The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-01
STOCKS AGAIN RAIDED
NOTHING TO INDICATE THE REAC-
TION is LOSING STRENGTH.
Heavy Increased Earnings of Rail-
roads Having Some Effect-LOcaI
Markets Active and Firm.

At New York, yesterday, money on call
was steady at 2l5u3 per cent; last loan
per cent; closed offered at per cent
Prime mercantile paper, 414a5 per cent
Sterling exchange was weak, with actual
business in bankers bills at S4.S4$4 for de-
mand and at S4.S21z@4.S2A for sixty days,
posted rates. $iS3Q4.S4 and $4S51z@4:S6; COM
mercial bills $4.S1Q4s11s.
Silver certificates 5424G56c Bar silver,
sac. Mexican dollars 42Ac At London
bar silver was steady at 2512d per ounce.
Total sales of stocks were S9S, 200 shares,
including: Atchison, 1921; Chicago Bur
Iington & Quincy. A.614; Hooking Valley,
10.001; Louisville & Nashville, $500; Manhat-
tan L, 1885, Missouri Pacific, 6, 730; Missouri,
Kansas & Texas preferred. 1855; New York
Central, $780, Northern Pacific 4,746; North
ern Pacific preferred, 1880; Reading. 6,21O;
Rock Island, 1855; st. Paul, 25 27O; Southern
Railway, 4.S45; Union Pacific, 14,69S; Ameri-
can Tobacco, ABS; Chicago Cas- $500; Con-
solidated Gas. 1895; General Electric, $500;
Sugar, %, lis; Tennessee Coal and Iron, 4,055;
Chicago Great Western, 5000.
There was no sign of anything in yester-
days New York stock market to give en-
couragement to the hope of those who pro-
fess to believe that the market has run it's
course so far as reaction is concerned and
is ready to resume its upward course. The
character of the dealings did not differ in
any respect from those of Wednesday.
Prices were raided down with great facility,
and the declines invited large offerings The
slight rallies which occurred a few times,
on the contrary, led to an almost total ces-
sation OF activity, and the upward course
of prices was hating and difficult. The net
decline achieved is very much greater than
that of Wednesday only because the bears
reserved their greatest efforts for the last
half hour OF trading, leaving no opportunity
for recovery before the close. This was APP
parently owing to an excess of confidence
on the part OF the bears, who were content
to leave their short contracts uncovered
over night instead of realizing Immediately.
The market continued almost wholly pro-
fessional ard the dealings seemed to be
confined to the room traders, except where
the sharp declines uncovered orders placed
to stop losses. These were in large volume
and aided materially in the decline. A
feature OF the day was the reversal of the
position of operators for the London ac
count, who were sellers. London prices also
came lower, and this was said to be due to
resumption of the selling there for New
York account, which was so perSistently adj
hered to up to a short time ago. Some of
the selling in London was attributed to
Paris orders, owing to a monthly settlement
in progress at that center. The statement
of earnings of Burlington for August had
Oecn eApecISQ TO CHECK tue Qcclluc III prices.
But, favorable as it was, it had not only
been fairly discounted, but exaggerated re-
ports of the extent of the Improvement had
been put in circulation for effect on specula-
ton. The actual result, showing an increase
in net earnings for the month of $344,H6. is
ample indication of the enormously in
railroads.. Other August increases in net
earnings reported during the day We're:
i Egis OO7 St Joseph Gra no is aa .s
Weekly earnings to hand for the third week
of tile current month were equally encour-
aging. the Improvement extending even TO
some of the soft coal roads which have long
suffered from the depressing conditions in
that trade. The resignation of the Spanish
Ministry and the prospects of Liberal
government in Spain were accepted as tend
ing to ameliorate the relation between that
country and the United States, and the news
that conciliatory proposals from the cuban
insurgents had been received at Madrid also
tended to deprive the bears of their pet
weapon, the Cuban question. A decline In
sterling exchange of 12c in posted rates and
nc in actual rates brought the price APP
probably nearer to the gold import point
and was favoring factor to increase IN
prices as were slightly easier tone in the
money market and a somewhat reduced
volume of clearing house exchange. The
bears forced a decline in spite OF all these
on special stocks. Practically the active list
shows net loss of over a point ana IN very
many cases of more than points. Gas
stocks were the feature of the days trad
ing the net decline in Consolidated being
1874 in Brooklyn Union 2l2 In Chicago Gas
25s in Detroit Gas 3 and in other gas stocks
a fraction. Manhattan was under heavy
pressure and lost pa net.
Values of various railroad mortgages held
firm against the decline in stocks on re-
duced dealings. Total sales reached only
81, 225, 900.
Government bonds were strong. The new
and old tours and fves were advanced e and
Il bid all around. There were sales of the
new tours, coupon at l2512 to 125A;
The following table. prepared by l.. w.
Louis, Room H. Board of Trade. shows the