The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-25
BIG DEMAND FOR MONEY
ASSISTS IN A REACTIoNARY MOVE
MENT In NEW YORK. STOCKS.
Early Firmness Largely Due to SYM
pathy with Advance i'm Sugar
Local. Markets Firm.

AT NEW 1Oihs ytStClhdSg hAViiSS va NoAi
was firm at 2lzGS per cent; last loan, 212;
closed at 2a21z per cent
Prime mercantile paper, 4l4a5 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.s5 for de-
m&nd and at $4s2K@4S2A for sixty days;
posted rates, $4.SSa44 and $4.S51204 S61a ;
commercial bills, $4.Sl.
Silver certificates, 571sG5sc. Bar silver.
SIC. Mexican dollars. 4S1zc. At London bar
silver was uncertain at 26Isd per ounce.
Total sales of stocks were 521 200 shares,
including: Atchison preferred, 1920; Ches-
apeake & Ohio. 5000; Chicago, Burlington
& Quincy, 32219; Hooking Valley, 6,77O;
Louisville & Nashville. 15.120; Manhattan.
1850; Metropolitan Traction, 4.300 Missouri
Pacific, 14450; Missouri, Kansas & Texas
preferred, 1870; New York Susquehanna. &
Western, $3.50; New York Central, 1888;
Northern Pacific, S.275; Northern Pacific
preferred, 1920; Reading, 1890 Rock
Island, 22,550; Ontario & Western, $3.50; St.
Paul, 1920; ST. Paul & Omaha, 800; South
ern preferred, 4,255; Union Pacific, 1920;
Unios Pacific, Denver & Gulf, s. 100; Wabash
preferred ALSO: Wheeling & Lake Erie,
4,325; American Tobacco, 1905; Bay State
Gas, 90 1870; Chicago Gas 910e; General
Electric, S.7O; Lead 1850; Pacific Mail.
1885; Sugar. 70.47O; Tennessee Coal and
Iron, $3.50; Western Union, IL 1868; Chicago
Great Western. 1885.
The reactionary spirit resumed full sway
yesterday in the New York stock market
after brief period of higher prices during
the morning due to sympathy with Sugar,
which advanced at one time two points
over Thursday nights close. Sugar S
strength was due to the belief that the
Treasury Department would decide that
Holland in effect having RXOOFt
bounty on sugar and that countervailing
duty would therefore apply to duties on re-
fired sugar. The rise in Sugar and some
strength manifested by Manhattan served
to raise the general level of prices to a
fractional extent but proved inadequate
to sustain them and the fall for the re-
mainder of the day was practically contin-
uous though more rapid at some times than
others. There was nothing in the news of
the day to account for the decline, all the
reports of railroad earnings continuing to
show large increase and adViceS of the
growth of business activity being uni
formly encouraging from all points. The
outside public, however, had apparently
ceased to buy and the large bull operators
were no longer willing to accept the heavy
offerings of stocks made to them. Profit
taking was the order. The market was
dull compared with the recent tone, but
the decline was nevertheless unchecked
The bear interest was well defined and was
constant in activity during the day. The
situation of the money market continued
to attract interest. The features were the
firmness of call money on the basis OF per
cent and considerable activity in the time
money market. The exchange market also
hardened, actual sales advancing about Il
in response to the gold shipments now on
the way to this country. RemittanceS to
the interior have continued on a large scale
and to-days bank statement is expected to
show a large additional decrease in the sur
plus reserves. The banks and the sub
treasury have been able to meet all de-
mandS thus far for currency but the de-
mand on them is large and promises to
increase. The treasury at Washington
found itself unable to accede to the request
of local banking firm, which had re-
ceived a consignment of gold at San Fran
cisco to its credit, to be allowed to with
draw legal tenders from the Subtreasury in
New York on the deposit of the gold in
San Francisco. Among the returns in rail-
road earnings for the third week in Septem-
Der, Missouri Pacific showed increase
of Sill, 900; Denver q Rio Grande, $21 900,
and Rio Grande Western, $l9,SOO For the
second week, Northern Pacific showed an
increase of $126 755. New Jersey Central for
August showed increase in net of
500 1875. The stocks of the soft coal roads,
which have failed to share in the late inn
provement owing to the miners strike,
lively steady. The net losses run all the
way from fraction to points. the latter
being Consolidated Gas, but in the large
majority of active shares it is between /
and points. Susquehanna & Western
preferred lost AZ and Sugar, Cotton Oil
2 points. Illinois Steel rose 3A.
Bonds We're weak in sympathy with
stocks on greatly diminished volume of
transactions Total sales, 81, 101 coo. United
States tours registered were Is higher bid,
and the fives Il higher.
The following table, prepared by L. w.
Louis. Room II, Board of Trade, shows
the range of quotations: