The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-24
a FURRY ON CHANGE
CALIFORNIA MAN DRAW 1,3OO 900
GOLD FROM sUBTREAsURY.
Stock Market Active and Quotations
Were Stronger-LOcal
at a S~tandstill.

AT New York yesterday money on call
was firm at sal per cent; last loan, g.;
closed, 6G7.
Prime mercantile paper, nominally, 100
per cent.
Sterling exchange was firm. with actual
business in bankers bills at s4.s4a4 for de-
mand and $4.s11AM4.Sl% for sixty days;
posted rates, $4.S2 and $i.S5M4.S519; CONNER
cial bills, S4.79Hs.
Bar silver, 651sc; silver certificates, 6512M
65ac. At London bar silver closed at
90 Lied per ounce.
Total sales of stocks were $4,000 shares,
including: American Tobacco, $500: Atch-
ison, 5000; American Sugar, 50, 400; Burling-
ton & Quincy. 17,1O0: Chicago Gas, "a, $780,;
Louisville e. Nashville, 2 100; Manhattan,
5.600: Northern Pacific preferred, 5000;
Reading. 1850; Rock Island, 4,4O0; st. Paul,
10000; Tennessee Coal and Iron, 6.100;
Southern railroad preferred, BOO. silver
certificates, 81 900.
The speculative equilibrium in Wall
street was disturbed in the late afternoon
yesterday by the announcement that Laid
law & Co., an influential banking house,
acting as agents for the Bank of Cali
fornia, had withdrawn from the subtreas-
ury 81, 800, 900 in gold in exchange for green
backs. This being the first substantial
49, 80 " t'c
gold export movement, created a decidedly
unfavorable impression on the part of the
traders and stocks reacted all along the
line. Tn firm positively refused to discuss
the subject of the withdrawal. In the alb
sence of definite news on the subject, it
was suggested that the withdrawal was
reserve of the Bank of California, also that
the gold was for account of a large Cali
fornia capitalist. The heaviest previous
withdrawal of gold recently was that of
5000. 900 by Kuhn, Loeb & Co, and the firm
replaced the coin Thursday. 1t could not
be learned whether the gold would be
shipped out of town or would be left tenn
porarily in the safe deposit vaults where
1T now lies.
were again favorable to the bulls yester-
day. The market was active and aggres-
sively strong. with an excellent distribu-
tion of dealings. London quotations came
higher and early in the local operations a
scarcity of stocks became evident. Cover
ing of shorts was u strong feature. The
broadening tendency of the speculation was
reflected In commission house orders and
the inquiry covered a number of usually
inactive stocks. resulting in material gains.
1t is understood that the recent strength
of the market. in the face of firmer eX-
change rates and the advance in the Bank
of England rates, has been due to adroit
manipulation against the shorts in various
properties by powerful operators. who are
confident of material Improvement in the
market in near future. The scope of these
operations also takes in a foreign short in
tereSt in American securities estimated ut
over 100, 900 shares of the various interna-
tionals. This short interest is the result of
the system that prevails in London of sell
Ing calls on American securities for sixty
or ninety-day periods. The calls at present
outstanding have, to a large extent. been
bought by the American operators who are
now squeezing the shorts. The stocks have
to be brought against the calls. all of which
expire by the end of December. The mar
ket yesterday proved superior to continued
stringency in money rates, n practically
complete absence of demand for even a
choice mercantile paper ana further add
vance in both actual and sterling rates,
but in the late afternoon the unexpected
news of a withdrawal of 81 800, 900 in gold
from the subtreasury by a leading New
York and California banking house precipi-
tated selling for both accounts. The early
advances in the active list extended to 3Ss
per cent. in ClicagosGas and 2a lin Sugar.
The industrials generally We're helped by
trade adviceS and the Southwestern shares
by the expected restoration of harmony be-
tween the recent sharp rate-cutting roads.
IN the late recession Sugar lost ia per
cent. and the general list sharp fractions.
The closing was steady at fractional net
improvements generally.
Railway bonds. exhibited strength, espe-
cially the speculative issues. The sales
were 81. 342.000
Government bonds were quiet. but firm
on dealings of $11, 900. Silver certificates
We're firm on sales of $4,000.
The following table. prepared by l.. w. Louis.
Room IL. Board of Trade. shows the range of
quotations.: