The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-21
SPECIAL" GOLD IMPORTS
MYSTERY sURRoUsDING FLOW OF
YELLOW METAL FROM LONDON.
Those Who Pinned Their Faith on "a
Rise I'm Stocks Were Disappointed
Local Markets Unsettled.

Al new lOIk, yeStefudl. LlOncy Oh Cdh
was frmer at s1za4 per cent; last loan. 3s
per cent; closed at SlzQ4 per cent.
Prime mercantile paper. ncminally. 7@s
Per cent.
Sterling exchange firmer. with actual
business in bankers bills at ~$-s51sd4-S5s4
Tor demand and A.Atgd4&A for sixty days;
posted rates, $-s514-s7 and $.s6lz94-SS; COM
mercial bills, A.S3%.
Bar silver. e61sc: silver certificates. 66ls
Qs7c. AT London bar silver was COED per
ounce.
Total sales of stocks were 1s7. s2i shares.
including: American Tobacco. 800; Ameri-
can Sugar. $500. Burlington & Quincy,
1850: Chicago Gas. $500; Manhattan, 500;
Reading. $500: Northwestern. LOO: st. Paul.
%. 700; Western Union, 800; Wheeling &
Lake Erie. 500; silver certificates. $1,000.
Yesterdays stock market disappointed the
owners and holders of securities who had
pinned their faith to decided improvement
IN prices as a result of the beginning of the
return flow of gold announced Wednesday.
A further engagement for import 10 this
country of $3.50, 900 was made yesterday, and
there were unconfirmed rumors after the
close of business of additional heavy i'm
ports within a day or two. 1t was an
Eounced that the bank presidents whose
conference was reported Wednesday,, had
decided that concerted action 10 secure
gold from Europe was not called for in the
existing circumstances As usual in similar
conditions. the street was furnished with
a considerable amount OF ingenious, but I'M
authoritative data regarding the prospect
i've importation of the yellow metal. In
wel-informed circles the impression pre-
vailed that the imports of gold were for
the express purpose of a1ording much
Leeded financial relief TO the mercantile
community. There vas also a conflict of
opinion among experts as to whether the
1900, 900 engagement of MesSrS. LaZard
Freres was or was not a special transac-
tion- 1t Is unquestionable that many bust
ness men have recently found il difficult
10 secure monetary accommodation, as Is
evidenced by the successive reports of the
curtaiiment of industrial activity. AL
though not a matter of record, 9 per cent.
was paid in several instances for money
by merchants, and banking houses reported
applications by customers for money
wherewith to buy exchange. Conservative
merchants believe, however. that most of
the weak concerns have already been weed
ed out Transactions in commercial paper
were reported at Z per cent, as against
rominal figures of Su12 per cent. quoted
Wednesday. The market was only moder-
ately active and prices moved irregularly,
with a persistent downward. trend. The
fluctuations were in many instances quite
marked. The traders were bearishly dis
posed on account of the failure of the Lon
don market TO respond 10 the improve
ment on the New York exchange Wednes-
day. Reported further cutting of railroad
rates. a stiffening in exchange figures and
estimates OF Il neaNy decrease In the re-
serves OF the associated banks on Saturday,
contributed TO depress stocks. The OPEN
ing was quiet and irregularly weak. with
the variations unimportant aside from the
Missouri Pacific. which advanced Ia. and
Western Union, which. sold off q per cent.
The bulls on Sugar soon made "A diversion
I'm that stock. resulting in an advance of
i per cent and checked the general reac-
tionary tendency. Burlington and Manlat-
tan rose rs each and the other shares
gained sharp fractions The rise was slim
ulated by the news of a $3.50. 900 gold en-
gagement abroad by a prominent bank
ing house. Recessions followed on reali-
The bear traders were encouraged by the
speculative apathy in the later dealings.
and made an effective drive all along the
line Their operations were facilitated by
an advance on exchange TO the basis of
$i.s5z for demand. sixty-day bills ruling at
in the final hour. Sugar lost 2hs. and Bur-
lington. which sold ex. dividend and had re-
covered the amount of the disbursement.
reacted Us per cent. The losses in the other
shares ranged from 1n11a per cent. partic-
ularly in the grangers and Tobaccos- The
institution of a suit by a competitor. The
closing was at the lowest at substantial net
losses throughout.
Railroad bonds were irregular. with the
fluctuations extremely wide in many issues.
The tendency of prices toward the close
was downward. The sales were $53s. 900.
Louisville & Nashville fives led the decline
with a net loss of az per cent. and Louis
Vile & New Albany consols led the adj
vances with a gain of 4 per cent.
Silver certificates were steady on dealings
of $15,000.
Room Is. Board of Trade. shows the range of
quotations.: