The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-09

STOCKS START UPWARD AND ENTIRE
LIST SCORES ADVANCES.
Smart Recession from Top Prices In
the Late DeaIings-Local Trade
Heavy for June.

At New York yesterday money on call was
steady at 2d2k per cent; last loan. Per cent
Prime mercantile paper. shG4 per cent.
Sterling exchange was higher. with actual bust
in bankers bills at A.s7EdS.ss for demand
and at As5%a4.ss for sixty days: posted rates.
A.ssisG4d and a. SO; commercial bills. $-s5A6
4ssh.
Silver certificates s1assc: bar silver. eoAc:
Mexican dollars. 4skc. At London bar silver
closed quiet at 27s.d ounce.
Total sales of stocks 725. SOS shares. includ
ing: American Steel and Wire, $500; American
Sugar. $500; American Tobacco W.oo; Ana
conda, 1900; Atchison. $500: Atchison preferred.
z soo Brooklyn Transit 500: Burlington 49, 500;
Chicago Terminal preferred. 500; Continental
Tobacco. I100; Continental Tobacco preferred,
$500 Evansville & Terre Haute, 200: Federal
Steel. 21000; Federal Steel preferred 100; Louis
Vile & Nashville, 5000: Manhattan Consolidated.
1850; Metropolitan Street-railway. 500; Mexican
Central, 500; Missouri Pacific, 10. $780, New York
Central. 10000: Northern Pacific, $500: Northern
Pacific preferred. 1000; Ontario Western. "a. 700:
Pennsylvania. 1,2oo; Peoples Gas. 14.lOO; Reading
first preferred. $500; Rock Island. 1900; st.
Paul. $500; Southern Railway preferred. 800;
Tennessee Coal and Iron, 5000: Union Pacific.
$780, Union Pacific preferred. 5000; United States
o,tu
Central preferred. 41O0.
The New York stock market took the appear
arce Of vitality and strength yesterday which are
associated with a bull market, but the inevitable
professional realizing seemed to take the snap out
of the market. and when the bears perceived that
the buying was not renewed with any eagernese,
even after the realizing offerings had ceased. they
attacked the market in the last half hour and
worked some very material recessions In prices.
Sugar. Metropolitan and Brooklyn Transit closed
more than two points below the high level
though retaining still good net advances In price
number OF the specialties and prominent rail-
roads also had a point over taken from top
prices. The opening of the market surpris-
ingly tranquil considering the amount of business
that was being done. A long list of important
stocks opened at unchanged prices and stock
in the list showed a change OF as much as a point
In the early transactions 1t evident that
there was large bear parry in Sugar still un-
convinced by Wednesdays dividend declarations
and they undertook to force down the price OF
that very uncertain security. BY the time 1t had
fallen two points. however, the decline met re-
sistance Of kind which IL not in the power
Of the bears to overcome. Their experience dur
ing the remainder of the day was not agree
able one and the heavy blocks absorbed at the
high level was convincing evidence of their dis
tress The advance in price of refined sugars.
which acquiesced I'm by all interests i'm the
trade, seemed to bring home to the bears that the
competition could not be of a very destructive
character and that the opposing interests might
be fairly regarded installed in the position
Of insiders regarding stock market maneuvers.
The very buoyant tone of Brooklyn Transit, Met
ropolitan Street-railway and Manhattan added to
the discontinue Of the bears. Later in the day
n
days dividend declaration on Atchison preferred
had very stimulating effect on that stock as
well as those OF all grain-carrying roads. The
Western and Southwestern stocks nearly all rose
over point and pretty much the whole railroad
list responded in sympathy, the only Iaggards
being few Southern roads. which were affected
by selling for London account The announce
ment Of further shipment OF 81. 900 gold on
Saturday, making total of s3,5O0.00 on the
movement, was without influence In the market.
This outward movement OF gold is now generally
understood to be due to special inducements Of
fered by the Bank Of England to secure a re-
Punishment of its reserve There are intimations
Of similar pressure from Russia and other con-
tinental points, though authoritative informa-
tion can be secured on the subject. The iron and
steel stocks were conspicuously heavy all day.
with one or two exceptions, though they did not
suffer materially in the later decline. Large
| gains were shown by a number OF railroad stocks
| seldom traded in, including Iowa Central pre-
| ferred, Minneapolis. st. Paul & Sault Ste Marie
| common and preferred Hooking Valley, Evans
Vile TerTe Haute and Des Moines & Fort
Dodge preferred The tone at the close was &C.
cidedly weak.
The market for bonds showed improved strength
| and an increased volume of dealings as the day
progressed Total sales. $3.50. 600. par value
United States advanced u in the bid price,
The following table. prepared by L. w. Louis.
Room H. Board OF Trade. shows the range of
=