The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-09
END OF BEAR CAMPAIGN
STOCK MARKET Ar A SPANDSTII4L
AND AN ADVANCE EXPECTED.
Imports of Gold Setting In and the
Bulk Coming from LondOn-LOcaI
Markets Fairly Active.

At New York yesterday money on call
was easy at 215QS per cent; last loan, 81;
closes, 21AQ3 per cent.
Prime mercantile paper, 412q5 per cent.
Sterling exchange firmer, with actual bus
mess in bankers bills at $4S412Q4Si5s for
demand and at SlS21z@4.S224 for sixty days;
posted rates, $4.S9Q4S31z and $4.S5l2; COM
mercial bills, $4.S1.
Silver certificates, 57d57l2c; bar silver,
5Sc; Mexican dollars, 4324c. Silver scored a
rise of Id to q pence in London yesterday
and cents to y cents in New York. Bull
lion dealers are unable to assign any other
cause for the rise than scarcity of supplies.
The Indian demand of late has been quite
heavy. The London price is within II penny
of the price on Sept. 20 which was the
high point of the rally on the news OF the
Bank of England's proposition to hold one
fifth of it's reserve in silver. The steamship
Yucatan, which arrived at New York from
Havana, has a consignment to j. l.. Ward
& Co., in transit to LondCe, of 100 cases of
Mexican dollars and 80 cases of silver bars
to Muller, Schall & Co. Bar silver closed
weak at London at 261zd an ounce.
Total sales of stocks were 252,So0 shares,
including: Atchison, LILO; Atchison pre-
ferred, 7,457; c., b. & O., 12,A5; Louisville
& Nashville, 5240 Manhattan L, 4,510; Mis-
souri, Pacific 5075; New York Central, 1852;
Northern Pacific preferred, 6,SOS; Rock ISL
and, S,445; St. Paul. 1850: Union Pacific,
4,3O0; American Tobacco, 1925; Bay State
Gas, 1850; Chicago Gas, S0,S2O; Sugar, 1880;
Chicago Great Western, $3.50.
The bulls were apparently impressed with
belief that at the opening of the New
York stock market yesterday the beginning
in force of the import movement OF gold
would effect turn in the market and SEND
prices upward again after the long sus-
tanned reaction. Their confidence was dissi-
pated very soon after noon and the mar
ket became almost lifeless. Business was Of
the lightest possible description and fuctua-
tionS were narrow ana unimportant, many
prominent stocks being entirely neglected.
Total sales for the day for all stocks We're
only about 100000 shares The bears nave
apparently come to the end OF their cam
paign and there is no large buying contln-
gent ready to take stocks even at the low
level. The market seems II. iact 70 nave
made Of gold engaged for import footed up
a total of $4350,U00 and OF this amount all
engagement eng Of s.. 500 900 in Paris is the first
from that center in the total movement,
which now foOts up IS, 10000. This is en-
tirely at variance with the prophecies made
by the financial authorities, who have fore
told that London could easily be able to
shift the demand for gold from the United
L
viewed with good equanimity the IncreaS-
ing demand upon its gold reserves. The
Bank of England has gone on expanding Its
loa in face of the continuous drain on its
go and no change was made on Thursday
in lis rate of discount. The open market
discount rate in London has remained about
steady up to yesterday. when it hardened
slightly and the same thing was true in
Paris in response to the gold engagements
The effect in New York. while it was al
most unappreciable on the stock market,
was perceptibls in the money and exchange
market. limo money was distinctly easier
rates being lower at per cent for sixty
days and up to per cent, for four and six
months. Actual rates of sterling exchange
bank statement is expected to show a less
marked contraction OF loarS and smaller
falling off in deposits than has been the
case for two weeks past as q result of the
demand for currency from the interior.
This demand has been less during the week
and the banks have not been at the neceS-
sity of calling in so many loans to protect
their reserves. Dealings in the stock mar
ket were largely confined to the industrial
stocks and to the specialties and the net
changes, though for the most part gains
are small, except in a few cases. Chicago
Gas again absorbed nearly one-third of the
dealings and recovered ia of Thursday s
decline. Consolidated Gas improved points.
General Electric point and Manhattan l.
IL.
Total sales were 81, 500 900. United States old
tours registered advanced IS bid and the
f1ves regular the same.
The following table, prepared by l.. w.
Louis, Room II, Board of Trade, shows the
range of quotations.: