The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-08-02
STOCKS GO A
UNDER PRESENT CONDITIONS SPECU-
LATORs ARE FEARFUL OF RISKS.
Thus Far, However, Declines Have
apoIis Markets Hold Steady.

At New York. yesterday, money On call
was easy az rer cent.
Prime mercantile paper. 3T5 FER cent.
Sterling exCharge was slightly easier.
With actual business in bankers bills at
$tSSl2qLSsA fer demand and ~SiS7lsG4S7st
for sixty days; posted rates, a SS1s and
AS914s9i@: commercial bills. $4.S5t4@4S5l.
Silver certificates, 6Od65c; bar silver, 63%c:
Mexican dCIar1, 50Ac. AT London, bar sill
Yer, 2s4d per ounce.
Total sizes of stocks amounted to 100. $50
shares. II was another dull dav ON the
Stock Escharg e, and the general trend
CT speculation wos in the direction Cf low
er figures. The chief operators in the mr.
het were the bears and the ~oH! lions
favored them. The seeming irreconcilable
differences between Senate and Houre Oh
the ;ariif r.! giving promise of an extend .
ed session OF Congress and thereby Ee.p u
Ing the financial and commercial coplinrb-
ity IN a state of uncertainty, cannot be
regarded as ar inducement to buy stocks
Tor a rise. The condition of the corn crop
Is not such, according to the most favord-
BILE advices. as to lead to the opinion that
granger roads will be tested severely as
to- their carrying capacity to bring it to
market. Gold shipments are still being
mads. and the treasury gold reserve is de-
Ginning with a steadiness which is looked
on with d~isfavor, to say the least, by the
financiers OF the country and the financial
officers OF the government. But with all
these unfavorable elements the stock mar
ket gives no evidence Of inherent weak
ness. Particular stocks gave way under
special influences affecting them alone and
under the manipulation of cliques groups
OF stock depreciate in value, only to re-
cover when. the manufactured pressure to
sell Is removed. But no general liquidation
is in process, there is no apparent desire
on the part OF holders OF stocks to sacrifice
them In the fear that the bottom is about
to drop out of the market. On the contrary,
while lower values have been established
the declines have been largely manipulated
and 1t has required heavy short sales to
bring out a sma amount of long stock.
1t is a fact that many of the leading shares
are now heavily oversold, and in some of
the past few days Sugar and the granger
stocks have been the only ones in which
there has been any active trading, and as
a rule they have moved in opposite direc-
tions, sugar going down while the grang-
ers were moving up. and vice versa. The
ment, which was directed from Chicago,
and principally against Burlington & Quin-
sy, T c1nse stock Gitb broke n i IL Psr cent ieTsst to n nn;
touched. Rock Island was also offered
down, .receding IA to 6Ss and recovering
tack, giving way only Is and regaining Il.
The transactions were largest in Sugar,
which declined y, but quickly recovered
from the depression and on good buying
advanced IL per cent. to 104ss. closing 4
per cent. from the highest. Erie was sold
by holders who have become doubtful of
the legality of the reorganization plan, and
declined Is. with a rally of Is at the close.
In the rest OF the shares traded in the
movement was merely fractional. The mar
ket, which was irregular throughout the
day. closed fairly steady at a partial re-
covery from the bottom figures.
The bond market was heavy during the
day and closed weak, the principal changes
on the day being: Declines-Union Pacific
collateral trust skies, 8: Pittsburg & West
ern frsts. "a; Toledo, St. Louis & Kansas
City firsts, trust receipts, 2; Ohio & Mis-
sissippi. Springfield division firsts, 10; In
ternational & Great Northern frsts and
Canadian Southern seconds, l per cent. Ad-
vances-Delaware & Hudson frsts, Penn
sylvania division, 2a per cent.
Government bonds were steady. State
bonds were dull.
The following table. prepared by James
E. Berry, Room is, Board of Trade, shows
the range of quotations: