The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-11
RAISED THE DISCOUNT
BANK OF ENGLAND TRYING TIC
CHECK THE EFFLUx OF GOLD.
Coming to America-ETect on
New York stock Market

At New York. yesterday money on call
was steady at 5G6 per cent: the last loan
being made at 5. closing offered at per
cent.
Prime mercantile paper normally 709 per
cent.
Sterling exchange steady. with actual
business in bankers bills at 81 S3a4 G4.S4 for
demand and $4s2A@4.8 2ik for sixty days;
posted rates, 81. s21a44.84 and s.. S41aGl4 S51a ;
commercial bills, $4s1 Bar silver &C; sill
yer certificates 6e1sd67. At London bar sill
yer closed at 3O1ad per ounce.
The total sales of stocks at New York
yesterday were 1854 shares, including:
American Tobacco S,10o; American Sugar,
1890; Burlington, II, 600; Chicago Cas- $500;
General Electric $780, Louisville, Il 800:
Manhattan. S,400; Reading, 800; Rock ISL
and, 1000; st. Paul, $500; Tennessee Coal
and Iron, 5000; Western Union, $500;
Wheeling & Lake Erie, 1900.
The stock market was reactionary on q
decreased volume of business. The pro-
fessional character of the operations, to
which attention has repeatedly been called
was as clearly evident as heretofore, and
the development of the day worked to the
advantage of the bears. At the outset
chill was experienced on the announcement
that the Bank of England had advanced
its minimum rate of discount u per
cent. to 212 per cent. This news operated
adversely on two counts, the action caus-
ing depression in British home securities as
well as in the American department, and
1t also encouraged theories of a check to
the imports of gold to this country which
have served as an urgently needed safety
strangely enough, appears to have been
more OF surprise In London than it was
IN wall street, but the best information
ha aa.tlf Of the FOL l.
country, being entirely natural cannot be
11rmnpeded except by extraordinary action.
drawal Of about $2.2S0000 in gold from the
Bank of England yesterday for shipment
to New York. The bank followed up its
advance in the discount rate by increasing
the selling price OF eagles u penny, to
.ss Ted per ounce Additional arrivals of
announced, bringing the grand total of en-
g;agements to about, $25,6200 900. OF the
s2,0Oo,ooo was deposited at the subtreasury
In exchange for greenbacks. The sub
treasury officials estimate that the de-
In the treasury reserve, will bring the net
gold holdings up to about 100000. The
~ weak and closed on the basis of $4s1s4
LOT actual sixty day bills but this con-
dltlon was Offset by sitter tone in money
rates, though without appreciable change
in rates and by an unfavorable government
cotton report: In addition uneasiness was
created by the failure of another New
= Orleans bank, resulting in a recourse by
the other institutions of that city to the
protection afforded by the clearing house
rules The expectation of an increase in
the dividend on ST. Paul common stock
at the meeting of the directors had not
been general, but TIE announcement of the
regular disbursement nevertheless APP
peared to unfavorably affect the temper
of the traders. The situation was rounded
out from the bear standpoint by reports of
further cutting in transportation rates.
The market opened weak, with Reading
scoring an exceptional decline of rs per
cent. After a brief interval prices steadied.
but renewed bear pressure forced general
declines ranging from Il to 2la per cent. in
the active list the last in Tobacco, and
Chicago Gas lost an early gain of point.
ST Paul touched and closed at $3.50
compared with 709s, the final sale of the
previous day Steadiness again ruled to-
ward noon, but the rallies were unim-
portant. The reactonary movement was
practically unrelieved up to the close, which
was weak at declines of 142 per cent. in
the active list.
Bonds were dull and weak with the prin-
cipal loss in the speculative issues and
ranging 1201& per cent. The sales were
Se07, 900. Governments were fractionally
lower on sales of $4,000
The following table. prepared by l.. W. Louis.
Room -, Board of Trade. shows the of
rlln ia inns