The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-22
THE ADVANCE CHECKED
STOCKS STARTED UP YESTERDAY
AND THEN SUDDENLY FELL OFF.
Railroad Earnings Increasing and
Better Times Looked for shortly
Local Markets Steady.

At New York. yesterday money on call
was easy at 2a2k per cent; last loan, 2;
closed offered al per cent.
Prime mercantile paper, 4a41z per cent.
Sterling exchange was firm, With actual
business in bankers bills at AS2l5 for de-
mand and at $tS2Q4S2B for sixty days;
posted rates. s4.S21z Q4S315 and $4.S51z; COM
mercial bills, $4Sl
Silver certificates, 5SQ591zc; bar silver,
5S5sc; Mexican dollars, 451zc. At London
bar silver closed at 271sd an ounce.
Total sales of stocks were 3o5 200 shares
including: Atchison, 10000; Atchison pre-
ferred, $685. Chesapeake & OHIO, H. 100; Chi
cago, Burlington 81 Quincy. 1910; c., c., c.
& st. L., 3,S15 Louisville & Nashville, $3.50;
Manhattan, 9.542; Missouri Pacific 1897:
New York Central, 1885, Northern Pacific,
3,sl2; Rock Island, 1887; st. Paul, 20,46o;
st. Paul e. Omaha, $3.50; Union Pacific
trust receipts, 1865; American Tobacco.
S.472; Bay State Gas, 12,115; Chicago Gas,
3454O; Sugar, S6,665; Western Union, 1888;
Tennessee Coal and Iron, 1904; Chicago
Great Western, 1900.
What looked at one time yesterday like
resumption in force of the upward move
ment of prices on the Stock Exchange came
TO an untimely end in the afternoon on the
Wall street interpretations of Spains re-
ported intention to press for more stringent
measures against filibusterS by the United
States government and to call this govern
ment to account for the success of ilibuster-
ing expeditions. Prices were carried quite
materially above Wednesday nights level
at one time during the morning, the rise
extending to a point or over in Sugar, Chi
cage Gas, Chesapeake q Ohio and Cleve-
land, Cincinnati, Chicago & st. Louis and
rs in Consolidated Gas. With the excep-
Cleveland Cincinnati Chicago e
Louis the gains were entirely wiped -out in
every important stock and net declines
nearly point in many instances and con-
siderable that in a number. This
makes up a very wide range of fluctuations
for the day and movement of prices
very conflicting and irregular up to the
final decline. There was a good deal of
commission house buying reported during
the market, but the market continued for
the most part largely professional Union
Pacific was an element of weakness. it's
heaviness being caused by the reported cir
culation in the street of a syndicate gree
ment being made contingent on some fur
Their developments in the case. Reports
were also circulated that money was being
raised for this purpose in London Selling
OF stocks for London account was more or
less of drag on this market. The early
rise in the market was aided by the con-
tinued favorable character of statements of
railroad earnings and rumors Of statements
yet to come. But the question is arising in
the minds of dealers in stocks how far the
present high earnings are due to abnormal
movement of special commodities. The
points out that the rise in the price of
wheat had led to quick and heavy unloading
of Western granarfes and that the settle
ment of the great soft coal strike is bring
ing forward very heavy arrears of traffic
II added cautiously: 'It is impossible to
state now whether this Improvement is due
TO the prosperity of the country. After the
abnormal business is over / will be better
able to state whether improvement is like
~ to continue" There has been a marked
Improvement in merchandise over railroads,
but owners of shares in these properties
are beginning to question the extent of this
easy in the New York market, the bulk OF
the call loans being made at about per
cent. No further imports of gold are ex-
pected, while European money centerS show
the present relative stiffness of rates the
tendency being all the time to increase the
difference. as shown by the sharp contrac-
ton in the Bank of England's loans this
week. Transactions yesterday were on a
small scale outside of the industrial spe-
ciaties. the grangers and one two other
leading railroad stocks. Manhattan. New
Jersey Central. the Starch stocks North
west. the Pittsburg. Cincinnati, Chicago t2
St. Louis stocks. Tennessee Coal, Rubber
preferred and Pullman were the notably
weak points
Transactions in bonds were dull and prices
I'm the main were firmly held. Dealings in
Union Pacific collateral trust notes were
q feature Total sales, $1900,000. United
States old tours were advanced u bid the
new tours "a bid and the fives registered "a
and the fives coupon y.
The following table prepared by l.. w
Louis, Room II. Board of Trade shows the
range of quotations.: