The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-17
LOWER STOCK PRICES
GENERAL LIST WEAKER, BUT SOME
RECOVERY AT THE CLOSE.
Sales Again Heavy, with Fluctuations
Over "a Narrow Range-LocaI
Markets Strong.

AT new 1Ork, yesterday money on call
was firmer, at 11zQ1% per cent; last loan,
IL; closed at ~ per cent.
Prime mercantile paper, 4Q4la per cent
Sterling exchange was weak with actual
business in bankers bills at $4S47s94S5 for
demand and at $4.s2,2@4s2$4 for sixty days;
posted rates, A.S31za4S415 and $4S51sQ4S 615; ;
commercial bills, $4s2
Silver certificates, 56Q57c; bar silver, 55a4c;
Mexican dollars 43c At London bar silver
closed steady at 257sd per ounce.
Total sales of stock were $4,000 shares,
including the following: Atchison, 1920;
Atchison preferred, 1920; Canada Southern,
$40; Chesapeake & Ohio, %, 120; Chicago,
Burlington & Quincy, 1920; Erie (new>,
$3.50; Erie first preferred, Is, 220: Illinois Cen
trail, ALSO; Louisville & Nashville II 800;
Manhattan, $3.50; Minneapolis & st. Louis,
$500; Missouri Pacific, 1850; Missouri Kan
sas & Texas preferred, $3.50; New York,
Susquehanna & Western preferred, 3130;
New York Central, 1850; Northern Pacific,
A1,200; Northern Pacific preferred, 80 220;
Northwestern, 1885, Ontario & Western, ST.
$40; Reading, q, 3l5; Rock Island, II, 410; ST.
Paul, 2S 800; st. Paul & Omaha, 65S5; South
ern Railway, $500; Texas & Pacific, $3.50;
Union Pacific. 2S,075; Union Pacific, Denver
&c Gulf. II, 740; American Tobacco, 1920; Bay
State Gas, 2405O; Chicago Gas, Is, 800; Con-
solidated Gas, 5,715; General Electric, 1876;
Lead, 5420; Pacific Mail, 1922; Sugar, 49,
APO; Tennessee Coal and Iron, 13, 400; Leath-
er preferred $3.50; Western Union, $3.50;
Chicago Great Western 1880.
The New York stock market closed last
evening with a general level of prices lower
after day of great irregularity and con-
slant movement up and down of the whole
list over q narrow range. Quite number
of shares showed small fractional gains
and a few stocks show notable rises, Du.
the grangers, Vanderbflts, trunk lines and
tranScOnt1nental lines as q whole de-
clined in value during the day. This is true
Notwithstanding the fact that London was
a buyer of favorite stocks all day and all
the general news as to improving business
and increased earnings OF railroads con-
tinued to favor advancing prices. Prices,
in fact were higher at the opening, put
the liquidation quickly set in and prices
generally receded. The closing out of the
accounts Of a failed firm under the rules OF
the Stock Exchange had something TO 40
with the undertone of heavineSS which was
manifest all day. The Tear of interrupted
traffic in the South from yellow fever also
depressed the price of railroads in that re-
gion and spmpatheucally the whole lst
The steady tone manifested in the exchange
market early in the day had the effect or
discouraging hope of the early importation
of gold and this had it's influence in aiding
the reaction. This had the greater erect
because of the hardening tendency OIL the
money market, asking rates for call loans
being as high 215 per cent. The market
weakening of the exchange market in the
last half hour of trading served to steady
prices of stocks to some extent the decline
not only being checked, but recoveries be-
ing shown in the closing transactions of the
stocks. Posted rates for both long ana
short sterling were reduced 12c, to S4.S5 ana
$4S51s respectively. The rate of exchange
on Paris was also weak, and 1t seems evil
dent from the action of the Bank OF Eng
land in maintaining its minimum discount
rate at per cent, in face or continued dc.
crease in it's reserve and in its stock OIL
bullion that London expects Paris to sup
ply the first demands of this country Tor
gold gorde but da fa wbeh Mond naturally tend
TO weaken the force of the New York eX-
change demand on Paris The heavlness OF
yesterdays market was mitlgated from rom
time to time by the strength manltes.ed
by special stocks. Northern PACING issues
were at one time in speclal demand anu
showed marked advances, as was alSo true
of Consolidated Gas, Pittsburg, CINCINNATI,
Chicago & St. Louis, Chicago Great W est
ern and the Minneapolis q S'' .,,o L heeI
stocks All of these reacted from the pest,
but most of them remained at an aovance
over Wednesday nights close. PlttspurS,
Cincinnati, Chicago q 81 LOUIS coii CON- nun
and preferred show net gains of rs and TWO
points respectively. In the minneapolis q
St. Louis stocks all three are left with net me-
advances of two points or over ConsOn-
dated Gas also gained TWO points net dLter
having been two points hlgner Oln ,I
marked gains we're ,, ice sh preief ~. Chi,
cago Great Western preferred A. - Shlca-
90 Great Western preferred b 8; Evans
Vile & Terre Haute preferred III ana st ERE
first preferred Bay state Gas. iiilhois otee,.
a a1eSse1 The U decline extended beyond frac-
lions in the case of Sugar, CANADIAN r,,t "a
cific Illinois Central, Kansas City, RUS
burg e Gulf Louisville, St. Joseph anu
Grand Island preferred, Southern Ra AWAY
preferred Wheeling & Lake Erie pre1er'eu
and Keokuk & Des MONIES preierIeu. -,
transactions in the bond market We're ere; on Oh
a considerably diminished SCALE ana prices eis
nat
49, of a mar value of about $4,000 United
states new tours We're a lower bid, Gnte9 1
states coupons sold at 125%4 ana Ohlteu
States registered at l261s. -, w
The following table, prepared by L. w.
Louis Room IL. Board of Trade, SHOWS the
range of QuotatiC ms: - c,,os