The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-08

factor I'm the market was the change In the
general business and financial outlook and
cmp.ete abatement OF monetary strin-
gtncy, Reports on every side of the start
ing OF Industrial and mercantile operations
ON a large scale. and further animated
speculation in the cereal markets encour-
aged expectation Of impending radical inn
prover1ent IN the earning of the railroads
and stimulated enormous purchases of our
STOCKS and bonds for local and foreign az
count. and the shorts were scattered in all
directions. The return of normal figures
Tor call and time monetary
ions n \ consequent revived inquiry for
mercantile paper caused great encourage
ment in and out of Wall street. and the
furore with which the stock market opened
en- wednesday morning was ramat in
pcint OF anticipaSory interest. In a word.
the market movements have not been more
violent at n time since the Venezuelan
episode On Monday call money had been
scarce n. 81 per cent. and time funds were
practically unobtainaDle. for short periods.
while there was no market for mercantile
paper. Late in the week call money fell
70 81 per cent. and time money was in
supply as low as ) per cent. for
al periods, while prime mercantile paper
was readily discounted at 6q7 per cent.
GOLD PREMIUM DISAPPEARED.
An interesting development was the COM
plete disappearance of the premium on
gold, and the anxiety Of the people who
had previously withdrawn the coin to ex-
change it for currency. Heavy accumula-
NA( 0Lh ~ ~ NhC Z
fusal Of the srbtreasury officials to receive
it except subject to temporary delay. are
expected to result in payments of clearing
house balances at the custom house in
the yellow coin. On Wednesday the ex-
change market broke &c for actual and 1c
for posted sterling under the offerings of
exchange that had previously been boarded.
but during the latter part of the week,
partly on the ease in money here and its
hardening tendency abroad, and particu-
iariy as a result OF payments for gold by
importers and covering by shorts. the
ures were at A.S0laN4 .85% for actual de-
mand and 4.S2A44S212 for sixty-day bills.
BAY State Gas was a conspicuous feature
or strength on the settlement between the
conflicting interests and consequent dis
charge of the receiver. The unexpected
declaration of a dividend of 4 per cent. On
Tobacco common was followed by an err
ratio ten-point movement. the distrust en-
tertained of the -manipulators by the
street precluding a successful marketing OF
stock by insiders, as has been anticipated.
Prices generally fiuctuated violently, the
early top level recording gains over the
2Ieceding weeks close OF 4 to ~ per cent.
mentS Chicago Gas was favorably infiu-
enced by the declaration of Il quarterly div
idend of III per cent. after the long sus-
advanced on the regular semi-annual dis
bursement. y sharp reaction in prices oc-
urred on Thursday, on realiZations, partly
inspired by u~nfounded stock jobbing alarm
ist reports, but the market steadied later
and most OF the declines were recovered.
some stocks had the best prices recorded i'm
the present movement at the close.
The railway bond market developed ag-
SresSive strength on enormous dealings
With special inquiry for the bonds of re-
emily r~eorganized companies. Government
bonds were also in active demand and ad-
yanced materially. on large investment or
ders. A feature of the market in the mid
week dealings was a break OF 212 per cent.
in silver certificates to 621ac. The decline
was subsequently recovered. The stock
market left off strong at net gains of 31S
per cent, with the grangerS. Southwestern
and ipduStrials leading. The aggregate
sales were 2,002, sos shares.
The bond market during the week dis
play buoyancy on heavy transactions, in
Guiding all varieties of mortgages; foreign
houses purchased large blocks of the lead
;ng issues. The Reading and Atchison
mortgages Were the leaders in activity.
The final prices were at about the best of
rose 212, and old issues hd2 per cent.
in the principal issues. The total sales
were $14. 574. 000.
Government bonds were active on revival
of the investment demand. The new tours
rose 212. and old issues at 1z402 per cent.
The sales were $3.50, 600.
Silver certificates were pressed for sale
during the early part of the week, and
Yielded ) TO 62l2c, but rallied later to 65Ac.
The dealings amounted to S312. 900. State is
sues were active and shared in the general
strength, with the more p~ropounced gains
in the Virginia issues. The sales were
S3S, 600.
The following table. prepared by l.. w. Louis.
hoOn III, Board of Trade, shows the range OF
Omen High Low Clos