The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-05-27

BEARS GAIN A SLIGHT ADVANTAGE
AND THEN LOSE 1T ALL.
Industrials Suffered on Adverse News,
Sugar Losing Three Points-LOcal
Markets Continue strong.

at 2d3 per cent. last loan, "a per cent.
Prime mercantile paper. 3hG4A per cent
Sterling exchange was steady. with actual bust
ness In bankers bills at a.S& for demand and
s4.s5Ad4.s5h for sixty days: posted rates. A.s6h
and sissy; commercial bills. A.s5.
Silver certificates. 6lG62c: bar silver. Sic; Mex
lean dollars. 4si1c. At London bar silver closed
quiet at % 1-1ed an ounce.
The total sales OF stocks amounted to 39a, 357
shares. including: American Smelling preferred.
3.i0; American Steel and Wire. 16. 800: American
Steel and Wire preferred. 700; American Sugar.
IS. 200; American Tin-plate. |. 200; American Tobac-
co. 20 800: Atchison preferred. q. 400; Baltimore &
Ohio. new. 1850: Brooklyn Rapid Transit. $500;
Chicago. Burlington & Quincy rights. "A, 400; Chi
cago. Burlington & Quincy. 1900: Consolidated
Gas. 80. 800; Continental Tobacco, q, 400: Federal
Steel, I.4oo: Louisville & Nashville. 5000: Man.
haitian. 11.so0; Metropolitan. 500: Missouri
Pacific. 4e0; Northern Pacific. $500: Peoples
Gas. 1900; Rock Island. 3.400; st. Paul. $500;
Southern Pacific. 1000; Southern Railway pre-
ferred. 400; Tennessee Coal and Iron. $500;
Union Pacific. $500; United States Rubber. 1000.
The New York stock market opened with a con-
tinuance of the upward movement which was in
force yesterday. Yesterdays sharp advance
brought In a moderate volume of buying orders
to the commission houses. which were put in at
the opening. There seems to have been also con-
siderable enthusiasm awakened In the American
department of the London market by the same
cause. The international stocks were bid up there
before the opening here and the arbitrage brokers
promptly bid them up to a parity here. 1t soon
became apparent. however, that the bulls were
no more prepared for extensive commitments on
the eve of a holiday than the bears and the ac-
tivity soon came to a standstir. The feverish and
erratic tendency of Consolidated Gas helped to
-
posed by outsiders to indicate some new possibil-
ity in the franchise tax law and other stocks
in the sam group fell away in sympathy. When
the announcement was made of the action of the
gas directors in reducing the quarterly dividend
rate from Q per cent. to ~ per cent. there was
some recovery in the stocks of other New York
municipal corporations. As a rule the prominent
high-priced specialties were weak. Sugar was a
conspicuous sufferer on account Of the reduction
in the price of cube sugar. which presaged an
other stage OF a war OF sugar producers and
efectually demolished the recently current reports
of an agreement on which the stock had ad-
vanced. The extreme decline in Gas was ten
points and IL closed only 4 above that. Sugar
lost six points. but rallied three and closed with
a net loss of 80. Both American and Continental
Tobacco. American Steel and Wire. Anaconda and
American Smelling were points of weakness.
Manhattan. Brooklyn Transit and Metropolitan
Street-railway recovered a large part Of their
losses. When the selling movement had spent its
force in the afternoon heavy buying orders ap
peared for Atchison preferred and st. Paul. which
wiped out for the most part the few slight
losses in the railroad list. The market eased off
slightly with the final break in the specialties.
but many railroads show fractional gains on the
day.
1t was expected that the demand for loans,
which were made to carry over to Wednesday.
would stiffen the money market. but no disturb
ance was perceptible. Sterling exchange main
tained its easy tone under the influence OF London
buying Of stocks in spite of the demand for trans
mission by Saturdays outgoing steamers. The
market for bonds continued relatively more &C
tive and stronger than that for stocks. a number
of new high-record prices being made. Prices
yielded at some points in the list with the break
in stocks and made the days changes mixed.
Total sales. par value. 81 3s2. 600. United States
threes. registered. advanced II and the old fours.
coupon. u in the bid price. while the threes,
coupon. and the hves declined "A.
The following table. prepared by L. w. Louis,
Room IL. Board OF Trade. shows the range of
quotations.: