The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-04
WALL-STREET PARADOX
SPECTATORS FEAR DEMOCRATIC
VICTORY MAY HURT THEM.
Stock Market Dull and Prices Take a
Downward Tendency-LOcaI Bus
mess Shows Improvement.

At New York yesterday money on call
was easy at 114Q2 per cent; last loan, 2;
closed offered at per cent.
Prime mercantile paper, 3a4@i12 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4S51s for de-
mand and at $4S215Q4.S2a for sixty days
posted rates, $4.85@4S51s and S4.S6@L ssh ;
commercial bills, $4.S1A.
Silver certificates, 57Q5Shc; bar silver,
56Ac; Mexican dollars 1870. AT London
bar silver closed weak at 2611d an ounce
Total saleO of stocks were 1924, S19 shares.
including: Atchison preferred, $50; Chesa-
peake & Ohio, 3,7S1; Chicago, Burlington &
Quincy, 1000; Louisville & Nashville, $500;
Missouri Pacific 1O,6S5 New Jersey Central,
1850; New York Central, $780, Northern Pa
cific preferred, 1905; Reading, 5000; Rock
Island, 1926; St. Paul. 80, $50; Southern
Railway preferred, 1874; Union Pacific (sec-
ond assessment paid, 1850; Chicago Gas,
1926; Consolidated Gas. 6,405; Sugar, $3.50;
Western Union, $3.50; Chicago Great West
ern, $500.
Heavy prices and dull market were the
conditions on the New York Stock Ex-
change during the greater parE of yester-
day but in the later dealings a more active
liquidation set in and the trading became
more animated than at any time previous
~ prices falling to the lowest of the day
ana remaining there practically till the
close The low point represented net de-
cllnes running all the way from a point to
BIS, the latter in Sugar. A great many
prominent stocks lost over two points on
the day, several of the grangers and the
coalers being conspicuous in the list The
prices Tor American securities quoted in the
LONDON market at the time of the opening
mere showed some sharp declines and the
ter reports showed that the results o. the
elections had aroused considerable unfavor-
sentiment Hr.11
ABROAD. The New York market took its cue
from London, and the opening showed de-
ported from abroad There was some buy
ing IN this market at the lower level for
London account, but this probably rep
resented arbitrage operators to cover sales
made in London earlier in the day. 1t had
the effect, however, of Steadying prices A
sensational jump of 13 points in Consoli-
dated Gas and gains of "a in Manhattan
ana OF the same amount in Metropolitan
street Railway also served to check any de-
Ginning tendency. These gains were accom-
panied by rumors that the properties af-
Iected We're assured of immunity from
hurtful measures as a result of the local
election in New York. That the gains were
manlpulative We're shown by the fact that
they We're wiped out during the day in the
case or the two last named, and Consol-
0a.ea Gas reached ga points Sugar was
cenler or weakness all day, and it deve-
oped that this was due to a prevalent rumor
OF the illness of an officer of the company.
Whlch was used with good effect by the
bears. The stock fell SUCCESSFULLY 5K
points, closing at the lowest. The coalers
We're all very notably weak in the latter
part OF the day, and their net losses range
all the way from two to nearly four points,
the latter in New Jersey Central North
west, Omaha, ST. Paul and Burlington also
lose over two points on the day The spe-
clal weakness in the coalers was caused bv
statements of the continued unfayorable
condition of the coal trade. The trading
was largely confined to the professional
element, which is bearish for the time he
ing, urging that the elections indicate
growth of sentiment in favor of restrictions
on capital and corporations. The later de-
cine in the market dislodged some stop-loss
orders, but the fact that the total sales for
the day We're only about $4,000 shares
shows that the liquidation was not heavy
Business in railway bonds was not on a
large scale. but prices were weak in SYM
gathy with stocks. Kansas Pacific consols
1eu ia. Total sales were 81, 200 000 United
States tours OF 1907 and tours OF 1925 were
each advanced Il bid.
The following table. prepared by L. w.
Louis, Room IL, Board CT Trade shows the
range OF quotations.