The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-15
STOCK PRICES LOWER
EVERY EFFORT TO ADVANCE QUO
TATIONS QUICKLY OVERCOME.
Gold Imports Arrive and Further En-
gagements Expected SOOn-LOcaI
Markets Depressed.


was steady at 2lkd3 per cent; last loan, 3;
closed at 21zaS per cent.
Prime mercantile paper, 415d5 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4.S4$s for de-
mapd and $4.S134Q4s2 for sixty days; posted
rates, $4s212d4S31z and S4.S5Q4S512; COM
mercial bills. $i.s1h
Silver certificates. 571z65Sc; bar silver,
574c; Mexican dollars, dc At London bar
silver closed steady at 2624d an ounce.
Total sales of stocks were 1850 shares.
including the following: Atchison preferred,
II, S31 Chesapeake & Ohio, 5000; Chicago,
Burlington & Quincy. 2Ss65; Louisville &
Nashville. 1880; Manhattan L, 1855; Mis-
souri, Pacific, 8,737; Missouri, Kansas &
Texas preferred. $685. New Jersey Central,
3.545; Northern Pacific preferred 10,s4S;
Northwestern 1900; Reading, $3.50; Rock
Island 14,907; ST Paul, 36,55S; ST. Paul &
Omaha, $780, Union Pacific 12,010; Bay
State Gas, 5,445; Chicago Gas, 1880; Sugar,
37,O42; Western Union, 5075; Chicago Great
Western, I.545.
The action of prices in yesterdays New
York stock market might be liKened to the
toilsome and arduous efforts of weakened
animal to climb to a secure station only to
be continually tumbled backward by sin
gle hostile stroke. The ready success of the
bears in depressing prices led them occa-
sionally to take profits. These spasmodic
covering movements were achieved without
affecting any marked change in the general
level of prices and the upward course soon
resulted in an almost stagnant condition.
There would be spirit of activity whenever
the bears renewed their raid and apparently
the desire to sell only ceased when the
bears ceased in setting the example by short
selling. Chicago Gas continued to occupy
10y far the largest share of attention and
ranged over AS points during the day.
Large supporting orders were in the market
at the opening, so that the initial sale was
at a fractional advance Wednesday
nights close. But this was the highest quo
tation of the day, and the majority of the
dealings was at level considerably over
point below Wednesday nights close.
Sugar. which came next in point Of activity.
was also under very heavy pressure and de-
clined at one time points. The firmest
tone of the market during the day was in
the last hour and it looked as If prices
would be allowed to recover to within
fraction of Wednesday nights close, but
renewed drive in the last ten minutes of
trading knocked the market down again.
Net losses ranged from 1 to per cent. in
the most active stocks in the list. The
Southern railroads and the Southwesterns
and some of the coafers showed the greatest
was also quite severely handled. There was
no reflection of any development in affairs
of the day in the course of prices, the mar
ket being wholly professional. The fact
was demonstrated with sufficient clearneSs
that Wednesdays recovery was not re-
sumption of sustained upward course of
prices, but was simply due to professional
manipulation to force a covering of the
short contracts which had been freely put
cut for day or two previously. The gold
which was shipped from Europe last week
began to arrive yesterday, $500 900 being de-
posted in the assay office and coo in the
clearing house vaults. The money market
continues easy, though with no approciable
steady in spite of the advance to per cent.
in the Bank of EnglandS rate of discount.
No further engagements of gold for import
are announced, but they are considered
likely before the week closes, and the sharp
fall in the rate of exchange on Paris leads
to the superstition that the next shipments
will be from there. The trade statement for
September, issued by the government,
over imports for that month will be found
to foot up $55 900 O00 against nearly SAL 600 600
for August, and over ST., 000, 600 for July.
The delayed cotton movement, which has
not yet attained its full force, insures an
additional heavy trade balance in favor of
this country for the current month The
movement of gold for the season is, there
fore, considered certain to be very heavy
unless the rates for money in foreign finan-
cial centers shall advance so far as to
make 1t more profitable not to draw on
these foreign credits for gold shipments.
Dealings in bonds were on reduced
scale and the tone was weak, though fiuc-
tuations were unimportant. Total sales
were 81. $50 900. United States old tours were
advanced Is bid.
The following table, prepared by L. w
Louis Room IL, Board of Trade, shows the
range of quotations: