The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-15

by an undated volume Of trading on the
Stock Exchange, where the total sales of
all stocks on two separate days exceeded
that of any previous day Of the present
movement The record for a days trading
in bonds was also placed at new high
point Sales OF stocks for the week reached
a total OF 3.520.412 shares and the par value
of the bonds dealt in was S20. $4,000. The
course OF prices was not so steadily upward
as last week two sharp reactions occur
ring, one beginning Monday afternoon and
continuing through part OF Tuesday. and
the second showing it's effects late on
Thursday and continuing through the early
part of Saturdays trading. The second re-
action developed after the outbreak on
Thursday OF speculative movement in a
lot of obscure and low-priced stocks, some
of them VIGOROUSLY without any equity
whatever in any property. The grade Of
intelligence which was being applied to
speculation was indicated by a wider diff
fused argument for selling on Friday, be-
the 18th OF the month. An incident OF Fri
day was the return Of a large amount of
borrowed stock on which sufficient interest
was being paid to afford a margin to the
holders. This shook out quite a large
amount Of weakly margined stock and aided
the decline. Another interesting develop
ment of the week was the fact that FOR
e1gn investors are really buying largely OF
American securities at the same time as
The selling has been in the New York mar
ket, as has been obvious from the opera
lions OF arbitraGe brokers. There is also re-
ported to have been some buying in New
York for foreign account by houses that
are not regular arbtrage brokers. But it
has been evident also that there was an
increasing demand for American securities
In the London market. Owing To the deter
minedly pessimistic attitude adopted by
English financial newspapers towards
American securities, the London price has
been almost constantly below the New York
9arlty which has added to the tendency TO
foreign buying in London at the same time
that there was foreign selling in New York
ENGLAND'S MONEY POLICY.
The course of the various international
money exchanges shows increasing reasons
why English financial authorities have
sought to discourage the buying of Ameri-
can securities. Foreign bankers are now
substantially agreed that the balance of
credits to be settled by gold imports TO this
country will be very large. The large Of
ferings of grain and cotton bills in the New
York exchange market have caused con-
slant fall in both sterling and continental
exchange, more particularly the latter. The
fall in sterling exchange has, in TACT, re-
ceived a temporary check by measures
adopted in the London money market TO
divert our demand for gold from that mar
ket to other centers, just as the special
demand on London for gold from Russia,
Austria and Japan mas Deen IN part III
Verted to this country during the last lew
months The open market discount rate in
London had raised during the week from
generally believed that the Bank OF Eng
land will advance it's minimum discount
rate to above per cent. next week. COlI-
cident with the rise in the London discount
rate there has been a sharp rise in the
rate of Paris exchange of the London and
Berlin exchange on London. Meantime the
New York rate of exchange on Berlin, and
especially on Paris, Is steadily raining. Inc
inference is that British capitalists are
calling home capital placed in France and
Germany. Foreign bankers IN New YORK
believe that the consequence Will be that
the first gold imports will come from m
France and that they are likely to come In
a short time They also believe that Lon
don will have to ship gold to New York
later. the amount, of course, depending on
the buying of American securities by the
English public.
In consequence of the reactions in the
prices of stocks not wide, the gains
extending to points in comparatively few
of the leading stocks. Burlington, however
rose points and Chicago Great Western
"a net Other noteworthy gains of points
or over were: Sugar, Atchison preferred
>53s; Buffalo, Rochester e. Pittsburg pre-
ferred b. & O.. Az; c., c., G. 81
St. l.. preferred TO- Hooking Valley, Lack
awanna, Denver q Rio Grande preferred
Evansville & Terre Haute, 8; Evansville d
Terre Haute preferred g. Great Northern
preferred, S1a; Metropolitan Traction, A.
Missouri Pacific, Mobile q Ohio, 5A; New
York. chicago & St. Louis, first preferred
S1b: New York, Chicago & st. Louis second
preferred, 3l2; Northern PACIFIC preferred
H.. Fort Wayne. g. Rubber preferred, S4s ;
Union Pacific, Az, Wheeling a. Lake Erie
preferred, 52s: Ann Arbor preferred 1, and
2 Important declines were shown in To-
bacco. Brooklyn Transit, Brooklyn Union
Gas, Canada Southern, Canadian PACING,
Illinois Steel, Laciede Gas Manhattan, New
York Central, p, c., c. IL ST. l.. preferred
and Spirits.
Transactions in bonds during the week
adequately reflected the views of investors
regarding the financial and commercial out
look Values of many securities appreciated
notably, and the dealings were attended
with more animation and breadth of trad
ing than has been evident for years. Long
dormant issues doomed into prominence
and leins of leading reorganized roads were
i'm especial favor. Purchases for continent
tai account embraced round amounts of
the gilt-edged and speculative mortgages.
The active issues absorbed the great bulk
of operations, and general gains were reg
istered with the Atchison, the Kansas "
Texas the Erie the Mobile q Ohio the
San Antonio e. Aranzas Pass the Rio
Grande Western, the Chesapeake & Ohio,
and the Standard Rope mortgages, figuring
for 1d2 per cent. The enhancements else
where were more noteworthy in some
cases, including Union Pacific sinking fund
Fights, trust receipts. ga per cent; trust
collateral fives, 5si; Kansas & Pacific con-
soils trust receipts 5i5. and Oregon Short
line incomes Series "a" per cent. Aggre-
gate sales were 500, S45, 600
The following table, prepared by L.. W.
Louis, Room H. Board Of Trade, shows the
range of quotations: