The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-25

udplitdleQ the boom OF losD-ol. A variety OF
favorable influences operated to bring about
the buoyancy in the weeks stock market,
chlef among which were the compromise
agreement on the tariff measure knowledge
that 1t would speedily be enacted and the
rapid rise in cereals, owing to the heavy
export orders arising from the decreased
ments of cargoes for Brazil, Austria, Peru,
Argentine and other wheat producing cen
tiers disclosed the needs of foreign coun-
tries for our surplus staples and influenced
where the shorts We're badly squeezed. This
circumstance was reflected in the values or
the granger and Southwestern shares to
notable extent on the theory that the farm
ers, Being enriched by the improved prices
Tor their products would expend a portion
OF the proceeds so that the railroads would
secure lucrative west-bound tonnage, as
well as increased transportation rates on
grain The policy of severe retrenchment
which many hines underwent during the
!ale period of depression which forced
some roads into bankruptcy and scaled div
idend disbursements in others, would make
pIOpdDle an economical handllng OIL the
vast tonnage, which would argue well for
net receipts and provide for more liberal
dividend payments.
FACTORS THAT LENT STRENGTH.
Exchanges a the various clearing houses
reflected a larger business. commercial
failures are decreasing and resumption of
Industrial animation together with more
optimistic trade advices generally, stimu-
influences were disregarded, such as the
engagement of $1,SoO,OOO gold for export,
the strength of foreign exchange because
Of ante-tarif imports and the continuous
sale of American securities by London.
Sterling exchange demand bills were quoted
at $4S712 in some instances, but the
current rate was $4.S74. The gold export
caused no alarm, the treasury being forth
fed by a large reserve already and con-
dCCpSSiOnS hplQR receipts
of the yellow metal from the klondyke dis
rtrict, and considerable gold it was an
nOunced would ultimately be received from
Australia in payment of American wheat.
The general speculation was very broad,
and many long dormant shares Wed with
the recognized active stocks IN point OF
animation. Purchases by inside interests
were in evidence and reports of pool sup
port were freely circulated. investment
shares were eagerly sought and the pie
thora of money at the prevalent low rates
encouraged extensive purchases for long
what SITTER at times call accommodation
ranging up to l12 per cent, although DuSl-
ness was generally transacted at per
cent. The loans were in better request with
short periods in most demand. The com
mercial paper market held quiet without
essential change from current rate of 3q4
per cent, according to maturity. The fall
for the week of 11s for bar silver and 20
per cent. for Mexican dollars was in SYM
pathy with the decline in London.
With the exception of Rubber preferred,
which lost 3A per cent. for the week the
industriaIs were strong in anticipation of
the benefits from the new tariff. Sugar
made net gain for the week of 11A per
cent. Sugar transactions were on an enor-
nous scale at the opening this week, and
blocks of one thousand up to $500 shares
were juggled about with unconcern by the
traders frantic to share in the extensive
profits they thought would accrue to the
company owing to the favorable treatment
accorded to it in the compromise sugar
schedule. The fact that the company inn
ported a large amount of raw sugar. which
,aClQS <0lN n
profit and rumors that extra dividends
would be in order, were contributory in
fluences to the advance. While the stock
was not allowed to sag sharply it was free
ly supplied at the top notch. But on the
ensuing day the upward movement was re-
sumed, and. amid tumultuouS scenes, the
common registered 1861, the highest price
ever attained by the speciality. The ad-
vance eliminated at this level, and a re-
cession followed to 40, with a subsequent
recovery to 144 before the close Of the week.
The preferred stock bounded up to III, re-
acted to Ill and closed at lib, net gain of
AZ per cert.
SENSATIONAL ADVANCES.
The activity in Sugar subsidized as the
week wore along. and the standard shares
assumed the leadership of the market in
point of strength. Reports of purchases by
powerful interests and advances in various
grades of the staple contributed to the SEN
satonal rise. Lead and Tobacco responded
to prospective benefits to be derived from
the new tariff, Tobacco common rising 414
and preferred 212 while Lead common and
preferred was up 3B. Chicago Gas rose
4 per cent. on the supposition that the re-
organization of the company was being per-
fected. Purchases in the general list were
confidently made and the ACTIVITY OF com
mission houses indicated an increase in
public interest, which has been lax for
some time. The continued dribble on the
market of foreign holdings was explained
nnfaVOra comments
don newspaper press. A change of tenor in
the editorial columns of the English press
towards the close of the week may have in
fuenced the extensive London purchases,
or they may have been coverings Of short
contracts. The bears brought about a reac-
ton about the middle of the week on the
assumption that the enactment of the tariff
bill would be delayed, but subsequent as
suranceS that it would be disposed of this
week caused the best prices of the week
to be recorded in the last two days.
Expectations that an amicable agreement
would be effected in the soft coal dift1culty
strengthened the shares of roads largely
dependent upon this tariff The anthracite
conditions and gossip as to the likelihood
of an early dividend on Reading first pre-
ferred was responsible for rise of 2h in
that stock. Some attention was directed to
local street-railway securities by rumors of
various impending consultations This
lacked verification, but the strength of
the report. The exceptional strength and
activity of railway mortgages indicative of
substantial backing to the market created
considerable enthusiasm among the bulls,
who were sanguine of further marked en-
hancement in values. The only notable de-
clines i'm the whole list were Rubber pre-
ferred and East River Gas, both of which
receded more than per cent.
Among the advances of two points and
over follow: Rock Island, 6l2; Burlington,
434; ST Paul, 23s; Brooklyn Union Gas, 512;
Missouri Pacific, 334; Kansas 81 Texas pre-
ferred, 3s4; St. Louis & Southwestern pre-
ferred, 212; Delaware 81 Hudson, "a Morris
IL Essex 512: American Express, 2; Tobacco
scrip. 4; Canadian Pacific, 8; Denver & Rio
Grande preferred, 21s Detroit Gas 8; Erie
first preferred 212; Great Northern pre-
ferred, 3; Illinois Central, 21s; Leclede Gas
21b; Lake Erie & Western, "a Lake Erie
Manhattan 25s; Minneapolis & st. Louis
first preferred, 2; Starch first preferred, 324 ;
Starch second preferred. ); Pittsburg, Gin
cinnati, Chicago & St. Louis 2, and United
States Express, 5. The aggregate sales for
the week reached the unusually large total
of 2.315 200 shares
The bond market during the week de-
velOped marked animation, with notable
Improvement in values of many issues. The
speculation was very broad, with purchases
for investment account being discernible in
many instances. The lower grade securities
were quite generally dealt in, and were
largely taken for foreign accounts. The
aggregate sales We're So, 100000
Governments were quiet but generally
strong.
The following table, prepared by L. w
Louis. Room II, Board of Trade, shows the
range of quotations;
Open High Low Clos
ing. est. est ing.