The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-30
STOCK TRADING QUIET
PRICES CARRIED UP SHARPLY oN
EARLY COVERING BY SHORTS.
sympathetic Movement Following
the Strong Recovery i'm Wheat
Local Trade Is Dull.

AT New York, yesterday, money on call
was ual1s per cent; last loan IL per cent
Prime mercantile paper, S(I4 per cent.
oterIlng exchange was strong with actual
business in bankers bills at $4.S5sl0l4.Se for.
demand and at &.S415@4.S 4s4 for sixty DAYS:
posted rates, $4.S5 and $4S61h; commercial
bills, $4S3Q4. s31h.
Silver certificates. 5S34@591hc bar silver,
Ss14c; Mexican dollars 45a4c At London
par silver closed steady at 27 5-16d an ounce.
Total sales of stocks were 2O2, 500 shares.
including 5,375 Atchison preferred; 5.SS7 Chi
cago, Burlington & Quincy; 9,065 Manhattan:
4,220 Northern Pacific preferred: 9.793 Rock
Island; 1886 ST. Paul. 9,445 TIE yas & Pa
cifc; 4,21S Union Pacific preferred: AGO
American Spirits; $3.50 American Spirits pre-
ferred; 1855 Tobacco; 1910 Peoples Gas:
1850 Sugar.
Midsummer dullness was the character
istic prevailing in New York stocks yester-
day and there was scarcely a single feature
in the list of sufficient interest to warrant
mention. There was a movement to cover
some of the short contracts that were put
out by professional traders Tuesday on the
rather daring assumption that trouble was
brewing with Germany over that govern
ments alleged intended interference in the
American occupation of the Philippines
This covering movement carried prices up
sharply in the early trading in some stocks
those which were the chiefest sufferers in
Tuesdays raid, namely Tobacco and Brook
lyn Transit, naturally being the most con-
spieuous IN the recovery. Sugar was also
strong feature, though the trading in it
was not strikingy large. Apparently the
practical abandonment of the opposition
in the Senate to annexation in Hawaii has
leo 10 covering by bears in Sugar, who sold
the stock on the strength of the annexa-
ton. The announcement of the regular div
and reaction of 119 per cent, but the stock
was well supported at the decline. Buying
orders appeared late in the day for Texas
d Pac1f1c, which advanced the price point
after an early demand for the same COM
pany's second income bond A strong re-
coVery in wheat excited a sympathetic in
terest in stocks and gave some strength to
\ the grain carrying roads The reports of
crop damage which aided the recovery in
wheat were not of themselves calculated to
benefit railroads, but the urgent covering
movement indicated that some of the recent
selling of wheat was for short account. The
hope that the farmers will again enjoy a
profitable year. There was evidence of some
quiet absorption of the grangers. Rock
Island minus both the stock dividend of 10
per cent. and the cash dividend of IA per
cent, looked particularly cheap in Wall
street parIance.
The buying of bullion continued and Great
Northern preferred showed a gain of 25sc.
Time money was quotably higher ruling at
3 per cent for four months and 319 for
six months. The demand was said to be due
to some apprehension that the loan cannot
be taken up without a congestion of funds
in the treasury and also to some appre-
hension that the proposed forms for call
loans. designed to avoid the tax, will prove
unavailing.
Bonds continued to show greater activity
and strength than stocks Total sales,
$3.50, co., United States fives advanced a
in the bid price.
The governors of the Stock Exchange yes
terday decided in compliance with a request
of majority of the members to close the
exchange on Saturday. >This will make a
suspension of trading on the exchange ex-
tend from Friday to Tuesday.
The following table. prepared by L. w.
Louis Room II. Board of Trade, shows the
70 no Of ~