The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-29
MONON STOCK DOOMED
THE PREFERRED PUT Up 1-2
POINTS AMI THE COMMON L IA.
General Market Heavy and L~ethargic
mt the ClOse-Local Trade Inn
proved by Cool Weather.
AT New York yesterday money on call

At New York yesterday money on call
closed easy at 1AG11s per cent.
Prime mercantile paper, 4d4l3 per cent.
Sterling exchange easy, with actual bust
ness in bankers bills at 4S71z for demand
and at s4.ss5s@4.s9 for sixty days. CONNER
cial bills, A.S3AG4S3A.
Bar silver, slice. Silver certificates. 61h@
621zc. Mexican dollars. 4Sssc. AT London bar
silver closed at q 7-1sd per ounce.
The accumulation of a short interest dur
ing the steady decline which had continued
for rather more than a week offered an OBJ
portunity at New York yesterday for a
turn by the bulls against the bear interest
I'm stocks. The demand from shorts proved
sufficient to check the declining tendency
which was in evidence in the early dealings
and to bring prices back to about Monday
nights level. There the recovery stopped
and prices dropped again in the final deal
ings, making the close heavy and lethargic.
The market continued exceedingly narrow
and the volume of dealings fell below
yesterdays 200. COG shares. The bulls found
material for their weak turn in the rail-
road earnings reported for the day, in the
reversal in the discouraging tenor of Mon
days rumors regarding the sugar trade
and in the declaration OF a semi-annual
dividend on the preferred stock of Chicago.
Indianapolis & Louisville. The bulls made
the most OF the incident and put the pre-
ferred stock up ~ points and the common
ia There was continued pressure against
Sugar In the opening dealings, but the STOCK
rallied 1@s on a correction in the European
sugar cables, showing a rise instead or a
decline in the price of raw sugars. This
was taken to show that American refiners
were again in the market as purchasers of
raw sugar, and to indicate that the season
OF active business for refining would extend
beyond the usual period this year. Rumors
were circulated that In consequence the
dividend on Sugar would be increased. but
the demand for Sugar shares was intensi-
fled with the covering OF the short interest
and the stock closed with a gain or only
-. The statement for July for the Atchi-
son system was also made the most of by
the bulls. Net earnings increased more
than one-third over those for last year,
Notwithstanding a slight increase in op-
Grating expense compared with a de-
crease in operating expenses for several
months past. The anthracite coalers
showed some heaviness on fears of labor
troubles. American Hoop preferred weak
ened sharply, but the iron and steel stocks
generally were pretty steady on the favor
able trade outlook Brooklyn Transit adj
vanced on covering but eased off at the
last. There were wide movements in a
few individual stocks which were unex-
The money market continued to benefit
by the redemption of the United States ex-
tended twos and by some receipts of gold
from the Pacific coast. Sales were not
quotably changed. Discount rates hard
ened in London. while sterling exchange,
nevertheless, continued easy, as was the
case yesterday. This extraordinary move
ment caused some puzzled conjecture in ex-
change circles. The volume of merchan-
disc exports from New York for the week
of $i3, 135. $50. an increase OF 1927 ,943 over
last week. may offer the explanation.
There was TO feature in the bond market
and the price movement continued irregu-
lar. Total sales. par value. $645,000. United
States tours declined 2 per cent. in the bid
price.
Following are Mondays share sales and
the closing bid quotations: