The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-06


cent.
Prime mercantile paper. SAG4 per cent.
Sterling exchange was steady, with actual
business In bankers bills at A.S7AG4S71s
for demand and at $fs5Ad4S51s for sixty
days; posted rates, $4.s6a4.S and ASSOC
4S9; commercial bills, s4.Al2. Silver certin-
Gates. 60Q61c; bar silver. 60ssc; Mexican dol
Jars, 4S15c. At London bar silver closed
steady at 27a4d an ounce.
Total sales OF stocks amounted to 636,146
shares, including: American Steel and
Wire, 2S5OO; American Sugar Refining, S.
300; American Tobacco, $500; Anaconda,
100; Atchison preferred, $4,000; Brooklyn
Transit, 1880; Chesapeake Ohio. 500;
Burlington, z7,S00; Continental Tobacco To-
100; Federal Steel. Il, 400; Louisville & Nash
ville 500; Manhattan, 16,lOO; Mexican Cen
trial. 500; Missouri Pacific. 1850; New
York Central, 900; Northern Pacific, 1890;
Ontario & Western $500: Pennsylvania, U.s.
400; Peoples Gas of Chicago, 1890; Reading
first preferred, l0o0; Rock Island, 1880;
St. Paul, 81, 100; Southern Railway preferred,
14,7O0; Tennessee Coal and Iron, 1850;
Union Pacific. 231oO; Union Pacific pre-
ferred, 1920.
The New York market for stocks con-
tinued notably strong yesterday and much
more active than the upward movement or
last week The activity very widely
distributed. extending pretty generally
throughout the list and during the course of
the day extending even to some of the cats
and dogs on the list. The general strength
of the market was maintained In the lace
of realizing movement in the stocks that
were most conspicuous in last weeks rise,
/ notably Pennsylvania, New York Central
ing Northwestern. Omaha and the Union
Pacific stocks. There was no very heavy
pressure of liquidation in these stocks. but
there was no effort to hold up their prices
and number of them show losses OF point
or over. There was realizing movement In
the grangers also, but the vigorous strength
| Of St. Paul sustained this group and brought
new buying through commission houses. ST
| Pauls extraordinary gain In earnings Tor the
fourth week in June of about 100000 over
| the corresponding week of last year was the
| main motive for this buying, though the
| general outlook in the wheat market induced
a general covering of shorts. The line OF
| shorts put out in the grangers on the early
belief In the ruin Of the wheat crop is under.
| stood to have been very large and no small
| part of the present strength Of the grangers
| is attributed to the covering of these shorts
| Atchison preferred was very markedly al
fected in the same way and rose to CO.'S
Rock Island Jagged in the movement on the
| disappointing May statement Other rail-
| way stocks showing conspicuous strength
were Illinois Central. Southern Railway pre-
| ferred. Northern Pacific and Erie first pre-
ferred. The strength of these was on buying
| for London account. Mexican Central was
| in large demand and late in the day coalerS
| rose from ] to ~. Bears who had sold
| Brooklyn Transit in expectation of a Fourth
| of July strike were eager buyers TO cover
| short contracts and advanced the stock at
| one time nearly four points. The rise In
| Sugar extended TO nearly five points. Other
| specialties which rose strongly were the
| Tobacco stocks, Steel and Wire, Tennessee
| Coal. Peoples Gas, international Paper and
Anaconda.
There was some hesitation in the early
| trading on account of the failure CT the
| money market to ease off, as ii was expected
| TO do under the July disbursement on in
| call money fell per cent 1t Is now adj
| mitted that the recent gold exports have
| been directly due to borrowing for the pur-
! pose Of easing the German money market,
which was in urgent need of il to carry over
| the half yearly period. The London Statist
estimates that the terms on which money
| has been borrowed in New York for Berlin
account have been equivalent to a rate of 8
! to 61s per cent. for a small portion of the
| pressure. Money Is now expected to flow
| back to Berlin on account of recent specula-
| tive liquidation. and the critical period there
| Is believed to be over. Discounts in foreign
| markets were easier.
There was a large demand for the Erie
general mortgage bonds and the St. Louis
| Southwestern seconds. The Erie bonds
| gained ~ and the st. Louis Southwestern 2
| points on the day. There was good bust
| ton Total sales. par value, So 1896, 900. United
States old tours. registered, advanced 1s in
| the bid price.
The following table. prepared by L. W.
| Louis. Room IL, Board of Trade shows the
| range of quotations: