The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-02
THE SHARE LIST ACTIVE
LONDON BUYERS STARTED AMER
ICAy SECURITIES UPWARD.
Prices Firm on New York Change,
Closing at the TOp-LOcaI Markets
Dull and Weaker in Some Lines.


was easy at 1A011a per cent; last loan,
ia per cent; closed, III per cent.
Prime mercantile paper, 31244 per cent.
Sterling exchange was steady, with ac-
tual business in bankers bills at $4.87 for
demand and $4S52444S6 for sixty days;
posted rates $4.S61a04S7 and $4.SSQ4.8S12;
commercial bills. $4.S5A.
Bar silver, '601sc; silver certificates, 60A0
6C5sc; Mexican dollars, 472sc. At London
bar silver closed steady at 273sd per ounce.
Total sales of stocks were 141. 1863 shares,
including: American Sugar, 1900; Buring-
ton, &c, 500; Chicago Gas Trust receipts, 3d.
500; Cleveland, Cincinnati, Chicago & ST.
Louis, 1900; Louisville & Nashville 7000
Manhattan Consolidated, 800; New York
Central, 2,400; Northern Pacific preferred
$500; OMAHA $780, Rock Island, 1900; St.
Paul, 25,700; Union Pacific, Il, 200; Southern
Railway preferred, 54G0; New Jersey Cen
ual, 10,700; silver certificates, $4,000,
During the cessation of trading on the
New York Stock Exchange Monday Lon
don took hold of American railroad stocks
and brought up the price of all those which
are internationally listed to point mate
rally above New York's close of Saturday.
Promptly on the opening of the market
yesterday morning large orders to buy for
sales made in London at the advance The
consequence was jump at the opening
to the London parity for nearly all the in
ternationals. St. Paul was the favorite in
these arbitrage operations, but there were
purchases OF all the internationals. Lon
there laid much stress on the
speech of Secretary OF the
treasury Gage ana his optimistic opinions
OF the business outlook. Some reaction
followed on this early jump in prices the
depression spreading sympathetically from
one TO two centers. The Cleveland Gin
c1nnati, Chicago ~ st. Louis shares contin-
ued to sag without any good buying to
sustain them Admissions that the earn
lngs have been insufficient to cover the div
ldend on the preferred stock have led to
suppositions that the dividend rate will be
reduced. The additional fall in the COM
mon stock of 312 points was u drag on the
market, though later recovery left the
net loss only r. This was supplemented
by some heaviness in the granger group,
caused by reports of crop damage by frosts.
Burlington'S increase in net earnings of
over 100000 was compared, in the minds of
dealers with the greater increase exceed
ing $3OO,W0 shown last month, and caused
reaction in the stock. The bears also fell
back on their old resource of attacking
New Jersey Central and the Gould shares,
and thus worked a reaction in the general
list to below the opening prices. The mar
ket fell into dullness at the decline, Sugar
showing loss on Washington reports of
danger to the sugar schedule of the tariff
bill Realizing sales in Chicago Gas helped
the reaction to some extent. These ele-
ments failed to hold the market from
rising tendency, and closing prices were,
as a rule, the best of the day. The buying
by the commission houses was on quite
large scale, and the outside interest in the
market was more in evidence than for
many months past. The dealings Were
remarkably well distributed and the spec
ulatiVe low-priced stocks, especially those
OF reorganiZed companies, were in special
demand, Union Pacific leading in the ac-
tivity of this class of securities, with sales
of over eleven thousand shares. The de-
mand from London for this line of stocks
was particularly marked. The number of
shares bought fer London account was
estimated to exceed twenty thousand. The
increase in the net earnings for April
helped to strengthen the market the Den
Yer & Rio Grande. Louisville & Nashville
and Southern Pacific all showing substan-
tial gains. Total sales of all stocks APP
proximated 100000 shares. Some stocks eS-
capped entirely the early reactionary ten
dency of the market, and in others 1t did
not exceed fractional limits but extended
to Ia in Sugar, with only partial recovery.
point in burlington and IA in Omaha,
which also closed Il below Saturdays close.
Net gains were the rule throughout the
list, losses being confined tto few cases.
Many stocks showed a net gain of point
or over. The closing was strong and an
mated, at top prices generally.
The bond market displayed considerable
strength and animation, with the gains
very pronounced in some of the interna-
tional shares which were helped by for
eign support. The sales were 81 673 000
Government bonds tended upward, with
the new tours rising Il per cent. The trans
actions were 81, 600.
The following table prepared by l.. w. Louis
Room H. Board Of Trade, shows the range of
quotations: