The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-24
THE IMPORTS OF GOLD
FAILED TO CAUSE THE DESIRED
EFFECT ON THE STOCK LIST.
General Understanding that the Move
ment Is for the ManipuIatOrs-
Local Business Active.

AT New YORK, yesterday, money on call
was firm at 2aS per cent. last loan at 2q3
per cent; closed at 2@21a per cent.
Prime mercantile paper f4G5 per cent.
Sterling exchange was steady, with actual
business in bankers bills at 81. s4s41 4S47s for
demand and at $4.s22s@4S2lA for sixty days;
posted rates, $4.s3d4s4 and $4.S512Q4S6; COM
mercial bills $4s1.
Silver certificates, 561k05sc bar silver,
5624c; Mexican dollars, 49c- At London bar
silver closed firm at 261sd per ounce.
Total sales OF stocks were 541, 400 shares,
including: Atchison, 4,4OO; Atchison pre-
ferred II. 7OS; Baltimore & Ohio, 1886; Can
ada Southern, $3.50; Chesapeake & Ohio,
$3.50; Chicago, Burlington & Quincy, 2194s;
Cleveland, Cincinnati, Chicago & ST Louis,
$500; Hooking Coal, 300; Hooking Valley,
6,220; Louisville & Nashville, 1880; Man
haitian l., $3.50; Missouri Pacific. II. 1872; Mis-
souri, Kansas e. Texas preferred, $3.50; New
York, Susquehanna & Western preferred
1926; New Jersey Central, 5, 755; New York
Central, 7,1SS; Northern Pacific, HIS;
Northern Pacific preferred, 22,550; North
western 1915; Reading, rs, 161 Rock Island,
1920; st. Paul. 29,s25: Southern Railway
preferred, $685. Union Pacific, 51S2O; Union
Pacific, Denver & Gulf, 2S,17O; Wabash pre-
ferred, 4,2S0; Wheeling & Lake Erie, II $50;
American Gable, $780, American Spirits, $50;
American Tobacco, $500; Bay State Gas,
10000; Chicago, Gas. 612O; Consolidated Gas,
4,23O; Lead 1856; Pacific Mail, $780, Sugar,
TRAPS; Tennessee Coal and Iron 5055; United
States Leather preferred, 1.62O; Western
Union, 9,OO8 Chicago & Great Western, TO-
797.
The recovery in prices which began
Wednesday was continued yesterday during
the earlier RI IF no Of fna
York Stock Exchange, and the advance of
prices of all stocks was apparently in full
force again until the afternoon, when the
support seemed to be withdrawn from the
market and prices fell away to a general
level below Wednesday nights close. The
rise was stimulated by the announcement
that a local bank had engaged $1,00O,OO0 in
gold in France for import to this country,
making a total with Wednesdays engage
ments of S25OO,0O0 gold due to arrive. Re-
ceipts Of gold exports from San Francisco
arriving there from Australia also helped
the recovery. The action of the Bank of
England in advancing it's rate of discount
92 per cent. to 2l9 per cent. was anticipated
in view of the continued depletion of its
gold holdings and the additional strain of
Wednesdays withdrawal for shipment to
this country Wednesdays rise in prices
had stimulated the placing of some outside
orders with commission houses and their
execution was the sustaining factor during
the morning. The strength Of Sugar which
rose nearly four points on the reported in
tention OF the Treasury Department to APP
ply the countervaiing duty on Dutch re-
fined sugars helped along the rise. There
was support afforded the market ali
through by heavy buying of some of the
bull operators who have been conspicuous
IN the recent rise. The effect of the gold
import movement largely dissipated
during the day by a skerticiSm as to it's
natural character. The exchange bankers
who usually handle the movement of gold
10th imD0rt and nXn0rf in
the opinion that with the ruling rate of
sterling and continental exchange here and
or gold in London and Paris there
profit in the importation of gold, and the
figures of most of them would indicate quite
a in1eavy loss on the operation Much curl.
the clients for whom the banks are making
the importation, and the opinion quite
freely expressed that the operation was de-
signed entirely to influence the price of
stocks. The failure of the exchange mar
ket to harden under the announcement was
quite noticeable. Equally so was the con-
tinued frmneSs of rates for call money
which became pretty well established on the
basis of per cent. AS these conditions be-
came more clearly defined the upward
movement of prices became checked and
there were periods of dizziness followed by
steady decline TO the close, the upward
course of the morning being almost exactly
retraced in the afternoon that the net
changes for the day only exceed a fraction
In a small number of cases. The advance
OF the morning ranged from l TO 2 points
IN nearly all of the active shares; Besides
at one time was Ga points up and Brooklyn
Union Gas nearly points. There were
other gains exceeding the average. but none
OF them was retained except Hooking Val
ley, Delaware & Hudson. Pittsburg Cincin-
natl, Chicago q St Louis, Laclede Gas and
Susquehanna & Western preferred which
gained a point or over The losses also
which were numerous were confined TO
fractions, except in the case of Brooklyn
Union Gas and Baltimore a. Ohio among
the active stocks. Among the less active
stocks gains of a point or over were shown
by Cotton Oil preferred, Lake Shore Min
neapolis a. st. Louis (214). Minneapolis &
St Louis ca on second preferred. Norfolk
& Western preferred. Oregon Navigation
preferred and Pullman. Rumors were dis
seminated late in the day that further en-
gagements of gold for import had been
made, but they exercised no influence on
the market.
Dealings in bonds showed falling off in
volume, and prices moved in sympathy
with stocks. Total sales were 50 500 O90
United ST ates new tours advanced H.
The following table, prepared by L. w
Louis, Room II, Board OF Trade, shows the
range of quotations: