The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-08
STOCKS CLOSED HIGHER
DEPRESSING CONDITIONS WERE ALL
WIPED OUT At THE CLOSE.
Boom I'm southwestern Shares That
Spread to Others I'm the List
Local Markets Active.

At New York yesterday money on call
was steady at fsd51a per cent; last loan
Az per cent.
Prime mercantile paper, 3Ad4 per cent.
Sterling exchange was weak. with actual
business in bankers bills at AS7Q4SA for
demand and at s4s4a& a4s5 for sixty days;
posted rates. s4.s6d4.s61a and s4.ss1s; COM
mercial bills. Sass.
Silver certificates, 6Od61c: bar silver, 60ssc;
Mexican dollars, 47Ac. At London bar sill
yer closed steady at 27s<d an ounce.
Total sales of stocks amounted to 573sJo
shares. including: American Steel and Wire,
$500; American Sugar, 53,4oo; American To-
bacco. "a. 500; Atchison. IL 800; Atchison pre-
ferred. $500: Brooklyn Transit. 1890;
Chesapeake & Ohio. $500; Burlington, 81
200; Chicago Great Western, 5000; c., c., c.
& ST. L., 5000; Colorado Fuel and Iron. 81
200: Continental Tobacco, $500; l.. & N,
600: Manhattan. $500; Missouri Pacific,
1880; New York Central. $500; Northern
Pacific, $500; Ontario & Western. 500;
Pennsylvania 80, 800: Rock Island, q. 500; st.
Louis Southwestern preferred, 800: st.
Paul. %, 800; Tennessee Coal and Iron, 20, 800;
Texas Pacific, 5000; Union Pacific. 10000;
Wabash preferred, $500.
Sentiment on the New York Stock Ex-
ing the greater part of the session. but the
falling changed in the late dealings and
prices were brought we'll above Thursdays
level before the close. The late strength
originated in the Southwestern group Of
railroads. Texas e. Pacific was the first of
these to advance, but the largest buying.
as we'll the greatest gain in price, was
in st. Louis Southwestern preferred, which
rose two points on the publication of the
May statement of net earnings, showing a
surplus over expenses of SS6, 49, compared
with $7.255 last year. Missouri Pacific, Kan
sas Texas preferred. Wabash preferred,
Texas & Pacific and st. Louis Southwestern
preferred all rose between one and two
points and aroused an active buying move
ment in other portions of the list. IT was
notable. however. that some Of the stocks
which have enjoyed the largest share of at
tention recently fell into comparative neg
ect when interest began to be manifested
in the Southwesterns. The grangers, how
ever. after morning declines averaging a
point, were bid up we'll above Thursday
nights close In the late dealings. Good
weather in the Northwest and weakness in
the wheat market and the Bradstreet's de-
crease of 100000 bushels in European
ing of the grangers. Most of this buying
was said TO cover shorts. Atchison pre-
f fs,ri led the late market in point of ac-
tvity and strength, rising 2l2 points above
the early low point. Manhattan showed in
dependent strength before the market gen.
orally had turned upward. The stock rose
to within shade of l22. but reacted about
point. The upward movement in Penn
sylvania and New York Central at the
opening, on a published report of a plan TO
consolidate, did not hold the general mar
ket, though these two individual stocks
maintained the advance in price pretty
WELL Practically the maximum gain for
them was established in London before the
opening here. Pennsylvania was held at
lS only mOmentarily, and ruled not far
from 1877 all day. The early period of the
market was given over to continued liquida-
ton. The industrial specialties and local
traction stocks were notably weak. The
late strength of the Southwesterns was
shared by Chesapeake & Ohio, Cleveland,
Cincinnati, Chicago & st. Louis, Tennessee
Coal and Colorado Fuel.
The growing of the money market
helped on the lat recovery in values. The
fears of dearer money in London gave way
under the advance of continental exchanges
on London. The call rate dropped from 8 to
per cent in London actual rates for
sterling exchange from Ac to 1ac in New
York, and call money was offered down to
per cent.
railroad bonds were only moderately ac-
tive and showed mixed changes. Total
new tours advanced a in the bid price,
The following table, prepared by l.. w.
Louis. Room IL. Board of Trade. shows the