The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-29
SHARP LOSSES SCORED
DECLINING TENDENCY TO SPECULA-
TIoN ON NEW YORK CHANGE.
Easier Money Market One of the Main
Items in General Trade-Local
Markets Quiet and Firm.

At New York yesterday money call
was easier. at 3d4 per cent; last loan, 4;
closed. 31ad4 per cent.
Prime mercantile paper, 7dS per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4S40$4 S41 for
demand and $4.s11aG4.s1a4 for sixty days;
posted rates, S4.S21a@4S3 and $4.S56l4 S512 !;
commercial bills. s4SOh.
Bar silver, 659sc; silver certificates, $50
66Ac. At London bar silver closed at
30 5-16d per ounce.
Total sales of stocks We're 1S1,455 shares
Including the following: American Tobacco
1900; Atchison, Topeka & Santa Fe, 1900;
American Sugar, $4,000: Burlington g. Quin-
cy, 22.090; Louisville Il Nashville. $500: Mis-
souri, Pacific, 1900; Manhattan, 9,40O Rock
Island, 1900; st. Paul. SO, 100; Tennessee Coal
and Iron, $500; Wheeling & Lake Erie
5.4oo Southern railroad, preferred, $500.
All the professionals were in favor of a
reaction at the outset yesterday morning
on the New York exchange, and the bears
were also fairly aggressive. Realizatons
were the order of the day on the part of
the weak holders. Business was on a de-
Ginning ratio and the distribution was poor,
st. Paul, Sugar and Burlington practically
constituting the market although the fiuc-
tuations in other shares were wide. 1t was
Nulud COHcSuGu THAT a large speculative
corporation was being ''gunned for The
market was fairly animated early in the
DAY, but subsequently became sluggish. An
easier money market contrasted with ii
firmer tendency in foreign exchange and
predictions that the gold-import movement
had ceased, were met by London estimates
of probable large shipments of the metal to
this country this week. The chief influence
on prices. however, was exerted by unfa-
vorable traffic returns The opening was
strong on higher London quotations and
moderate purchases for foreign account and
reported additional gold arrivals. A raid
on Sugar stock based on an important
duction in the fine grade of the product
and realizing in Manhattan, We're the mi
tial features of the dealings and the list
was soon Systematically affected. The de-
clines were especially severe in the
grancers on the heavy decrease in ST. Paul
for August and estimate for poor show
Ing by the Burlington. First-m entioned
road lost $175.Sn in net. The stock fell to
The other extreme decreases extended to
ia per cent in Sugar and Manhattan. In
the usually inactive stocks Wheeling 6,
Lake Erie preferred was conspicuous for
and the final transaction recorded Il gain
of per cent Illinois Steel was influenced
by resalizations and broke IL per cent. The
market lapSed into dulnesS in the afternoon
session. and but few changes of conse-
quence occurred in values. The tendency
was downward, however, until the last half
hour, when covering stimulated fractional
rally. The closing was steady at general
sharp losses.
Railroad bonds were fairly active but
ruled slightly lower in sympathy with the
depression in stocks. The sales were ST.
225 900.
Government bonds continued strong or,
$1,000.
fhe following table. prepared by l.. w. Louis,
Room 1S. Board of Trade, shows the range OF
quotations.