The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-21
STOCKS NOT BENEFITED
BY SENSATIONAL ADVANCES EVERY
WHERE IN WHEAT MARKET.
Process of Realizing Profits in Shares
Cut Down QuOtatiOns-Local BUSH
ness Full of Boom.

At New York. yesterday money on call
was easy at 1Ad1h per cent; last loan,
ia per cent; closed offered at Ia per cent.
Prime mercantile paper. 34441z per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4.S55sG4.s5$4 de-
mand and $4S31a04S3A for sixty days; posted
rates, $4.S41Ad4S6 and $4.S612G4.87; CONNER
cial bills 4.S2.
There was a sharp recovery in the price
of silver to-day, bar silver opening in Lon
don at 241a pence. an advance of 7-16 of
penny. The opening price at New York for
bar silver was 52Ac rise of &c. Mexican
dollars were quoted in the morning at 4O14c,
against 997sc Thursday. The previous days
low level invited buying which induced the
recovery, but the market is reported rather
weak at the rise Silver certificates were
521a05314c AT London bar silver closed
steady at 241ad per ounce.
Total sales of stocks were 40S,2C0, includ-
ing: Atchison preferred, 1882; Chesapeake
& Ohio, $780, Chicago, Burlington & Quincy,
ex. dividend, 53,375; Louisville & Nash
Vile, LAS; Manhattan L. $3.50; Missouri.
Kansas & Texas preferred, $780, Northern
Pacific 4.641 Northern Pacific preferred,
13, 70O Northwestern. 3,075; Reading, 16,0S0;
Rock Island Is, 800; st. Paul, 65.S23; st. Paul
& Omaha, 1855; Southern Railway pre-
ferred, 5,024 Union Pacific. 1850; American
Tobacco $500; Chicago Gas, 43OO; Pacific
Mail, 1926; Sugar, 1862; United States
Leather, 3,275 United States Leather pre-
ferred, 1875; Western Union, 4,414; Chicago
Great Western, 22,vi5.
The process of realizing profits on the
long continued advance in the New York
stock market went on yesterday and was
reflected in the heavy tone of the market
and the cessation of active outside buying.
a nNrnh r. nv l1FlaiG Gil
houses and is presumably of holdings by the
outside public, which has grown fearful of
decline. Although offerings on this ac-
count were large and although the day
sharp decline uncovered large numbers of
stop-loss orders at times. the offerings were
pretty Well absorbed orders are apparent
~ waiting in the market to buy on a scale
down, so that prices meet resisting force
before they have receded far. Prices in the
stock market did not respond to the sensa-
tonal rise in wheat as is sometimes the
case. So far as this rise was due to buying
for export and to the jump in the price of
wheat in England and the continent. it was
a favorable influence on stocks as indlcat-
ing increased purchasing power in the
hands of the farmers. But so far as it was
due to fears of damage to the corn crop,
and to lower estimates of the spring wheat
crop, 1t affected the grain carrying roads
unfavorably as indicating a probable de-
crease in the tonnage of the freight to be
transported. Reports OF such crop condi-
lions were very prevalent in Wall street
all day and the market responded quickly,
especially the grangerS. The continued firm
ness of sterling exchange rates was not an
encouraging factor in the market London
and the continental money centers seem to
be fencing to decide which shall meet the
first demand for gold on account of the
heavy crop movement, but the exchange
market reflected no immediate likelihood of
imports of gold. The curious contradiction
in sentiment which has existed for months
past between the London and New York
markets found new phase to-day. Prices
for American securities came higher from
Of the reaction O manifested in the New York
market. Purchases in New York for Lon
don account were made also of nearly all
the prominent international stocks. in spite
of the falling course of prices. Sales for
this account were estimated at $1,000 shares.
The New York market equally ignored the
sentiment of the London market and went
on selling. Receipts of American securities
from foreign holders have been very large
recently by incoming steamers from Europe,
and recent orders to purchase placed in the
London market by New York houses have
developed the fact that the market has been
pretty well stripped of American securities.
Yesterdays movement looked like esire
on the part of foreigners to repenfsk their
supply of American stocks. The ex RENE
decline was considerably over point in
large number of shares including the
grangers and leading Southern and south
western railways and the Reading issues. a
hardening of prices in the afternoon dimir
tshed the LOSSES but they reached a Pc
in many cases Leather preferred
Tobacco lost about two points. Sugar
moved over range of about two points, but
its net change was small. Western Union,
Pacific Mail. Chesapeake & Ohio, Manhat-
IAN, IOCh lSldlu anu DIcOklyH Ndplu Ian
sit were comparatively steady. Great North
crn preferred declined four points; Rio
Grande Western, 2h and New York, Chi
cago d st. Louis, he.
The bond market displayed heavy tone
on moderate dealings. The speculation was
largely centered in the leading mortgages
and there was a decided abatement in the
foreign demand for securities. The aSSre-
gate sales were $l975 600. Government bonds
hardened slightly on light purchases.
The following table prepared by l.. w.
Louis Room IL Board of Trade shows the
range of quotations: