The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-20
STOCKS MORE NERVOUS
HEAVY SELLING FOR FOREIGN AC-
COUNT CAUSES WEAKNESS.
Silver Showed a Slight Advance from
Wednesdays Low RecOrd-LOcaI
Markets Firm.

At New York, yesterday, money on call
was easy at 1hG1h per cent; last loan, IA
per cent; closed at ia per cent.
Prime mercantile paper, 324Q415 per cent.
Sterling exchange was firm with actual
business in bankers bills at S4.S52l for de-
mand and $4.S31zG4g3A for sixty days;
posted rates, &S4&@4S6 and $4.8612q4S7;
commercial bills S.S2 Silver certificates
offered at SIC; bar silver, &c. Mexican dol
lars, 1890. At London bar silver closed
steady at "a 11-16d per ounce.
Total sales of stocks were 1927. Isl, includ-
ing: Atchison preferred, 1902; Chesapeake
& Ohio, s.425; Chicago Burlington & Quincy,
ESQ., Louisville & Nashville, $780, Missouri,
Kansas & Texas, $50; Missouri Pacific, &c.
$50; Northern Pacific, 4,80O Northern Pacific
preferred, II, go; Reading, 1162O; Rock ISL
and, IL, 1888; st. Paul, 32,9O5; Southern Rail-
way preferred, 7436; Texas & Pacific, 3,72O;
Union Pacific 1910; Pacific Mail, 4970; silver
certificates, O000;. Sugar. 2S,358; Western
Union, 1885, Chicago Gas, 1925.
The New York stock market yesterday
continued to show itself sensitive to un-
favorable influences to marked degree. At
no time during the day did the course of
prices indicate any aggressive strength. The
liquidation at times was quite heavy,
pecially in the internationals and the grang-
ers The principal factor in the situation
was the heavy selling for foreign account
Of wheat, sales for that account being esti-
mated at between q 0GG, 900 and CO., 900 blu for
the day. So much stress has been laid for
several weeks past on the foreign need for
our grain crop as giving the best assurance
for prosperity to the farming population
and better times for ALL that it was but
natural that depression should be caused by
fhn re To colI h.,aI
to us the wheat they have purchased This
development in the situation gave the great
est aid to the professional bears who have
been working so persisrently for reaction
in the price of stocks. They were also as
sisted by the reactionary tendency in the
London stock market which embraced all
securities, including those of American rail-
ways and which was due 10 the Festivities
which have broken cut on the Indian from
tier London also sold quite heavily in this
market of nearly all the nternation"Js. All
other depressing influence was the reports
which are induStr1ouSly Kept III circulation
Of continued cold weather in the West,
causing damages of q 3essened spring wheat
crop and a delay in the maturity Cf the
corn crop. The course of the exchange
market caused disappointment to those who
have been looking forward to early imports
OF gold as an additional bull factor in the
stock market. Actual rates for both long
and short sterling rose about 14c in spite of
the fact that the open market discount in
London showed an easier tone and thlt the
bank of England refrained from advancing
its minimum rate of discount. The foreign
selling of grain and the continued selling of
American securities for foreign account
helped to stiffen exchange rates. The fail
ure of the Bank Of England TO advance it's
rate of discount is regarded as evidence that
fears are felt of immediate drain of
gold from London. These combined causes
effected quite marked reaction in the price
of stocks generally and this was accelerated
by the discovering of stop orders. But the
selling movement seemed to lose its force in
a short time and the market turned into eX-
treme dullness. Supporting orders were
found to be forthcoming at the low point
and those who had sold out apparently
wanted to buy stocks again and hold for
a rise.
Sugar was quite a prominent feature and
touched new high record at $50, aiding ma
terially in rallying the market. It sold off
again to near the lowest. A buying demand
for the coafers late in the day was also
of material assistance in raising prices
from the low point, as was also sharp
rise in the prices of local gas stocks. The
bears raided the market again just at the
close causing prices to ease off after the
rally. Nevertheless, net losses, though gen
eral, are for the most part small. Good
traffic returns for the second week of Au-
gust from Southern Railway, Chesapeake 81
Ohio, Chicago Great Western and Louisville
stocks and helped to steady the mar ket
Brooklyn Rapid Transit showed strength on
account OF plans for crossing B!ooklyn
bridge. Losses of point occurred in Erie
first preferred, Illinois Central, Lake Erie
& Western, Minneapolis Iron, Rubber and
Lake Shore, and of 21a in Rubber preferred
Consolidated Gas gained 2Ih Brooklyn
Union Cas- Chicago & Eastern Illinois and
Lackawanna, or over and Brooklyn Tran
sit and st. Joe & Grand Island over a point
The bond market yielded on moderate
realizations in the speculative liens The
weakness in the general market was not
pronounced and in the late dealings a better
tone developed. The aggregate sales were
$3.50, 000 Government bonds We're easier at
the outset, but subsequently firned VI and
closed steady.
The following table, prepared by L. w.
Louis, Room II, Board of Trade, shows the
range of quotations: