The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-08
STRONG STOCK MARKET
CONFIDENCE IN THE SHARE LIST
OVERCOMEs EARLY DECLINE.
Tendency of Prices for Bonds Con-
tinues Upward, as Was the Case
Last Week-LOcaI Markets.

~N~--
was easy at 1A@1h per cent; last loan,
IA per cent; closed. 1@1A per cent.
Prime mercantile paper. 312G4 per cent.
Sterling exchange was steady with actual
business in bankers bills at $4.S7 for de-
mand and at $4.S5$4a4.S7 for sixty days;
posted rates, $4S61244a and $48SQ4.SS12;
commercial bills $4.S5A
Silver certificates, 60Q603sc; bar silver, Coo;
Mexican dollars. 47Ac.
Total sales of stocks were 24l 140 shares,
including: American Tobacco, $500; Atchi-
son, Topeka & Santa Fe, $500; Burlington,
25600; American Sugar, 21,900; Chicago Gas,
1850; Cleveland Cincinnati. Chicago q St.
Louis, 1900; Louisville & Nashville, $500;
Manhattan consols, a. 200;N Missouri Pacific,
4.10o; National Lead, 400; New York Cen
trial, 1,400 Northwestern, $780, Reading,
$500; Rock Island, 10 100; st. Paul, 1920;
Tennessee Coal and Iron, $500; Western
Union, 400; Southern preferred $500; New
Jersey Central, S1O0.
The strong upward movement of the
grangers, which was the feature of the
stock market during all of last week, re-
ceived some check at New York yesterday
on account Of rumors of damage to the
corn and other crops in the Northwest by
the bad weather Burlington and ST. Paul
IGCSQCQ IN consequence anu the WnOlG mar
ket was more or less adversely affected.
The dealings in the two leaders, and es-
peciany Burlington, were quite heavy and
strong support was forthcoming for them at
the lower level. ST. Paul rose at one time
a fraction above Saturdays close. The re-
action in Burlington and, at times in other
special stocks, due to influence operating
individually on them, did not affect the
strong undertone of the market. There was
nothing like a general reaction, nor a gen.
eral swing towards a lower range of values.
traders have hpnn
~ watchtul for during the last two weeks.
Confidence in the general outlook for the
improvement seemed to be unimpaired
among security holders and the offers TO
take profits were steadily absorbed without
affecting any marked lowering of prices
Rock Island was the strong element in the
granger group and was an exception in
showing a net gain. The market lost moth
ing of the broadening tendency which in
CreaSlngly characterized it last week and
The dealings were well distributed The
heaVineSS in individual stocks was due to
special causes, but the decline was in al
most all cases fully recovered. Commission
houses were again buyers for outside Gus
toners and the arbitrage brokers were
also in the market, although the London
Exchange was closed in observance of the
Whltsunttde holidays. These brokers
bought the international stocks apparently
in the confidence that they will be able to
dispose of them in London when trading is
resumed there to-day. The fact that there
was no announcement of shipments of gold
10y to-days steamer helped to sustain con-
fldence in the market. The bears worked
decline in Southern preferred of rs the
report that proceedings would be had to
aunul the consolidation under a state law
forbidding the acquisition of a competing
line by a railroad company The stock re-
covered almost all the loss. Western Union
also sold down revived rumors of
dividend reduction by the executive COM
mittee which is to meet to-day, but the loss
was more than recovered, the stock gaining
q get fraction. The strength of the Gould
group was no small factor in rallying the
market from the earlier decline, that
small net gains were the rule at the close.
Manhattan was notably strong, rising 22sc
after a decline of sc. Cleveland Cincin-
natl Chicago q st. Louis was depressed
IL without recovery. Sugar strong
but showed some reaction. Rubber pre-
ferred rose 212. Other notable gains were:
New Haven. 4: Des Mones and Fort Dodge,
each, and Northern Pacific common and
preferred, Lead Cotton Oil, Bay State Gas,
Long Island and Pullman a point or more.
Third-aVenue Street Railway jumped to loo,
against las the last preceding sale.
The tendency of prices in the bond mar
ket continued generally upward but some
or the speculative issues Jagged under the
influence of realizing orders. Considerable
animation was displayed and round
amounts of the prominent mortgages
changed hands at improved values The
very heavy and embraced most of the prn-
cipal securities having an international
market. improvements of 102 per cent.
were registered in a number of liens with
the middle grade bonds recording the ex-
IRENE gains. Sales were 2076 600 Govern
The transactions were $4,000
The following table. prepared by l.. w. Louis.
Room H. Board of Trade shows the range of
quotations: