The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-16
WALL-STREET BUSINESS
IRREGULAR Toe MARKET DE-
PRESSED BY PROFESSIONALS.
Railroad Bonds Lower and Silver Ger
tifcates Slightly Eigher-LOcal
Markets Holding Firm.

At New York, yesterday, money on call
was firm at 4M7 per cent; last loan s.;
closed at 4G5 per cent.
Prime mercantile paper nominally s49.
Sterling exchange was steady, with actual
business in bankers bills at s4S3A444 for
demand and sa.sG24Gp4.s1 for sixty days;
posted rates, $48112043 and S4.S41244.s3;
commercial bills, $4.791a.
Bar silver, 645sc; silver certificates, $50
65Ac. Bar silver at London closed at 297sd
per ounce.
Total sales of stocks were 1850 shares,
including the following: American Tobac-
co, 19, 200; American Sugar, 1920; Burling-
ton & quincy, 1880; Louisville & Nashville,
5000: Manhattan, 1O.700; Reading, $4,000; ST.
Paul. q, 200; Union Pacific. BOO; silver GER
tificates, II ,000.
The New York stock market was irreg-
ular yesterday, with a sagging tendency on
a diminished volume of business. The pro-
fessional traders maintained their control
of the speculation, but some commission
house purchases for cash were also re-
ported. The industrials bore the brunt Of
persistent bear drives and the general list
WAS sympatheticaliy depressed. The mar
ket as a whole was unfavorably affected
by the stiffness in the money markets and
by an unexpected heavy withdrawal of
gold from the SubtreaSury under some what
peculiar circumstances. The details Of the
transaction will be found in another
column. The stock market made an carry
display of strength on the failure OF the
governors of the Bank OF England to aG-
vance the minimum rate of discount of the
Institution as mad been expected. An adj
vance to 81 per cent. had been considered
In the light OF a foregone conclusion, owing
to the rise in the London street or open
discount rate to ! per cent, which is the
current bank figure. This conservative at
titude of the British governmental financial
further large shipments OF gold to this
country. The good effect was soon dissi-
pated and d succession of bear attacks
broke prices despite favorable trade reports
affecting some OF the stocks involved. The
greatest bear aggression occurred in the
afternoon session and caused the wlping
opened firm. despite lower London prices,
under the leadership of Tobacco, in which
stock effective manipulation was again APP
parent on revived runlors of an impending
10 the company by powerful financial in
~terests. a rise of 3B per cent, to IS, oc-
CURED on an irregular movement. Suisse
quently a reaction took pace to 744. The
dropped AZ per cent, to So. on rumors of
an actual or impending receiyership, which
ELECTED emphatic denials by inside inter !
ests. The stock rallied to 101s. The pressure
against the list caused declines of 2 per
cent. in Sugar and Leather preferred, and
losses OF a point from the high level were
shares sold off 10,11a, with ST. Paul, Bur
iington and Manhattan leading. The close
was weak at fractional net losses.
Railroad bonds were dull and fractionally
lower In most instances. The sales were
$Sl4,00o. Government bonds were firm on
transactions of $4,000. Silver certificates
were slightly higher on purchases of $40. $50. |
Room lS. Board Of Trade. shows the range OF
quotations: