The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-23
GAS TRUST IN THE LEAD
DEMAND FOR INDUsTRIALs SET THE
PACE IN STOCKS ON CHANGE.
Bears Had the Best of an AIl-Day
Scrfmmnge Yesterday-Detter Con-
dftions Improve Local Trade.

At New York yesterday money on call
was easy at 1@2 per cent; last loan, per
cent. closed offered at 1 per cent.
Prime mercantile paper 4d41z per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.s47sQ4.S5 for
demand and at s4s214 @4S214 for sixty days;
posted rates, $fS212Q4.SS5z and $4.S513; COM
mercial bills, $4.Sl.
Silver certificates, 571A059c; bar silver,
5814c Mexican dollars 45c. At London bar
silver closed steady at 27lsd an ounce.
Total sales of stocks were 267450 shares.
including: Atchison preferred, 5,115; Chesa-
peake & Ohio, 4660; c., B. & O.. 1865;
louisville & Nashville, $3.50; Manhattan l.,
7.7lS. Missouri Pacific, 1885; New York
Central, 1921; Northern Pacific preferred,
1922; Rock Island, 1906 St. Paul, %. $50; St.
Paul & Omaha, $40; Union Pacific trust
receipts second assessment paid, 1856;
American Tobacco, $3.50; Bay State Gas,
1865; Chicago Gas 4,401 Sugar, 1854;
Tennessee Coal and Iron, 4,1l0; Chicago
Great Western, $500
Yesterdays New York stock market
a contest between professional traders and
the result shows a drawn battle between
the bulls and bears, net changes being ex-
tremely narrow in almost all cases, but
those on the side of gains being very few.
The bulk of the days trading was done at
a level of prices very materially below that
OF Thursday. Opening was at sharp declines
in sympathy with London, at which point
speculation was very dull owing to the
hardening tendency of the money market
and fears of impending stringency there
The old apprehension of Spanish complica-
tions was also used with good effect by the
bear traders. The declines of the morning
reached a point or over in a large number
of stocks, including the leading industrials
the grangers, Union Pacific and Southwest
erns. Union Pacific was affected by the re-
ports of the formation of an opposition syn
dicate to bid for the property at the fore
closure sale The turn in the market came
with a sharp recovery in Chicago Gas on
a definite report from Chicago that the con-
troll of the threatened opposition had passed
to friends of the company. This stock was
quite strong during the remainder OF the
day. selling at one time "a points above
the lowest. Sugar was also quoted strong,
rising above Thursday nights close on the
estimated benefits to accrue from counter
valing duties refined sugars from foreign
countries which pay bounty. Union Pa
cific also relieved from the early pres
sure by statements from interests alleged
to be Identified with the opposition syndI-
cate denying their connection with II. me
recoveries at one time during the afternoon
We're complete in almost all cases but
prices fell slightly below the best and be-
low Thursday nights close in the final
transactions. Dealings in Bay State Gas
were on a notably large scale, very heavy
blocks changing hands. The fiuctuation of
the price limited to Is. There We're
times during the day when the market was
almost stagnant and there were no evil
dences of any outside interest in business.
The money market tended towards an
easier tone, no call loans being recorded
above per cent, though the asking rate
is still retained at 21R per cent by some
banks. To-days bank statement is expected
to show marked increase in the surplus
reserve over S. 000, 0O00 of gold which was
included in last weeks statement The
weeks subtreasury operations and the in
terror movement have also resulted in
continued to bid in the New York market
for commercial paper, which may have led
to a further decrease in the loans of the
banks. AS a result of these operations the
statement is expected to show handsome
increase in cash.
Business in bonds was quiet and prices
moved in sympathy with stocks but over
narrow range iron Mountain fives and Ore
gon Improvement issues were notably weak.
Total sales were 81, 100000 United States
new tours registered were advanced Is bid;
United States fours, coupon, Is, and
fves, coupon, Is.
The following table. prepared by L. W.
Louis Room II, Board of Trade, shows the
range of quotations: