The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-26
ACTIVE STOCK MARKET
BROADENING TENDENCY AND BEARS
FIGHTING AN ADVANCE.
Call Money Rates Reduced and More
Gold Coming from Europe-Loca1
business Firm.

At New York yesterday money on call
was steady at 3d5 per cent: last loan,
g; closed offered at 3.
Prime mercantile paper 7@S per cent
Sterling exchange was steady with actu-
FL business in bankers bills at s4.Sf for de-
mand and $4.S11a@4S1a4 for sixty days;
posted rates, s4.S2@4.83 and $iS412d48512;
commercial bills, 81.
Bar silver. 655sc; silver certificates, 67Es4
661kc At London bar silver closed at
30 5-16d per ounce.
Total sales of stocks were 255,676 shares.
including the following: American Tobac-
co. $500; Atchison, Topeka & Santa Fe,
G.800: American Sugar 5000; Burlington &
Quincy Is 700; General Electric, 300; Lou
isville & Nashville, 1920: Manhattan, 49,
co., Missouri Pacific, $500; Reading, 1890;
Rock Island, $500; st. Paul. A, 100; Western
Union, $500; VIII ,aling & Lake Erie, 1900;
Southern railroad, $500; Southern railroad,
preferred, 600; silver certificates, $45,0O0.
The New York stock market yesterday
was characterized by activity and strength
bears fought the advancing tendency of
prices to no avail, as offerings for either
account were readily absorbed. The news
of the day in almost every instance was
favorable, the cardinal feature being d
sharp decline in the rates for prime mer-
camille paper Material that could not be
discounted a week ago below 8 per cent.
and upward was accepted at per cent,
and the maximum figure for choice names
was per cent. The important hearing OF
this development on the general financial
and business situation can readily be APP
preciated. CalI-money rates We're reduced
from to per cent. on any average by
the banks, and offerings OF time FUNDS
were fairly free at per cent. for all dates
on good mixed stock, excepting eoiiateras
Large additional gold import orders were
announced, and heavy arrivals of the heavy
metal were reported, also substantial
further deposits at the subtreasury in ex-
change for greenbacks. The street ignored
a reported extension of rate-cuttlnS ny the
railroads and some other ordinarily de-
pressing news. Aside from the extensive
covering of shorts, commission-house pur-
chases to q, fair aggregate were noted. 1t
is assumed that the advance yesterday
and to-day have materially reduced the
outstanding short interest, and reaction
in prices is therefore expected in ordinarily
weIl-informed circles. The theory was JUS
titled, however. to only slight extent in
the afternoon. The market opened slightly
lower. under influence OF fractional decline
fin London quotations and some struggling
selling in this market for the foreign ac-
count. Europe was, however, a light fac
tor, owing to the interruption of cable
service on account of a storm. The session
was of brief duration and the market rapid
y, developed strongly aggressive tone.
The purchasing orders embraced a wide
variety of stocks, including the low priced
as we'll as the investment classes. The
nent, and the renewal of mercantile activ-
fly facilitated efforts by specialists in the
active industrialS. The more important eX-
IRENE gains ranged in the regularly active
list from l to 2B per cent, the last in
Manhattan The familiar rumorS of a deal
with the Metropolitan Traction Company
were again made to do service, and the
aforementioned stock rose 41a per cent. to
80 but in each fractional de-
clines from the top figures occurred on
reports of the responsibility of the parties
engaged in negotiations between the two
companies Illinois Steel advanced 33s to
45s Minnesota Iron, to So, and Great
Northern preferred, per cent. to 120. A
favorable feature of the market not re-
ferred to above a strong and active
railroad-bond market good demand for
governments for investments being also
noted. A reactionary movement developed
around delivery hour realizing, and the
figures recording net gains of to per
cent. in the leading shares.
The bond market displayed aggressive
strength on increased dealings and broad
emil & tendency. The leading specula tive is
sues sold up to per cent. with the bulk
ing lines. Chicago Gas firsts exceptionally
jumped 6l2 and St Louis Southwestern
firSts and Tennessee Coal firSts. Tennessee
division, AZ per cent. Ohio Southern fours
trust receipts declined per cent. The
sales were $1365,000.
tive. The tours touched 1863. The
sales were $240,500 Silver certificates were
irregular declining tendency. the sales
aggregating $4,000 at 6612c. State bonds
were dull, but steady, with $1,000 Virginia
centuries traded in.
The following table. prepared by l. w Louis,
Room Is, Board of Trade, shows the range of