The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-12
BULLS EASILY SCARED
REINFORCEMENT OF GOLD FOR EX-
PORT UPSET PLANS ON CHANGE.
Foreign Buying Responsible for Adj
Vances i'm Several stOcks-LOcaI
Markets Firm and Active.

AT New York yesterday money on call
was easy at 1A0112 per cent; last loan, 12;
closed, offered, 1AQ11a per cent.
Prime mercantile paper, Sl2a4H per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4.S7a4.S712 for
demand and $4s6A94.S6la for sixty days;
posted rates, $4.s704.s71a and $4.SS12Q4.S9;
commercial bits. $l.S5Aa4S5h.
Silver certificates. 601au6lc; bar silver,
$3.50; Mexican dollars, Also. At London
bar silver closed at p Ltd per ounce.
Total sales of stocks were 1884, l2 shares,
including: American Sugar, 10, 700; Burling-
ton e Quincy, 1920; Chicago Gas, &c, 700;
Omaha, $500; Louisville & Nashville, $500;
Manhattan Consoli lated, II, 200; Northern
Pacific preferred. $500; Pacific Mail, 3,4O0;
Reading, 800; Rock Island, $500; st. Paul,
1850; Western Union, II, so; New Jersey
Central. 3,2OO.
Yesterdays market for stocks continued
to be strong and prices ito advance all
around as long as the London exchange
was in session to impart its buoyant influ-
ence to the local market. The dealings
showed some animation and Increased vol
ume and the rise in prices was easy and
uninterrupted. But the pessimistic spirit
proved too strong to outlast the adjourn
ment of the London exchange, even with
London continuing to buy quite heavily in
this market after the close of it's exchange.
The prices Of Americans in. London have
halted somewhat up to this in spite of the
subsistence of alarm over the war in the
East. because London waited for New York
TO give the cue for an advance. Yesterday,
however, the general tone in London was
so strong and the improvement SO general
that it extended to the Americans without
waiting for New York's initiative. The ces-
sation of the days trading III London was
followed by the announcement here of a
$5JO,OU gold shipment on Thursday and this
was followed by a vague rumor that ship
ments for the week would probably reach
a total of $7,O00,00 Although gold ship
ments have been expected and confidently
predicted for this week, the bulls lost heart
in the face of the announcement and
the whole market sold OFT with no
subsequent recurrence of decisive strength
As a matter of fact, exchange rates eased
perceptibly with the offering of bills
against the gold shipment and the large
purchase of securities by London here, es-
timated at $4,000 shares of stocks and some
large blocks of railway bonds. The i'm
provement in the price of Katfirs in Lon
don yesterday is another factor to be con-
sidered in the exchange situation, as the
heavy liquidation OF Paris holdings of these
securities on the London market is the
reputed cause of the Paris demand on Lon
don gold and, indirectly. of the shipment of
gold from New York to Paris. These ele-
Kit III ne S1IudlIOI DIdht lIAG NOiuIIlc u
gold to be shipped from New York this
week still more problematical, with a grow
ing likelihood that they will be less rather
than more than was anticipated. But these
considerations did not allay the apprehen-
sions of the traders and they allowed
prices TO decline. AS a consequence net
changes on the day are generally very mar
row, but as Il general rule all of the early
gain is more than lost win resulting net
losses of a fraction, the volume of dealings
greatly diminishing on the decline. Chicago
Gas, st. Paul, Burlington and Western
Union were the most active stocks in the
order named. Burlington's range was a
point, with a net loss of a narrow fraction,
while st. Paul retained a fraction of it's
early gain. Chicago Gas advanced 13s and
declined a point. Western Union advanced
haitian also was strong early and gained
2. but afterwards lost rs. The net losses
in the coalers were wider than elsewhere,
extending to a point in New Jersey. For
eign buying was responsible for advances
of 2s in Norfolk a Western preferred and
liz in Norfolk ~ Western common and in
Oregon Navigation preferred, two usually
inactive stocks. Iaclede Gas preferred rose
5 and st. Paul, Minneapolis 81 Manitoba, 212.
The bond market displayed stiffness gen.
orally, on moderate transactions, with re-
Moved foreign buying the feature. The ar
biqrage houses took whole blocks of various
issues, which included Atchison, Northern
Pacific and Fries. The sales were ST.
1874, 600
Government bonds displayed a reaction
airy tendency and jagged slightly, on sales
of $4,000.
The following table, prepared by L. w. Louis.
Room Ii, Board of Trade. shows the range of
quotations: