The Indianapolis journal., 1896-07-03
FOREIGN INVESTMENT
SYNDICATE FORMED To BUY AMER
ICAN STOCKS AT LOW PRICES.
DemoraIized Market on New York
Local Trade Dali and Heavy.

At New York yesterday money on call
vas steady at 2I3 per cent; last loan, 3;
closed at 2l4 percent
Prime mercantile paper. 4d51z per cent
Sterling exchange easier. with actual bus
mess in bankers bills at $i.S724a4.SS for de-
mand and s4s7lI4.S7l4 for sixty days; posted
rates. $4.SSG4S9; commercial bills. $4.s6l4.
Bar silver. 6Ssic; silver certificates, 6S2zG
ssc. At London bar silver closed at 81 I-16d
per ounce.
Total sales of stocks were 233S76 shares,
including the following: American Tobac-
CO. 300: Atchison, Topeka & Santa Fe,
$500; American Sugar, 49,5OO burlington &
Quincy 1900: Chicago Gas. $500; Distil-
lers' and Cattle Feeding, $500; Louisville &
Nashville 13 200; Manhattan, S.100; Mis-
souri, Pacific, 400; Rock Island 107O0; st.
Paul. 81. 800: Tennessee Coal and Iron, 1000;
Union Pacific, 500; Western Union. 4.SC0;
Southern Railroad. 1000; Southern Railroad
preferred. 400. Silver certificates, $2S,OeO.
Members of the international banking
houses say that the recent decline IN this
market resulted in the formation OF Syndi-
Gates for concerted action in purchasing
our securities on scaie-down: AT the
Offices of the railway companies whose
stocks have international market, the
demand for splitting certificates into
amounts OF ten shares for shipment 10 Eu-
rope has been quite brisk during the past
week. Vice President Frank ;. Bond. OF
the St Paul company, says that In June
month fully 10000 shares of stock were
split up for foreign account, and yesterday
IL was estimated that from 10000 10 $1,000
shares were similarly handled: The officials
OF the Louisville * Nashville and other
companies report almost corresponding
activity.
Business on the Stock Exchange was on a
less active scale yesterday, but the move
ment of prices was decidedly erratic. The
srrib ion of he fran good
and the greatest animation occurred IN
the early forenoon. The features OF the
speculation were alternate bear raids and
covering movements and continued foreign
purchases. A favorable keynote was struck
at the opening by higher London prices
started in strong and active. AT the out
set Sugar was in good demand and rose l12
Der cent; General Electric advanced 1as.
Tennessee Coal 1, and important fractional
gains were scored in the grangerS and
louisville & Nashville Chicago Gas. how
ever, unfavorably conspicuous by a
decline of 1ss per cent. 10 5sSs.
The improving tendency was checked al
most Immediately after the opening and the
market began a retrograde movement on
animated dealings. Large blocks of securi-
ties were thrown over and the bear leaders
and their following sold right and left to
emphasize the break, numerous Stop-orderS
being reached Prices ran off sharply and
in a number Of the principal shares the
lowest figures in the present movement
were reached. The more important losses
at the extreme low point as compared
Az: Delaware * Hudson, "a; Sugar, rs
Rock Island. and Manhattan, IA per cent:
At the lowest point support was accorded
by inside interests IN various properties
and extensive covering of shorts was noted.
The market quieted down after the first
hour and a better tone became prevalent,
which was chiefly due to resumed heavy
! purchases of stocks for European account.
| These buying orders were estimated as
high as 5000 shares; the larger proportion
Deing 81. Paul and Louisville * Nashville.
II is reported on official authority that from
10, 900 TO 1900 shares of the aforementioned
stock & We're Spit up today inI9 a3d shosf
600 shares of Louisville * Nashville. 1t is
estimated that fully 10000 to $1,000 shares
of the various securities VIII be forwarded
n to Europe by Saturdays steamers. Some
| irregularity developed after midday. but
| improvement again became general after
o'clock and eventually decided strength was
manifested in most cases, a cOntributory
influence late in the day being saggins
tendency in exchange rates, which effectu-
ally relieved apprehensions caused by the
recent rumors of heavy gold shipments at
the close of the week. In a late rally L2cka-
wana rose 8 Manhattan 2l1. Chicago Gas
3ts. and q number OF other shares ld2 per
cent The closing was strong at the best
The bond market developed heaviness in
4 sympathy with the early depression in the
stock market, but also responded TO the
rally in that department. The sales were
$S44 600. The more important losses ranged
from ] to per cent, the last in Brooklyn
Parkersburg branch, skies. Some few
gains occurred extending 10 ia per cent.
in ST Paul consuls.
Government bonds were active with a
sagging tendency. the new fours reacting
TO 1l6- The sales were $4,000. In State
bonds. Tennessee settlement fveS sold at
S2la for SO 000
Silver certificates eased off at 6Sslc on
dealings of $4,000 :
The following table prepared by L. W. Louis,
Room 70. Board OF Trade. shows the range OF