The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-21
LIVELY BEAR RAIDING
NONE OF THE ACTIVE SHARES
LOSES IN FINAL QUOTATIONS.
Stiffening of Monday Rates and Spec
uIatiOns About Gold shipments
Local Markets Strong.

At New York yesterday money on call
was firm at 2QS1z per cent last loan. per
cent: closed, Sa41k per cent.
Prime mercantile paper 4a41a per cent.
Sterling exchange Was steady, with actual
business in bankers bills at $4s77s for de-
mand and at $4S2% for sixty days; posted
rates. $4.S31sa4.S4 and s4.S51yQ4 S61a; CONNER
cial bills. $4S11Q4s2
Silver certificates, 5915Q6015c; bar silver,
591sc; Mexican dollars, 44c
Silver scored further sharp recovery in
London yesterday of %d, to 27Ad. The
price in New York rose l7sc over Satur-
days quotation. These prices show gains
over the low price of Sept. of 31sd and TIC.
respectively. The rise is attributed to pur-
chases for Indian account and to rumors
In London that the India council is buying
for coinage. The discussion of the PROPOSE
ton for the Bank of England to hold one
fifth of its reserve in Silver also continues
TO ln1uence the market faVorably.
The New York stock market was dull and
comparatively neglected during the greater
part OF yesterday and the marked advances
were confined to few special instances UP
to the final half hour. The bears, en-
couraged by the lack of activity in the trad
ing and the rise in the money rate, then fell
on the market and raided it to such good
erect that few active stocks escaped with
net decline of less than a point and in a
few Instances much larger losses were
shown as a result of the days trading The
pressure to sell and the resulting declines
We're especially heavy in the grangerS.
burlington, which had been pushed in the
morning to new high record of 1929, fell
to par in the closing transaction, and Chi
cago Great Western, which had shown
great animation and had risen to POS, fell
1ss. Omaha, which has been conspicuously
strong in recent markets, fell H. and its
parent stock Northwestern, dropped of
1a4. Rock Island was the feature of the
market during the early period of the day
and had advanced two points. The final
liquidation left it still with fractional net
gain. The gas stocks, whose sensational
advances had sustained the market on re-
cent occasions, were prominent in the de-
cline, Consolidated Gas dropping six points
and Brooklyn Union four. The Vanderbits
and trunk lines, the coalers and the lead
shared in the weakness. and nearly all
showed declines of a point upwards.
Louisville which has shown weakness re-
Gently on account of the yellow fever scare,
exception and closed with net
gain of a small fraction. Baltimore S Ohio
showed marked strength early rising two
points. and closing with a net gain of IL.
Western Union and Wabash preferred,
which made sharp gains early in the day,
fell heavily TO below Saturdays close The
course of the London STOCK market caused
more or less depression in New York at the
opening, and again when Londons closing
quotations were received showing some
heavy declines from their opening prices.
The grangers were somewhat sensitive also
to reports of bad weather for crops in the
West. But the decisive lIlilu6ucSS III tiiS
decline was sudden stifening OF the rates
for call money to per cent. Quite a large
amount had been offered all day at as low
as 2 per cent hat in the final hour money
lenders demanded per cent. There con-
tinued to be a large demand ana ngures
ranged from to per cent, loans being
made at the high figure up to the last halt
hour. The closing saw - decline TO per
cent The stiffening in the money rate came
too late in the day to affect the exchange
market Rates for sterling exchange were
somewhat harder during the day, though
the market was very inactive. The posted
rate for sixty-day bills was advanced a half
cent to S4S31a. Actual rates for demand
bills were quoted sc higher, and for sixty
day bills &c higher. Interest centers IN the
effect which the hardening of money rates
and the calling of loans will have on the
exchange market and the important move
meDt of gold. Notable gains were MADE by
the Chicago Great Western preferred
stocks. the "A" stock advancing two points
and the "B" ia; by Evansville q Ierre
Haute which gained 3; Iowa central pre-
ferred 9 and New Haven, which rose sc
over the last sale. to 1872. The bld price
nj the latter stock has, however, advanced
since the last sale. No., 50.
halfway bonds were not so actlNely dealt
IN sales amounting to $z,9O06U. Prices
were about steady United States coupon
fours sold at ia United States regular az
111& and the fives coupons at ll4S4. BID
prices for government bonds receded a Irac-
ton all around. =, w
The following table. prepared ny l., w.
Louis Room H. Board OF Trade, SHOWS the
range of quotations: ~ - c,os-