The Indianapolis journal., 1896-01-29
LOW STERLING RATES
PROHIBIT ANY IMMEDIATE EXPORT
OF THE YELLOW METAL.
Firm Undertone to the stock Market
I'm New York-LocaI business
Steady and Unchanged.

At New York yesterday money call
was easy at 3Izn4 per cent; last loan, 8;
closed. 31sGp4 per cent.
Prime mercantile paper. cas- per cent.
Sterling exchange was weak, with actual
business I'm bankers bills at s4SSh. d4sS1a
for demand and s4s764S7A for sixty days:
posted rates. $I&1za4.s .sS1s and s4s9Q49O;
commercial bills, s4Ss1z.
Bar silver. 677sc; silver certificates. s71s9
Csc. At London bar silver was 30 13-16d per
ounce.
Total sales of stocks to-day were 1888
shares. including the following: American
Sugar. 2s.4o0; American Tobacco. n.5O0; At
Gibson. 400; Burlington, n.4O0; Chicago Gas,
4.3oO; Louisville & Nashville. 100; Manhat-
tan. 7.1OO Missouri Pacific. 300; Reading.
$500; Rock Island, 100; ST. Paul. 26,4O0;
United States Leather preferred. 1900.
Irregularity was the main feature Of the
operations in stocks yesterday. A firm un-
dertone was In evidence. however. through
out. The eccentricity Of the movement of
prices was chiefly attributable to the pro-
fessional dealers and others, who preferred
to take the profits accruing in the advance.
London operators also appeared to discount
and anticipated reaction in prices. The
liquidation in this market for foreign ac-
count was estimated at from 10000 to 1900
shares The dominating influences in the
speculation were reports of probable devel-S
opment in the anthracite and coal trade Of
great Importance, as, for example, con-
certed shutdown OF collieries by all of the
Philadelphia and New York companies, with
a view TO relieving the congestion of the
market and of an impending advance of 150
Z5c per ton In prices early in February.
Other factors were decided weakness In
the market for sterling exchange, bringing
the rates down to figures prohibitory of ex-
ports of gold except OF a special character,
and the formal decision Of the majority of
holders of the consolidated hrst-mortgage
bonds Of the Kansas Pacific railroad TO ac-
cept the terms offered under the general
Union Pacific reorganization plan, An item
OF widespread interest In financial circles
was the decision OF the United States Su-
preme Court. giving the Milwaukee court
Jurisdiction over the Northern Pacific sys-
TEN in regard TO receiverships. The traders
started early to effect a substantial reac-
ton, but failed to create much impression,
The appearance of supporting orders in
different parts of the list soon caused
scramble to cover. in which all of the early
tween the end of the first hour and deliv-
cry time the only important movements
were in Manhattan. sugar and Tobacco; In
noted were more fully reflected, and ad-
vances extending to pa per cent. in New
Jersey Central. The grangers improved ia
1k per cent, Sugar ~ and Manhattan 2
per cent. A slump of 31z per cent occurred
In Consolidated Gas, but was unexplained
unless que 10 IedllLlitS safes. All duNdHCC
of 81 per cent in New England trans
action OF 100 shares attracted considerable
attention. The traders were at loss to
account for the movement The adhesion
of the Kansas Pacific consolidated first
mortgage bondholders TO the Union Pacific
reorganization committee, already referred
to- was followed by advance of per
cent in the stock of the last-mentioned
company The market closed strong. with
the trading quite animated i.
The upward movement in the railway and
miscellaneous bond market was resumed
Yesterday, with the Reading issues again
the features, on buying attributed to In
siders The total transactions were
81 900.
Government bonds were well held, except
for the fours. registered, which fell rs per
cent on the bid quotation. The sales
amounted TO s32.500- In State MORTGAGES.
Tennessee settlement threes figured for
ss oo1 at a sharp advance, and Virginia de-
ferred skies for 5000, at unchanged prices
The following table, prepared by James n.
Berry. Room 10. Board or Irade' SHOWS inc
range of quotations..