The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-24
WHY THE GOLD COMES
NEW YORK AGENTS ANALYZE THE
BIG SHIPMENTS FROM EUROPE.
Active Stock Market. but Dealings
Confined to Few Shares-LocaI
Markets Picking Up.

New York representatives Of foreign
banking houses estimate that of the first
COO in gold imported to this country
about 100000 was shipped agaiEst ster-
ling loans and about $5,0000O0 against COM
mercial bills. OF the rest of the sac 600 900
or Whereabouts engaged in all to date $25-
00O,0o0 was drawn against commercial bills.
1t is still believed in New York that the
eff1ux of gold from Europe to the United
States can only be temporarily. If at ALL in
terrupted. A number of the sterling loans
mature next month. The steamship Ser
via, leaving Liverpool to-day will have on
board S,0o0,0O0 in gold consigned TO Kidder,
Peabody e. Co., Of Boston.
At New York yesterday money on call
was easier at 3d5 per cent; last loan. 81
closed, 3 per cent.
Prime mercantile paper nominally 7Gi9
per cent.
Sterling exchange was firmer with actual
business in bankers bills at "a. S3sz m4s4 for
demand and $4s1A@4.S11a for sixty days
posted rates. $4.s2Q4s31a and s4.S4l4@4S51s;
commercial bills, $3.50
Bar silver, 651ac; silver certificates, 651a6
CSC. At London bar silver closed at 30 5-16d
per ounce.
Total sales of stock We're 221 S37 shares,
including the following: American Tobac-
co. 500; Atchison, 3.2eo; American Sugar
6o,50G; Burlington & Quincy. $500; Chicago
Gas. 5000; Louisville & Nashville. 1910;
Manhattan, $500: Reading. 81 200; ST. Paul,
1890; Western & Lake Erie ZOO
The New York stock market was slightly
more active yesterday than on Tuesday,
but the distribution of the dealings was
very indifferent, two stocks figuring for
over oTle-half of the aggregate business.
These were Sugar and Reading The first
mentioned appeared to traders to be vul-
nerable on account of the recent hquida-
ton in it, and that contingent made per-
SlSlent ana faIflV effective efforts to de-
press the price Reading favorably af-
fected by the news of the sale of the vari-
Gus properties to the reorganization COM
nlittee. although there is still a remote pos
sibility of delay in completing the deal,
pending the confirmation of the sale by the
court.
q strong undertone based to considerable
extent on the widening market for mer-
ing as the period of the October remit
tanceS draws near, and an increasing dis
position on the part of trust companies and
acting conditions. The alleged prospect of
an advance i'm the Bank of England rate
of discount to-day to, per cent. and a
slight Stiffening in exhange rates late in
the day were utilized by the bears against
the market. but except in Sugar there was
no perceptible pressure of long stock in
the active list. COrdage stocks were con-
Spicuous for renewed activity and strength,
based in part on the prospective early issue
of the new securities. The shares rose 10
31a per cent, the last in the guaranteed
and the bonds rose per cert. The market
closed heavy at slight general gains.
The Reading issues were the features of
the bond trading and scored material gains
Government bonds We're quiet. bat firm
manded more attention than usual, and de-
cided gains were scored in Tennessee and
Alabama liens. The transactions We're
$4,000.
Room IS, Board of Trade shows the range of