The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-18
HEAVIER STOCK MARKET
TRANSACTIONS CONSIDERABLY RE-
DUCED BELOW LAST WEEK.
Few Exceptional Shares showed
Better Figures-SiIver StiII Lower
Local Markets Strong.

At New York, yesterday. money on call
was firmer at 1AG2 per cent; last loan, 11a
per cent. closed offered at IL per cent
Prime mercantile paper. 312@414 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $485AQ4S5a4
Tor demand, and at $4S3KQ4.S312 for sixty
days; posted rates. $4S4G4S6 and $4S615Q
4SI; commercial bills, $4s212.
Silver certificates 54Q541ac. Bar silver,
b49sc. Mexican dollars, 41Ac. At London
bar silver was quiet at % Lied per ounce.
Total sales of stocks were 437 100 shares,
including: Atchison, 1850; Atchson pre-
1erred, 1880; Chesapeake & Ohio S875;
Chicago, Burlington & Quincy, go 3S5; Den
Yer q Rio Grande preferred. $3.50; Louis
vile & Nashville. 1880; Missouri Pacific.
1oyO; Missouri, Kansas & Texas preferred
4.5E0; Chicago. Indianapolis & Louisville,
3,1S3; New Jersey Central, 42OO; Northern
Pacific, $500; Northern sPacifc preferred.
25,220; Northwestern, 800; Reading, N,1S5;
Rock Island, 1886; st. Paul. 80 100; South
ern Railway preferred 5000; Union Pacific
1850; American Spirits, 509S; Chicago Gas.
6,76Q; General Electric, $780, Pacific Mail
$3.50; Sugar, 22,09O; United States Rubber,
300; Western Union, $500; Chicago Great
Western. 20 $50
The bears must be conceded to have won
the honors of the day in yesterdays New
YORK stock market. Prices were never
more than fraction above those of Mon
day nights close during the day, except in
few cases and most Of the days sales
were made at a level quite sharply below
the previous nights close The holders of
stocks kept one eye on the wheat market
all day and were keenly alive to the heavi-
ness manifested in that market and to the
decrease nd or
wheat on account of the high range of
prices reached for that cereal. The first
erect of this was to impart dullness to
the stock market owing to the determina-
llOn or holders not TO sell at the low range
This dullness settled on the market soon
dlter Che nights accumulation of commits
sion house orders had been worked off But
the bear traders took possession of the
market III the absence OF an active buying
demand and sold ii down 10 catch stop or
ders; They We're hampered in their efforts
by the existence of buying orders on
scale down which have been placed in
various stocks. But the buying ceased on
any marked advance and this encourag ed
they finally succeeded in shaking out
large amount of weakly margined stocks
ana precipltated heavy offerings on stop
loss orders. These were quite readily alb
sorbed without rallyng the market. There
was a noticeable falling off in commission
mouse buying and the total sales fell off an
other 10000 shares below Mondays record
and considerably over 100000 shares be-
low the record of any full day last week
much diminished volume. The average net
decline in the prominent railroad stocks Is
over a point and in some Individual cases is
considerably more The fall was assisted
by reports of damage to the spring wheat
crop and prices for Americans in London
were decreased on these reports and on
the belief that the minimum rate of dis
count would be raised above 2 per cent by
the Bank of England. The grangers, coal
erS, international stocks and in fact all
Western railroad stocks were notable
sufferers Northern Pacific preferred being
drag on the market all day. Louisville
g. Nashville, Atchison preferred Missouri
Pacific and Union Pacific were also active
in the late selling movement. Notable de-
clines also were shown in Sugar and To-
bacco. Lake Shore jumped two points in
the early dealings to 17S12. which is a new
high price record but the gain was mostly
lost In the final transactions. Burlington
shows a net decline of 15s, the heaviest loss
in the grangers. Lake Erie & Western pre-
ferred loses 2. New Jersey Central 2%. Read
ing first preferred 17s, Erie first preferred
rs, and many other stocks point or less
The bond market was moderately active
and displayed considerable firmness Some
of the usually neglected issues uctuated
quite widely, but the variations in the
speculative liens were restricted to narrow
limits The aggregate sales were 81 $4,000
Government bonds eased off slightly for the
new tours. The other issues were fairly
steady. The transactions were $35, 900.
The following table, prepared by l.. w.
Louis Room II, Board of Trade, shows
rauPa Of uuOt9 tiOpS.