The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-02
A WEAK STOCK MARKET
TRANSACTIONS FEW AND CONFINED
TO A PART OF THE LIST.
Heavy Selling at the Close to Affect
London Market To-Day-LocaI
Trade Qufet and Steady.

At New York yesterday money on call
was steady at 4Aa9 per cent; last loan,
~: closed. 1905 per cent.
Prime mercantile paper, 6120715.
Sterling exchange was firm, with actual
business in bankers bills at $f.S594.85A for
demand and $4.S2%@4.S3 for sixty days;
post rates. $4.S3G4.S31a and $4.85Q4.S5; COM
mercial bills. $4.81.
Silver certificates, 65%G 66A. Bar silver,
65Ac. At London bar silver closed at 80 5-16d
per ounce.
Total sales of stocks were 172, 712 shares,
including the following: Sugar, 25,100; To-
bacco, 100; Atchison preferred, 1900; Bur-
lington, Is, 100; Chicago Gas, 1890; Louisville
q Nashville, II 800; Manhattan, $500; Read
ing. 1880; Rock Island, AGO; st. Paul.
q, 700; Southern railway preferred, 3,400;
Leather preferred, $500; Wheeling & Lake
Erie, 1000.
Dealings in stocks yesterday were on a
considerable lighter scale than on Wednes-
day, and the distribution of business was
not quite SO good. The market, however,
displayed al absorbent power that had not
been expected, and proved superior to fur
Their heavy realizations and bear attacks.
Commission houses reported increased bust
ness, and especially in the low-priced
shares, and declared that the market dis
played greater resistance than heretofore
to bear attacks. despite the clamor for a
reaction.
In the last hour a large operator sold the
active railway stocks all around, pre-
sumably to depress prices for effect on the
London market to-day. The course of
prices was irregular, but the variations,
aside from a few of the specialties, lacked
Importance. Trading at the outset was
marked by weakness on rea liza tiOpS and
bear offerings. The declines were insignifi-
cant, and the bears discovering the stub
born attitude Of holders of securities COW
cred their lines. The traders who have not
been lighting the rise bid the market up
on the shorts. Manhattan and Reading
were in brisk request at improved figures.
The aggressive strength displayed by these
properties contributed to frmness in the
genera market, despite liberal foreign sell
ing and increased firmness in the foreign
exchange market. Actual and posted rates
were further advanced, the last mentioned
touching $4.S3R and $4.S6 for long and short
bills. Current quotations preclude imports
of gold at a profit on ordinary exchange
rondiffons. The strength of this market is
attributed to an increased der and for re-
mittances. and to a decreased movement
of commercial bills. owing to the sharp adj
vances in the price of our bread.tuffs and
other food products. Even at the advance,
however, a European demand is reported.
On the other hand the imports of gold
temporary check to the movement is re-
garded with equanimity, while the treasury
GOlO FESTIVE mas DeeH SWelleQ TO a sum
that removes all immediate concern. Pa
cihc Mail was marked up rs per cent. to %.
but the gains in other shares were less
noteworthy An advance of ~ per cent. in
Chicago Gas followed the news of the set
back encountered by the local opponents
of the companies. under the decision of
Judge Gibbons. Louisville & Nashville was
well held despite the falling off of $11S, 900
IN the net returns for August and the per-
sistent foreign sales. 1t is believed that
succeeding exhibits will reflect improve
ment in the rate situation and industrial
condition of the South. Interests that have
recently been influential in advancing
Reading securities were again prominent,
and moved the stock IL per cent. to 20A.
nouncement of the default in the October
interest on Louisville & New Albany con-
sol hves was not a surprise. and failed to
influence the securities. Manhattan dis
played some irregularity. succeeding the
rise of Ia to S9A, and the price eventually
receded to the closing figure of the previous
day. In the last hour a general reaction
and Minneapolis Steel / per cent. on the i'm
proved trade outlook. The market left off
quiet but firm at unimportant changes.
BONDS continued to work higher. although
the market was somewhat more contracted
than recently. The dealings centered in a
few of the speculative issues which scored
fractional gains in most cases. Among the
less prominent bonds Ohio Southern firsts
rose 21a. while Kanawha and Michigan
firsts lost ? per cent. The sales were
81. Alb, 900.
Dealings i'm government bends were con-
lined TO the old fourS. but the tone was
generally firm. Sales. 1922. 500.
The following table, prepared by /. w. Louis.
Room -, Board of Trade. shows the range of
quotations: