The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-25
HEAVY PROFIT TAKING
RESULTED IN DECLINES THROUGH
OUT THE STOCK LIST.
Banks Losing Money to the Interior
and "A stringency Not ImprOb-
abIe-LOcaI Trade Active.

At New York yesterday money on call was firm
at 1A@2 per cent; last loan, 2 per cent.
Prime mercantile paper, 31kG41. per cent.
Sterling exchange easier with actual busi-
in bankers bills at S4S5A for demand and
s4s31zG4sS% for sixty days; posted rates. $4S4
GAS and s4.s6a commercial bills, s.s2k
Silver certificates, 5sA@5sAc; bar silver. 6OAc;
Mexican dollars, 46isc At London bar silver
closed at q 13-16d an ounce.
Total sales stocks, 512 100 shares including
10Ss0 Atchison preferred. 5.715 Chesapeake &
Ohio, 1870 Chicago, Burlington & Quincy, $500
Chicago Eastern Illinois, 5000 Cleveland. Gin
cinnati. Chicago & St. Louis. 900 Louisville &
Nashville, 4645s Manhattan 4.51O Metropolitan.
$3.50 Missouri Pacific, $4,000 Northern Pacific,
1925 Northern Pacific preferred 15,0 Rock
Island. $50 Union Pacific 43, $50 st. Paul, 1886
Southern preferred. 1000 Texas Pacific, q, $50
Union Pacific preferred, ITO Cotton Oil, $40
Tobacco, 1880 Chicago Great Western, Al lao Peo-
Pies Gas, 1885 Rope and Irvine, 1850 Sugar,
$685. T. c. l., $3.50 Leather preferred and g. 425
Western Union.
There were several quite important elements
of positive strength in the New York stock mar
ket yesterday, but the preponderating influence of
several features and the very heavy profit taking
by large holders of leading stocks nullifed them
The last prices in nearly all cases below
those of Tuesday night. The London market fol-
lowed TUESDAY s New YORK weakness and az
fected the opening this side, causing declines
in some of the internationals. The grangers made
a strong opening in spite of selling for Londo-
account. on account of the high level of earnings
disclosed by st. Paurs statement for the third
week in August. The increased movement of
grain in the Northwest, which has weakened
wheat for the last few days, is probably reflected
in these earnings, which S33, 1858 in of
last year and over $4,000 in excess of the high
level for the corresponding period in 1892. The
grain movement, though augmented is not yet up
to last years level and the large railroad earn
ings due to general traffic resulting from the
more liberal outlay of last years profits by the
people of the West. The sharp advance in the
grangers at the opening. due to buying by
mission houses and bidding up of prices by
traders, resulted in bringing very heavy offers TO
realize. There was change of speculative inter
est from st. Paul and the grangers into of
the lower-priced stocks with dividend prospects.
Northern Pacific was most conspicuous in this
class and absorbed quickly. Union Pacific
sympathzad in a less degree, but the preferred
stocks in neither case were largely taken.
Rumors of an agreement to arbitrate the
with the Canadian Pacific helped to impart
strength to the transcontinental roads There was
a very large demand for Peoples Gas and marked
strength in some individual stocks, but these
not sufficient to offset the persistent profit
taking Manhattan was weak and closed points
below last night.
The New York banks continue to lose money to
the subtreasury on account of bond subscriptions
and there is still difficulty in obtaining the
bonds to security 10 the government for
the deposits of public funds. There is decided
tendency also towards falling off in government
disbursements for war expenses and the interior
demands for money are increasing this week.
fall of Ac in the actual price of sterling exchange
is suggestive of the source from which prompt
relief would for any stringency in money.
curious result of the financial strength of this
country is the strength of Spanish tours to-day.
1t is current talk in Wall street that American
funds going into these bonds in the belief that
the Spanish government will find means to secure
interest on them by pledging of the mineral
wealth of Spain.
There was marked strength in some of the spec
ulative bonds by prices reacting to some extent in
sympathy with the later weakness in stocks
Total sales. $42lO0OO United States twos ad-
vanced l and the threes when issued declined n
in the bid price.
The following table prepared by L. w. Louis
Room II. Board of Trade shows the range of