The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-05-18
STOCKS SHOWED UPWARD
STRONG MONEY COMBINE FORCES
PRICES BACK TO THE OLD MARK.
Share List Completely Recovered
from the slump Caused by Flow
er's eath-Loca Trade.

At New York yesterday money on call was
steady at 215dSlz per cent; last loan, 2z per cent.
Prime mercantile paper. sha4h per cent.
Sterling exchange was strong. with actual bust
ness in bankers bills at s4.s7A64.s7k for demand
and at A.s5Na4.s5h for sixty days: posted rates.
Sass and Ass; commercial bills. A.s4Q4s41k.
Silver certificates, 61Gs2c: bar silver. Gle: Mex
lean dollars. 4SAc. At London bar silver closed
uncertain at Is Lied an ounce.
The total sales of stocks amounted to go, $50
shares. including: American Steel and Wire.
n,7o0; American Sugar. $500; American Tobacco.
s, 400; Atchison preferred. 80. 500; Brooklyn Rapid
Transit, 1900; Central Pacific. 1880: Chicago.
Burlington & Quincy rights. Il. 600; Chicago. Bur-
lington & Quincy, LEO: Chicago Consolidated
Traction, $500: Chicago Terminal Transit, 1900:
Chicago Terminal Transit preferred. IL. 900; Con-
tinental Tobacco. 1880; Federal Steel. $500;
Federal Steel preferred. 20. 200: international
Paper. 200; International Silver. 3.eo0; Louisville
& Nashville, 100; Manhattan, %, 900; Metropol-
itan Street-railway. 400: Missouri Pacific. 400:
National Steel, 400; New York Central, 400;
New Jersey Central rights, s,100; Northwestern
preferred. AGO; Northern Pacific. $500; Northern
Pacific preferred. 800; Ontario & Western. $500:
Reading first preferred. $500: Rock Island. $500;
st. Paul, %. 200; Pacific Mail. 1900; Peoples Gas.
a. 200; Southern Pacific. 51.sOO: Southern Railway
preferred. 400; Tennessee Coal and Iron, 400;
Union Pacific. II, 100: Union Pacific preferred.
1900.
When it was announced on Monday morning
that some of the most powerful financial inter-
ests in the country had banded themselves to-
gether for the support of prices in the stock mar
ket it dissipated very largely the tiinidity of
holders of the group of securities which had been
so marvelously increased in price under the favor
ing activities of the late Ex-Governor Flower.
1t also caused the professional operators, who
always stand ready to attack values of securities
at any vulnerable point to pause in the purpose
and cover short contracts left outstanding since
Saturday. The capitalists behind the Flower
group apparently felt so much encouraged with
the frmness and confidence displayed by the mar
ket since the crisis that they made up their
minds yesterday to complete its rehabilitation and
TO put prices back to where they were on Friday
last. 1t was not until the latter part of the day
that this purpose seemed to be seriously in hand.
In fact the Flower stocks as a group were con-
spicuous during the early part of the day. Their
position seemed to be left to a natural course of
events and the general trend of the market. 1t
was the events q the day in the general market
| that seemed to confirm the purpose of the hnan-
cial leaders. These events were a very marked
Discrimination ora the part of personal holders of
securities to proceed with any liquidation and
| a quiet and persistent outside demand for a wide
range Of stocks. Some very large transactions in
| bonds, especially in recent or contemplated issues
OF railroads of S5 and 4 per cent. grades, were
also an evidence of the pressing demand Tor in
vestment for a large reserve Of capital.
The money market was notably easy and ad-
vices from different points in the interior were
OF large funds on hand. The statement OF ST.
Paul earnings for the second week in May show
4 iro an fpcrooc of oxcr Goa 0n oynporod With tba
corresponding week last year, when the extraordi-
nary grain movement incident to the Letter deal
was in progress, was taken to indicate a con-
tinued prosperous condition Of railroad traffic.
London also showed a favorable disposition
towards American railroads and advanced prices
before the opening here. And although part Of the
purchases were resold in New York later, having
some possible effect in strengthening the rate Of
exchange on London, the sales were not in suf-
fcient volume to threaten the money market here.
More mature consideration OF the trade statistics
for April disclosed the continued strong position
of our international commerce., Notwithstanding
unfavorable comparisons at some points with the
urI recedented period Of last year. The market
gradually. but persistently, hardened under these
various influences early in the day, Central and
Southern Pacific, Chicago Terminal, the Iron and
Steel shares. Sugar and Tobacco anNDNew York
municipal corporations advancing sharply. In the
late afternoon the market leaders undertook to
push up Brooklyn Transit to where it was last
Friday. This they did through a food of offer
ings and held it there to the close, over seven
points above Tuesdays close. Peoples Gas. the
Federal Steel stocks. international Paper, Rock
Island and Atchison preferred are from one to
over four points higher. The railroads shared
very generally in the later strength of the market,
the close being buoyant and active at the very
top.
The large demand for bonds sought persistently
for pretty much all Issues not already at prohib-
tive prices. Total sales. "a, 393. 900. United States
new tours and the old fours. registered. advanced
u IN the bid price.
The following table, prepared by I. W. Louis,
Room IL. Board of Trade. shows the range of
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