The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-12
THE UNDERTONE STRONG
STOCKS RECOVER ALL AND MORE OF
THE LOSSES SCORED MONDAY.
Dealings Restricted to Generally Ac-
tive shares and Demand Not Heavy
Local Trade Quiet.


per cent.
Prime mercantile paper. Sa4 per cent.
Sterling exchange was heavy with actual
business In bankers bills at s4ssa4Ss14 for
demand and 4S4A@4A1z for sixty days;
posted rates. s4.S51aGl4 s61z and s4.SSQ4.s Sla
commercial bills, AS311
Silver certificates, 6OQ61c; bar silver, 6oc;
Mexican dollars. ALAG At London bar sill
yer closed quiet at z734d an ounce.
The total sales of stocks amounted to
3e5, 5s5 shares, including: American Steel
10000; American Sugar, H.7OO; Anaconda,
1900: Atchison, $500: Atchison preferred, 3d.
100; Brooklyn Transit q, 100; Burlington, A.
500: Federal Steel. 5000; Louisville Nash
Vile, $500; Manhattan, 66.553; Norfolk &
Western, 1880; Northern Pacific 1854;
Peoples Gas, $500: Rock Island. 500: St
Paul, 81 400; Southern Railway preferred
1900: Union Pacific, 500; American Tobac-
CO, $500; Chesapeake & Ohio, II. 400: Chicago
Great Western. 400; Big Four, 300; Con-
tinental Tobacco, 5000; Missouri Pacific,
1900; New York Central, $500; Ontario 6;
Western, 4.000 Pennsylvania, 5000; st. Louis
Southwestern preferred, 1850; Southern Pa
ciic, 400; Tennessee Coal and Iron, 1890;
Texas Pacific, $500; Wabash preferred,
1900.
The stock market strikingly demonstrated
its inherent strength yesterday with prac-
teal recovery Of Mondays losses; closing
prices were only slightly below those of
Saturday and in some exceptional cases
sharply above. The only conditions in
which any change had taken place were
purely technical. These were the elimina-
ton Of weakly margined long account and
the creation Of a short interest: London
began to sell stocks In New York at the
opening as it did Monday, but instead Of
coming on a large account Of nearly ex-
hausted margins as was the case before.
the opening decline invited buying to cover
the short contracts put out Monday. The
buying from this source afforded the prin-
cipal support to the market in the early
dealings. 1t was particularly marked in
Sugar and the New York traction and gas
bear raiding Monday. BY the time this
short interest had been covered. the market
came to standstill. the bulls apparently
In face or the continued stiffness of the
money market, which held quite firmly
about the legal rate for call money. Slight
ly before noon, however a determined buy
Ing movement developed in the graf trunk
lines, and with occasional intervals of dull
ness. continued for the rest Of the day,
spreading from one group to another until
1t embraced pretty much the whole list. The
agreement among the trunk lines to re-
apparently the cause Of the buying in that
group: st. Paul's increase in gross earn
fngs for the first week in July of $2O2 $50
prompted the buying of the grangers.
The high rate for call money was ignored
and very large amounts loaned on the Stock
Exchange at 8 per cent. The rate eased off
to ~ per cent. at one time but rose again
TO 8 per cent. Interior exchange began to
run against New York, but Mondays con-
traction Of loans had apparently left the
| mand sterling In New York only held firm
under the stress of the high money rate in
London. but sterling exchange in Paris and
Berlin advanced sharply, and discounts
Were easier at those centers. Long sterling
IN New York weakened an additional frac-
ton under the sales of futures, based on the
expected outward movement of merchan-
disc to begin In a short time. Among the
special points or strength in the late stock
market were Texas & Pacific, which rose to
Is and later the whole Southwestern group
wall street had a rumor of a contemplated
merging OF Wabash and Missouri Pacific to
account for the strength of those stocks.
Northern Pacific also scored brilliant adj
vance recovering more than its dividend,
which was taken off, There was a stimuli
taneous advance in Tennessee Coal Col
orado Fuel and American Steel and Wire
which rose from to 2% and also in Chesa.
peake & Ohio Cleveland. Cincinnati, Chi
cago & st. Louis and Lake Erie & West
ern preferred. After a fractional reaction
on professional profit-taking, prices were
marked up again to near the best I'm the
closing dealings.
Bonds rallied somewhat from the early
signify lower on the day. Total sales. par
value, " oSo 600 United States new tours
registered declined and the old tours
registered, y in the bid price.
me following table, prepared by L. W.
range of quotations. $3.50