The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-07
STOCKS ARE DEPRESSED
IN SPITE OF ENGAGEMENTS OF GOLD
IN LONDON FOR EXPORT.
No AssignabIe Cause for Losses in
stances-LocaI Markets Active.

At New York, yesterday money on call
was steady at eggs per cent; last loan 2la
per cent; closed at 2l5 per cent.
Prime mercantile paper, 1900 per cent.
Sterling exchange was easier with actual
business in bankers bills at "a. SAC S4ss for
demand and $4.S2AQ4.S21a for sixty days.
posted rates, $4.S21aa4.S4 and $4.S5Q4.S6; COM
mercial bills, $4.S1.
Silver certificates, 55Q561zc; bar silver,
IS 11-l6c; Mexican dollars, 43c. At London
bar silver closed uncertain at 253sd per
ounce.
Total sales of stocks were 1886, 500 shares
including: Atchison preferred, $3.50; Chi
cago, Burlington & Quincy. Is, 400; Louisville
d Nashville, L,445; Manhattan L, 1882 Mis-
souri, Pacific, 1880; Northern Pacific, 1855
Northern Pacific preferred, 10,425; North
western. 3,467; Ontario & Western, $500
Reading 10,S2O; Rock Island, 2O,44O; st. Paul,
A,5S5; st. Paul & Omaha, 3,3l5; Union Pa
citc, 13,4SS; Wabash preferred, S,1S5; Ameri-
can Tobacco, S.062; Chicago Cas- SO, 2S6;
Sugar, 29,USo; Western Union, 500; Chicago
Great Western, $40.
The bulls maintained a waiting attitude
for the most part OF yesterdays market on
Change, and the bears were successful in
shaking out further stop-loss orders and de-
E%~SHAAo Tic SNISAd lCNc1 VI the
further sharp fraction. There seems to be
long stock to sell, and the bears are thus
encouraged to continue their efforts Where
tnefe IS evidence OF realizing they appiy
pressure by snort selling ana so precipllate
lhe decline to q point wnere stOp-loss or
ders are added to the weight on the mar
ket. Inc consequence of this policy was
some very sharp declines in special stocks
curing the day, Sugar, Chicago Cas- Man
nattan, bay STATE Gas and the grangers De-
ing the objects OF most aggressive attacks
Inc lowest prices Oh the day were made
early in the final hour, but the last half
hour OF the trading a steady hardening
or prices which materially reduced the net
losses All the factors in the general sltua-
ton indicated a continued increase in actual
values, and there was no assignabie cause
for the decline except the exaggerated level
of prices which has been attained. one OF
the features of the day was the large buy
ing in Pennsylvania and a sharp rise in the
price of the stock. The announcement of
the withdrawal from the Bank of England
OF $5OO,UUO in American eagles for shipment
to New York had only a momentary effect
In steadying prices. This was the more
notable as the movement is considered to be
the beginning or steady import or gold.
Sterling exchange sold at AS4i4, that price
being offered at sellers option for the rest
of the month. The ample supply of gold at
present in the country must be accepted as
accounting for the small effect produced by
the impending gold movement. The New
York clearing house banks now hoid $92,-
365, 100 in specie, compared with 500, sol, LOO a
year ago. The last of the first lot of gold
engaged in Europe for import two weeks
ago has arrived and been deposited to the
account of importers. Although the New
York banks have lost the last two weeks
S16.605 300 of their deposits, the specie in the
cash reserve has shown an actual increase
in the same time. The United States treas
ury gold reserve has also been increasing at
the rate of a quarter of a million dollars a
day for several days past The rates for
money in the New York market show no
further tendency to harden. If all these cir
cumstances are taken into account it will
not seem surprising that small Importance
attaches to the movement of gold hither.
London was buyer of stocks in the New
York market yesterday, and statements of
railroad earnings all continued to show in
creases. Nevertheless the result of the days
irregular trading is the showing of net
losses extending from a fraction to over a
point throughout the list.
The dealings in bonds We're somewhat
larger than those of Tuesday. and prices
declined in sympathy with stocks. Total
sales were 81, 665,00O. Old United States tours,
registered. and new fours, both registered
and coupon, were advanced * bid. There
were sales of the old tours at 112H1l21a and
of the fives, coupon. at 115.
The following table, prepared by l.. w.
Louis Room IL, Board of Trade, shows the
range of quotations.: