The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-27
WHY GOLD IS IMPORTED
FOREIGNERS PREPARING FOR PUR-
CHAsEs OF AMERICAN GRAIN.
Banks Benefited by Deposits I'm New
York of Legal Tenders-LOcal
Market Mostly Unchanged.

At New York. yesterday. money on call
was firm at 5as per cent; last loan, S;
closed. s.
Prime mercantile paper, 7Qs per cent:
Sterling exchange was weak. with actual
business in bankers bills at aSA for de-
mand and s4sSA for sixty days; posted
rates. A.S4a4.s5h and A.s5zd4.s7; CONNER
C,al bills. A-SA.
Bar silver. 66%c: silver certificates. $3.50
67hc. At London bar silver was 30 il-1sd
per ounce.
Total sales of stocks were 90. s65 shares.
including the following: American Sugar.
%. 700; Burlington & Quincy. s,4O0: Louis
vile & Nashville. 1850: st. Paul. 1850;
Western Union. 16 $500: silver certificates.
IS 1000.
The New York stock market again re-
hected chiefly the operations Of the board
room scalpers yesterday. The movement
Of prices was Irregular with a narrow range
and only three stocks reached fair proper
tons in point of activity. These were
Sugar. Western Union ami St. Paul in the
order named. The second mentiond stock
was partly affected by bear rumors of re-
cent heavy Investment selling which were
denied by a member of the executive com
mittee after a personal investigation of the
transfer books for the past month. Balti-
more & Ohio was subjected to a raid on
a revival OF old rumors. including the Lit
tie report. An influential member of tho
reorganization committee declared that
there was absolutely no change i'm the
situation. The announcement of the formal
assignment of Hilton. Hughes & Co. bare
ly created a ripple, owing to the almost
general previous knowledge. of the firms
long continued precarious financial condi-
tion- The street received with almost equal
equanimity the news of a further gold i'm
port order for $500.00 from Europe and re-
n..ta ~ ~2.I 4>-~ q tho
metal. After the close Of business IL be-
came known that the situation had rather
suddenly improved &c to a considerable extent
than had been previously figured on. was
On the way to this country. The reason
for the pronounced weakness in exchange
also developed late in the day. There is
excellent authority for the statement that
the recent sharp cuts in transportation
rates have made practicable sales of many
million bushels Of our grain to Europe.
Exchanse has begun TO be and Will con
and gold Will be imported. A large pro-
portion of the gold will be deposited in the
subtreasury In exchange for legal tenders
and the legal tenders deposited in the banks
is expected with considerable confidence
that the issue OF clearing house loan GER
change made a new low record for this
movement, partly for the above reasons
and also on account of the continued stiff
and short bills fell zc and nc. respectiveiys'
to AS and A.S4Q4s4A. Posted quotations
were also sharply reduced. The stock mar
ket sagged on reports of mercantile sus-
pensions at various points and unfavorable
general rumors after early fractional gains
incidental TO the gold import news and the
drop in exchange. The specialties were
conspicuously weak on discouragins trade
conditions. The closing was steady at
trivial losses. Baltimore & Ohio fell an
extreme 3 per cent. and left off 2 points be-
low the opening figure.
Bonds were dull and worked lower. The
14.n.. AI4-As r. -.
instances. The sales were $3.50, 600.
Government bonds were firm and slightly
higher for the new tours on purchases of
$31 .0Co. Silver certificates were in demand
and gained y PEI cent. on sales of $4,000.
The following table. prepared by L. w. Louis.
quotations..