The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-15
GOLD IMPORTS AGAIN
SPECTATORS NOT so FEARFUL OF A
TIGHT MONEY MARKET.
Depression I'm Stocks Promises to Be
Relieved in the Near Future-Lo-
cal Trade Fairly Active.

At New York yesterday money on call was firm
at 21zG4ls per cent; last loan, per cent.
Prime mercantile paper 4Q5 per cent.
Sterling exchange weak. with actual bust
in bankers bills at $4.S404. S44 for demand
and at A.s2k@4s2h for sixty days; posted rates
at $4sS@4SS1z and $4.S5@4.S51z commercial bills,
s4S1@4S1k
Silver certificates. eoAGS1c; bar silver sOIzc;
Mexican dollars. 47c At London bar silver closed
quiet at Esd an ounce.
Total sales of stocks 4Os 100 shares. including
$3.50 Atchson preferred, 1854 Chicago. Burling-
ton & Quincy, $3.50 Louisville & Nashville, 7.2OS
Manhattan 1882 Metropolitan, $40 Missouri
Pacific, SO0S New York Central. 80 $50 Northern
Pacific, 11,s59 Rock Island. ~, 800 Union Pacific.
3S,245 st. Paul. $685. Southern, 5000 Southern
preferred, 5,60S Union Pacific preferred, 10. 600
Minnesota Iron, 3,27S international Paper Com
pany, GAPS Cotton OIL 80 S2S Tobacco $3.50 Chi
cago Great Western, 1860 Peoples Gas, 3,34O
Steel, S74sS Sugar. 4,S05 Tennessee Coal and Iron
and 3415 Rubber.
The unsettled tone Of the speculative mind over
the money market outlook relieved yesterday
by the announcement of further gold imports.
Actual engagements were announced at 81, 600
and rumors rife in New York of very heavy
additional sums which are to come this week.
Rates for call loans the Exchange broke
sharply to 2h per cent. from high point in the
morning small transactions of AZ per cent.
very heavy buying movement developed which
in large part from professional traders who
had gone short of the market on a conviction
that money rates would hold firm for time and
that call money would be subject to occasional
flurries from the calling of loans that would
shake out large lqridations of stocks. The
course of the exchange market gave warning
early in the day that relief was at hand for the
money market in the form of gold imports Post
ed rates were marked down 14c and actual rates
fell Nc the price for demand sterling reaching
s4.S4 which is easily within the gold import
point.
The market during the earlier part of the day
was largely confined to the specialties. Sugar,
Tobacco and the constituent companies of the
new Federal Steel Company all markedly
weak. The railroads rallied early in the day, but
were weakened by the decline in the specialties.
They offered strong resistance to the decline.
however, and advanced easily and quickly all
through the list after midday. The local trac-
ton stocks, including Brooklyn Rapid Transit
Manhattan and Metropolitan Street Railway,
were also strong. The industrial speciaties re-
covered nearly all their losses in the afternoon
on covering of shorts. Sugar was an exception
This stock opened off 2h per cent, allowing for
the per cent. dividend There a time dur
ing the period of the general strength in the mar
ket when the stock advanced per cent, but in
the late dealings it fell extreme IA per cent
There was very urgent support at and below
127 and the bears desisted from their attack
This gave time for the general market to rally
again to about the best, the closing being active
and firm at net gains reaching point over in
many stocks. The grangers and Pacihcs were
conspicuous in the railroad list. The effect of the
easier market in large part sentimental, as
the stock market depression has been due to
Dprehenson Of future stringency rather than to
actual present conditions. The conviction had
gained force for several days that the scarcity of
money is apparent rather than real and the fact
that the payments on the government loan are
almost completed gives assurance of early relief
from the drain that account. The government
disbursement in the form of expenditures and
the distribution of the new bonds are certain
to result in plentiful supply of money at
early day.
There a growth of demand for bonds and
prices rallied in sympathy with stocks in the
latter part of the day Total sales, $780, O00
United States threes, when issued advanced u
in the bid price. There large transactions
in the threes at 1855 to 1865, the latter being
the last price.
The following table, prepared by l.. w. Louis
Room II. Board of Trade shows the range of
quotations.