The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-14
BUYING FROM LONDON
WAS PRINCIPAL SUPPORT TO THE
STOCK MARKET YESTERDAY.
Bears Made Several Raids, and Were
Generally Successful - Several
Changes i'm Local Markets.

At New York yesterday money call
was firmer, at 111q2 per cent; last loan,
per cent; closed at 11zQ2 per cent.
Prime mercantile paper, 324041A per cent.
Sterling exchange was weak, with actual
business i'll bankers bills at S4.S5l4@4S53s for
demand and S4.SS4Q4S3ss for sixty days,
posted rates, $4S4@4.s5 and $4.S612Q4S7; COM
mercial bills, $4S2.
Silver certificates, 541k@551hc; bar silver,
5612c Mexican dollars, 4S19c. At London
bar silver closed steady, at 261sd per ounce.
Total sales of stocks were 5S7,S17 shares,
including: Atchison, 3435; Atchison pre-
ferred. 1896; Canadian Southern, 1880;
Chesapeake & Ohio, 14,25O; Chicago. Buring-
ton & Quincy, $500; Cleveland Cincinnati,
Chicago & st. Louis, 1900; Louisville &
Nashville, 1920; Manhattan, 1895; Mem
phis, Kansas & Texas, $500; Memphis,
Kansas & Texas preferred, $4,000; New Jer-
sey Central, 5000; New York Central, S,I75;
Northern Pacific $40; Northern Pacific
preferred, q 900; Northwestern, 5735; Read
ing, IS 100; Rock Island, $3.50; ST. Paul, &c.
ECO; st. Paul & Omaha, 1920; Southern
Railway, 5000; Southern Railway preferred
IA 700; Texas g. Pacific, 300; Union Pacific,
22,250; Wabash preferred, $500; Western q
Lake Erie, 5000; American Tobacco, 1860;
Bay State Cas- 1890; Chicago Gas, 1925;
Sugar 11,2OO; Tennessee Coal and Iron,
7,4OO; Leather preferred, S.125; Western
Union, 1880; Chicago Great Western, TO-
$50.
The most interesting factor connected
with the New York stock market yesterday
was the principal support accorded it
through buying orders cabled from London.
The buying by commission houses was
good, but aside from that the local operators
sold heavily, not only here. but in London.
The check in the decline here was credited
to London buying, and the London favorites
alspldyed the greatest SteadineSS until too
late for London dealings. Altogether Lon-
don bought $4,000 shares The stocks most
largely bought by London were St. Paul,
Kansas a. Texas preferred Union Pacific
and Southern preferred. If it had not been
for the upward tendency Of prices at the
opening in sympathy with the London quo
tations 1t is probable that the net declines
would be much greater than they are. The
extreme decline in Burlington was points,
Island and Northern Pacific preferred 15s;
Manhattan, rs; Mobile & Ohio, 212, and IN
a large number of shares over point. The
rise in the opening and partial recovery
at the close makes the net losses less than
this, but the average in the active stock
is little less than point The good intu-
ence of the extra dividend last week on ST
Paul was the cause of the London buying.
The New York selling was attributed to
the Cuban question would again assume the
acute phase at the Cabinet meeting to-day.
IL was somewhat notable, however, that
Louisville, which has shown the most SEN
sitiVeneSS to yellow fever reports, closed
with a small gain. That some enormous
speculative holdings were in course of liqui-
dalton was obvious, and there is little
ground to doubt that the owners were i'm
PEELED to take profits by a conviction that
prices have fully attained level commen>
surate with developments affecting the
value and the earning power of the proper
ties. The decline was encouraged as much
as possible by the bears and the effect or
fierce raids was evident in a number or
prominent stocks The bulls made an effort
TO check the decline by pushing Omaha
Kansas & Texas preferred and Northwest
but were only partially successful. Omaha
was lifted 2i4, Kansas q Texas preferred
the same amount and Northwest IA. All
three reacted sharply, but were left with
was evident in the coalers and the group
closed fractionally higher. Tennessee coal
and Minnesota iron We're markedly heavy.
Illinois steel and Colorado coal made sharp
gains. The industrial stocks generally
shared in the weakness of the market leao-
Ing the decline with loss of 2 points. Fea~
lures of the day were fall of Ic in the
actual rate of sterling exchange and a HARD
ening of the rate for call loans to 2 per
cent, with exceptions, at 212 per cent. Sill
yer scored a further sharp recovery of 1l3
cents in New York and Is penny in Ions
don.
Speculative mortgages scored sharp de-
clines but high-priced bonds held firm. To-
tai sales were $3.60O000. United States new
tours declined Is in the bid price.
The following table. prepared by L. w.
Louis Room H. Board of Trade shows the
range of quotations: