-
spite the cessation of trading for two hours.
occasioned by the demise of S. L. Post, jr.
Dealings embraced an extensive variety of
issues in which marked gains were general
ly recorded. Considerable amounts of the
middle grade and speculative issues were
taken for foreign account and a revived in
vestment demand by domestic interests was
noted for the gilt-edged mortgages I'm
provements of 1G2 per cent were scored in
many Of the leading properties, and there
were but few exceptions to the upward
trend of values
Government bonds displayed strength and
gained slight fractions on purchases of
$l26, 00O
The following table prepared by L. w. Louis.
Room II, Board of Trade, shows the range of
quotations.