The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-07
STOCKS WERE FIRMER
DULL MARKET. But THE GENERAL
TREND OF PRICES WAS UPWARD.
Industrials Are Discredited, and Do
Not Rank with the Railways
Local Markets Satisfactory.

was steady at 2Q2A per cent; last loan,
per cent.
Prime mercantile paper. y4G4 per cent.
Sterling exchange was firm, with actual
business in bankers bills at Sass for demand
and at S4.s53.a4 for sixty days; posted
rates. $4S61sQ4.S7 and 81 Sc; commercial bills.
$4SAQ4S5l7.
Silver certificates, 61Q62c; bar silver. 6o14c:
Mexican dollars, 4Sl4c. AT London bar sill
yer closed steady at q 11-16d an ounce.
Total sales of stocks amounted to 292. 65S
shares, including: American Steel and Wire.
% 800: American Steel and Wire preferred.
$500; American Sugar, 1880; American To-
bacco. 1900; Anaconda. 800; Atchison pre-
ferred, 20. 700; Brooklyn Transit, H,200; Chi
cago. Burlington & Quincy. n.0oo; Chicago
Great Western, 1000: Consolidated Gas, 3d.
600; Continental Tobacco, $500; Federal
Steel, 1900; Federal Steel preferred, 3,400;
Louisville & Nashville, 10.4OO; Manhattan,
1000: Metropolitan Street-railway, 1900;
Norfolk e. Western, 3100; Norfolk & West
ern preferred, 5000 Northern Pacific. 5,40o;
Pennsylvania. 300; Peoples Gas, 1900;
Rock Island. 2,7O0; st. Paul, $500; Southern
Railway, 1900; Southern Railway preferred,
$500; Tennessee Coal and Iron. $500; Union
Pacific. $500; Union Pacific preferred, $500;
Wabash preferred, 200; Western Union.
1900
Business was on far too small a scale on
the Stock Exchange yesterday to warrant
any very well-defined conclusions as to the
general temper of speculation or just re-
Election of business and financial conditions.
But there was very notable hardening
of values in railroad securities, which was
followed up as the day progressed by rise
cry railroad stock dealt in. This strength
started in Louisville, which was very con-
fidently bought for London account. The
bidding up of the price in this stock in the
course of executing buying orders impaired
strength to the whole group, Southern
Railway preferred and Norfolk & West
ern preferred being the first to re-
spond, and the grangers, Pennsylvania
Southern Pacific and even some Of
the trunk lines following this lead. Penn
sylvania and Pittsburg. Cincinnati. Chicago
e. ST. Louis rose from III to 5A the latter
stock. however. losing all but ~ of the
advance. The motive assigned by the buy
ers was the possibility that more liberal
policy toward stockholders and less insist
arce on reinvestment of resource in equip
r1ent might follow the change In admins
tration made necessary by President Thorn
sons death. But the trading for the most
part was profoundly apathetic, and there
were minutes at time when no tape came
from the ticker. The attention of profess
sional traders was all centered on Sugar,
and utterly cratic movements of this stock
disclosed the entire uncertainty regarding
to-days dividend action. Advocates OF the
regular dividend and of a reduction seemed
equally confident and equally numerous, so
that the stock dipped deeply below Monday
lights level and rebounded far above 1t.
The extreme range was IA points and the
close was at a net gain of Ia and within
a half of the top. An incident of trading
was the fact that large wagerS We're made
that to-day's Sugar dividend declaration
would be at the regular rate and offers on
the other hand to sell the dividend on large
amounts of stocks for less than the regular
rate. The same distrustful attitude is main
Notwithstanding semi-offcial intimation as
to the rate Of coming dividend declarations
and informal assurances that current earn arm
dend disbursements. Even the preferred
stocks of industrials. however regular may
far below IeS the prices Of ordinary dividend
paying railroad stocks which make the
same returns on money invested. ms dls.
important element In the present dizziness
and heaviness of the market. A further
small shipment Of gold was as wholly with,
out influence III the stock market as Well
as in the foreign exchange market as those
tt at have preceded it from the same insti-
tuition. The conviction Is general tnat tne
outflow Is the result of special conditions
and no longer an exchange situation.
The bond market was dull and generally
firm, though there were , few y yi e,o dn6
United States old tours. registered. and the
fiyes advanced Il in the bid price
s Ro% n b sas d TRrsse Shows s
range OF quotations: