The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-08-01
THREW OFF PRESSURE
AL ATTEMPTS TO HOLD DOWN THE
STOCK MARKET FAILED.
When the Prices Family Started Up
Even Yellow Fever Talk Did Not
Count-LocaI Trade Active.

At New York yesterday money on call
was steady at 31zQ3s4 per cent; last
| loan 312.
Prime mercantile paper. 3a.d41z per cent.
| Sterling exchange was weak, with actual
business in bankers bills at s4.s61zQi.S6a4 for
demand and al sis3AG4. sS13 for sixty days;
posted rates. s4s4Q4s5 and s4S7lzQ4.ss; COM
mercial bills, s4.S2IaQ4s3.
| Silver certificates, 6O1zq61c; bar silver,
| 6o2sc; Mexican dollars, 4Sc. At London bar
silver closed uncertain at 27a4d an ounce.
There were a number of depressing infiu-
ences brought to bear on the stock market
to-day and prices opened lower, but later
| there was a rally and the close was strong.
Most conspicuous of the depressing infiu-
ences was the reported outbreak of yellow
| fever at the Hampton, Va, Soldiers Home.
| The group of railroads liable to suffer from
yellow fever epidemic and the resulting
quarantines have been favorites in the re-
cent speculation. especially on the part OF
| London. A setback to them therefore was
| calculated to have a far-reaching influence
| in the general list. Louisville & Nashville
| did, in fact, open down Il and the Norfolk
| & Western stocks. Southern Railway and
Chesapeake & Ohio were also depressed
| and ruled below Saturdays level all day.
only fully recovering in the late dealings.
| The exhibit of the associated banks in the
Saturdays statement also had some I'M
| favorable influence in the early dealings.
| A decrease of nearly 1900 tons in the east
bound shipments Of freight from Chicago,
as compared with last weeks movement,
had rather halting effect on railroads.
| The effects of these combined influences
| was TO turn the tide of speculation at first
from the railroads into the industrials. The
stocks of iron and steel companies were
| quite largely bought, but the earliest
strength was confined to a few Of them.
Federal Steel. Tennessee Coal, Steel and
Wire and American Smelling being the ex-
ceptions to the early strength. Later the
entire group was affected, gains ranging
from to 315. the latter in Pressed Steel
Car. American Tin Plate. American Hoop.
American Car and Foundry and American
Smelling all shared in the movement. The
Tobacco stocks were strong and People 8
| Gas moved upward on the declaration or
| the quarterly dividend. There was early de-
preston in Sugar on a report OF additional
| competition in prospect and wnen THIS STOCK
| rallied strongly 2& from the low point the
| last evidence of weakness was disslpated
| The strength of railroad stocks was much
| augmented in the late dealings, very heavy
| blocks being absorbed. There was continued
4 buying of Southern Pacific and Central Pa
| cific, which gained about two points each.
| Northern Pacific, Union Pacific, Atchison
preferred and st. Louis and San FRANCISCO
| firsts preferred rose from to points. The
| Coalers were strong throughout and the
Lackawanna was conspicuous for an up
c. e. ST. Louis rose points. Sterling ex-
| change was notably weak. actual rates
| dropping &c and the posted rates 12c. There
| was an abundance OF commercial Dllls IN
| the market for future delivery against ex-
| ports and the bankers sold short bills
against these.
There was considerable selling of the
/ bonds of Southwestern Railway, which lost
| something in prices. Otherwise bond prices
were unchanged or higher. Total sales, par
| value S2374O coo. United States tours and
| threes, coupon, advanced u bid price.
| Following is a list of the stock sales on
| Change yesterday, together with the clos
/ ing bids: