The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-23
GOOD BUYING OF STOCKS
BROUGHT RECOVERY OF MORE THAN
THE LOSS OF TUESDAY.
One Firm Announces Engagement of
Gold for Import This Week-LOcaI
Markets Active.

was dL 1uf per Ctilt., 2dSI AOe'h eNI
per cent; closing offered at per cent.
Prime mercantile paper, 4q41s per cent.
Sterling exchange heavy, with actual bust
ness in bankers bills at $4.S49l for demand
and at $4S21za4S25s for sixty days; posted
rates, S4SS1204S4 and $4S512Q4S612; CONNER
cial bills, $4S11k.
Silver certificates, 5S12Q591ac. Bar silver,
5S1zc. Mexican dollars. 43lzc. At London
bar silver was weak at 267sd per ounce.
Total sales of stocks were 6246OO shares,
including Atchison, $3.50; Atchison pre-
ferred, 1880; Chesapeake & Ohio, 7,90S; Chi
cago, Burlington & Quincy, 5000; Louisville
& Nashville, 1850; Manhattan L. $3.50; Mis-
souri, Pacific, 1880; Missouri, Kansas &
Texas preferred. $3.50; New Jersey Central,
4,930; New York Central, 9,703; Northern
Pacific, 5000; Northern Pacific preferred,
22350; Ontario & Western, 6465; Reading,
$780, Rock Island, $3.50; st. Paul, 54,550;
st. Paul & Omaha, 5912; Southern Railway,
1900; Southern Railway preferred. ALSO;
Union Pacific, $3.50; Union Pacific, Denver
& Gulf 91O0; Wabash preferred, S,259;
Wheeling & Lake Erie, 1925; American To-
bacco, 1920; Bay State Gas, Il, $40; Chicago
Gas, 2O92O; Consolidated Gas, $3.50; Gem
eral Electric, 1850: Laclede Gas, 6,SS5; Lead.
4.392; Pacific Mail, $3.50; Sugar &, $50; Ten
nessee Coal and Iron, 1850; United States
Leather preferred, $500; Western Union,
1920; Chicago Great Western, 1920.
The result of yesterdays transactions on
the New York Stock Exchange resulted in
recovery of the greater part of the losses
sustained in Tuesdays sharp reaction, many
stocks closing last night higher than on
Monday night: During the early part of the
day the market was extremely irregular
and uncertain in tone, number of special
ties continuing to show marked weakness,
even after the railroad list had recovered
from it's reactionary tendency. But by the
second hour of the trading bears had prac-
tically abandoned their efforts to work a
reaction and the whole market was tending
strongly upward. The manifest disposition
of London operators and of commission
house customers q Huy stocks at a decline
nervousness over the hardening of the rates
for money also largely subsidized the
shifting of loans developed more accurately
the true level Of the money market. The
rates for call money continued to run as
high as per cent, but as fast as rates
were marked up to 4 per cent. there was
abundant supply offered at as low as 2 per
cent. This was not regarded as indicating
a stringent condition of the market. The
higher rate was not felt to be justified by
the condition of the market and the failure
of the exchange market TO respond with
any marked weakness to the per cent
asking rate went to confirm the same view.
There was a marked reaction at one time
during the day, due to the sharp profit tax
ing in Rock Island on the announcement of
the declaration of a / per cent. quarterly
dividend. The recent sharp rise of Rock ISL
and was accompanied by some irresponsible
creased to 5 per cent. Some of the sellers
of the stock professed disappointment that
the rate was made only per cent, and
the bears used this as material for a drive
against the market. But the strong re-
coVery in Consolidated Gas and Brooklyn
Union, the former rising IL points and
the latter 6%, tended to steady the market.
The reports of an engagement of gold for
import were vague and not definitely con-
frmed until the close of the market, but
the rumors current served to rally the
whole market strongly and bring prices to
the best of the day at the close, and the net
gains in all of the active stocks ranged
from / to points. Foreign bankers are
generally agreed that there is profit in
the importation of gold at the ruling rates
of exchange here and of gold abroad and
the banking house which has engaged the
gold for import intimates that it has been
able to do so owing to some special adVan-
tage secured, though il was affirmed that
change business. The engagement is not
considered as indicating that a further
movement of gold will Immediately follow
without a further decline in the exchange
market. The most marked net gains during
the day were Consolidated Gas, SIS; Brook
lyn Union Gas 5A; Sugar, IA; Sugar pre-
ferred, pa; Brooklyn Transit, 2ss; New Jer-
sey Central SIS and Northwest, Omaha
and Susquehanna * Western preferred, pa
each
The bond market showed some falling off
in the Standard Rope issue. OF these the
skies lost points and the incomes lla. The
total sales were s.. 10000.
The following table. prepared by L. w.
Louis, Room IL, Board of TRADE, shows the
range of quotations: