The Indianapolis journal., 1897-05-01
EXPORTED BY MILLIONS
SEASON OF GOLD SHIPMENTS SETS
IN WITH A VENGEANCE.
During This Week S6,477, 900 Taken
Markets Under the weather.

At New York. yesterday, money on call
was easy at 1Aq112 per cent; last loan, 112;
closed, IhQ112.
Prime mercantile paper, 313Q4 per cent.
Sterling exchange was weak, with actual
business in bankers bills at $4.S7AQ4.S714
Tor demand, and $4.S6A for sixty days;
posted rates, $4.S7Q4S71s and $4.SS12Q4.89;
commercial bills, $4.S512.
Silver certificates, 6l12062c; bar silver,
611ac. Mexican dollars 4S9sc At London
bar silver closed at IS 3-16d per ounce.
Total sales of stocks were $4,000 shares.
including the following: American Sugar,
1850; Burlington. $500; Chicago Gas, 500;
Louisville & Nashville, 1900; Northern Pa
cific, $500; Reading, 1906 st. Paul, $500;
Western Union, $500; New Jersey Central,
6.001.
The prices of active railway stocks
scored an avera ct loss of about "a per
cent on Change yesterday, which is prob
ably a fair measure of the influence on
the stock market OF the heavy shipments
of gold to Europe by to-days steamer.
Some of the losses were heavier and some
were less. but it was because they were
1nnuenced by special causes. Bear Senu-
ment pervaded the market quite Seenrally,
but the dealings were most strictly con-
fined to professional trading. Transactions
We're small and uneVenly distributed. only
Sugar was dealt in to amount of 1000
shares, and the total sales were less than
100000 shares. The fluctuations were mar
row and outside interest in the market
was absolutely dead. The condition OF the
market for American securities in London
was equally duh, partly because to-day
is a holiday in that market. The volume
already reached by the gold shipments is
unquestionably u surprise and dlsappoint
ment TO holders of securities. The with
drawals of gold from London for Austria
and Japan Tor some time past had prepared
observers for reflected demand, but 1t
was expected to result in transactions in
the nature of purchases OF golu with qud
pro quo TO cover a premium. The low
price at which sterling demand bills are
selling indicates that some such tranSac-
tions are being made. but the large volume
of the shipments show, also, tnat there
must be d legitimate demand for remit
tances 10 meet adverse exchange growing
out of trade conditions. To-day's shipments
will be "a, 100000, making the total Tor the
week S6,4170 COO. Further shipments of from
$4,000 to 81, 900 are already announced
for next Tuesday. That this has created
a feeling OF uneaslneSS among capitalists Is
obvious from the barometer of the Stock
Exchange yesterday. The heaviest declines
were in the coalers and some of the in
dustrials. New Jersey Central lost IA
LackaWanna rs and Reading common and
Reading second preferred a point each:
Leather preferred and Rubber also suffered
to the extent of Ia, and Tobacco, Rubber
preferred and Western Union declined d
point each In the railway list Northern
Pacific showed the heaviest decline of 112
and the preferred stock came next with
13s. Hooking Valley fell III to 115, the low
est in the record of the stock. Burlington,
Louisville d Nashville, Lake Shore Omaha
and Lake Erie d Western each fell point.
There was a fractional rally at the close,
which made net declines somewhat less
than these figures. Pacific Mail was an ex-
cepGion in the market and displayed sufti-
cient strength in the closing dealings to
establish net gain of a point Standard
Oil sold to-day "a SOC.
The bond market ruled depressed in sym
pathy with the heaviness of the shares
speculation. The losses, however, We're not
material, except in remote cases. Some few
issues were conspicuous for strength, nota-
bly, Norfolk & Western, New River firsts
which advanced per cent. The sales were
$SS2, GOO
Government bonds were active and gen.
orally firm, with sales of SAL 900.
The following table prepared by l.. w. Louis,
Roors IL. Board of Trade, shows the range of
quotations: