The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-16

English financial newspapers towards
american securities, the London price has
been almost constantly below the New York
harity, winch has added to the tendency TO
foreign buying in London at the same time
that there was foreign selling in New York.
ENGLANDS MONEY POLICY.
The course of the various international
money exchanges shows increasing reasons
why English financial authorities have
sought to discourage the buying of Ameri-
can securities. Foreign bankers are now
substantially agreed that the balance of
credits to be settled by gold imports to this
country will be very large. The large Of
ferngs of grain and cotton bills in the New
York exchange market have caused a con-
slant fall in both sterling and continental
exchange more particularly the latter. The
fail in sterling exchange has, in fact re-
ceived a temporary check by measures
adopted in the London money market to
divert our demand for gold from that mar
ket to other centers just as the special
demand on London for gold from Russia,
Austria and Japan has been in part di-
verted TO this country during the last few
months. The open market discount rate in
London had raised during the week from
below per cent. to l9s per cent, and II is
generally believed that the Bank of Eng
land will advance its minimum discount
rate TO above per cent. next week. Coin
cident with the rise in the London discount
rate there has been sharp rise IN the
rate of Paris exchange of the London and
New York rate of exchange on Berlin, and
especially on Paris, is steadily falling. The
inference is that British capitalists are
calling home capital placed in France and
Germany. Foreign bankers in New York
believe that the consequence Will be that
the first gold imports will come from
France and that thev are likely TO come in
a short time. They also believe That Lon
don will have to ship gold to New YORK
later, the amount, of course, depending on
the buying of American securities by the
English public
market, new changes on the week in the
prices of stocks are not wide, the gains
extending TO points in comparatively few
of the leading stocks. Burlington, however.
rose points and Chicago Great Western
"a net Other noteworthy gains of points
or over We're: Sugar Atchison preferred,
9f erre 6uffo' Roc 6 r. e. rn''S Gu pre-
St l.. preferred, 10; Hooking Valley, Lack
awanna, Denver & Rio Grande preferred,
Evansville & Terre Haute, 3; Evansville q
Terre Haute preferred, 5; Great Northern
preferred, S19; Metropolitan Traction, 4;
Missouri Pacific, Mobile & Ohio, 54; New
York. Chicago & st. Louis first preferred,
S1a; New York Chicago & St. Louis second
preferred, 312: Northern PACIFIC preferred,
a. a. Fort rfc Wsyn Ma T. Rubber p e. preferrSd 81
Union Pacific, AZ; Wheeling & Lake Erie
preferred. 538: Ann Arbor preferred and
2 Important declines were shown in To-
bacco, Brooklyn Transit, Brooklyn Union
Gas, Canada Southern Canadian Pacific,
York Central p, c., c. & ST. L. preferred
and Spirits.
Transactions in bonds during the week
adequately reflected the views of investors
regarding the financial and commercial out
look. Values of many securities appreciated
notably, and the dealings were attended
with more animation and breadth of trad
ing than has been evident for years Long
dormant issues doomed into prominence
and leins of leading reorganized roads were
in especial favor Purchases for continen-
tai account embraced round amounts of
the gilt-edged and speculative mortgages.
The active issues absorbed the great bulk
of operations, and general gains We're reg
istered with the Atchison, the Kansas &
Texas, the Erie, the Mobile & Ohio, the
San Antonio & Aranzas Pass, the Rio
Grande Western. the Chesapeake az Ohio,
and the Standard Rope mortgages figuring
for 1d2 per cent. The enhancements else
where were more noteworthy in some
cases, including Union Pacific sinking fund
Fights, trust RECEIPTS; GA per cent; trust
collateral fives. so Kansas & Pacific con-
soils, trust receipts. 5i2. and Oregon Short
line incomes, Series A. per cent. Aggre-
gate sales were 20S45.000.
The following table. prepared by l.. W.
Louis, Room H. Board of Trade, shows the
range of quotations: