The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-21
SWIFT STOCK BIDDING
VIOLENT FLUCTUATIONS ON CHANGE,
WITH THE CLOSE STEADY.
stool Exchange Passing Through a
Fever of Speculation That
Frightens the Timid.


was firm at 6Q7 per cent; last loan. 6 per
cent.
Prime mercantile paper. 4Ad5h per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4.s5hq4.s5A
for demand and at A.s2d4s2A for sixty
days: posted rates. s+s3d4.s3A and s4-S61s
Q4.S7; commercial bills, A.S1A.
Silver certificates. 59G59%c; bar silver,
So 13-16c; Mexican dollars, 47c.
Yesterday was a day of violent 1uctua-
lions and great speculative excitement on
the New York Stock Exchange. The move
ment Of prices was so feverish and uncer-
tain that the disposition among professional
operators was generally to close I'D &C
counts with the day. AS a consequence net
changes were astonishingly small, consid-
ering the wide vibration during the day.
In only a few instances do they exceed
fractions. and. though the majority Of
stocks is lower, there is a fair sprinkling
of gains. There was a ime in the morn
ing when a long list of specialties had adj
vanced between 1s and 8 points, and during
the afternoon they fell very generally to as
much below Tuesday nights level. A range
Of between 3 and s points was traversed
during the day by the following industrial
stocks: Continental Tobacco, Smelling pre-
ferred, Colorado Fuel, Consolidated Gas,
Federal Steel, Manhattan. Peoples Gas.
Tobacco, Metropolitan Street-railway, Ten
nessee Coal and Brooklyn Transit. The
railroad stocks did not move nearly SO wide
ly, as a rule, but al extreme range Of be-
tween Us and Az was traversed by st. Paul.
Rock Island, Burlington, Northwestern,
Great Western preferred "a" Chicago &
Eastern Illinois, st. Paul & Duluth, Great
Northern preferred. Reading first preferred
and L~ackawanna. The index of the market
all day was Brooklyn Transit, the dealings
In which were on an enormous scale. With
a total capitalization of 430, 600 shares, to-
days dealings In this stock footed up 2S5. 175
shares. 1t advanced "a after the opening,
fell "a to a new low level. at 75la. and then
retraced its course, rising 8 points. to S31a,
and closing at the high level of the MORN
ing. The whole market followed in it's
fluctuations were impossible to follow at all
times. The market was a gigantic specula-
down the gains which had been built up in
the morning with apparently little effort,
fbs d deci,nss fr some h 0eTy he ANY offerings had Hs;r on
hoped that the fall in prices had come to
an end. There was large selling through
commission houses, and the flood of indus
trials poured on the market was said to be
due to the calling of some large loans in
which these stocks figured as collaterals
and had to be sold to liquidate. United
otat1o LAAAAA LtS OlN oA Os
sold yesterday at "a, after first selling at
%, an extreme decline of 80 points. The
preferred stock. after selling Tuesday at
80. sold yesterday at 80. a decline of %
points. The closing prices for these stocks
were. for the common, 20dS, and for the
preferred 40G50.
There was no important development in
the money situation. The rise in New York
exchange at Chicago and the advance in
the call loans at some other Eastern cities
indicate that the Western demand for
money has been shifted to some extent
from New York to the other Eastern cities.
Considerable sums of Chicago money are
reported TO have been loaned in New York
during the week. The outgo, however, still
continues. both to the interior and to the
subtroasury. Foreign exchange was some-
what easier, more notably so on Paris and
Berlin than on London. At this time last
year, when New York surplus reserves had
fallen below S., 600. 900, gold began promptly
to come in from Europe. Previous to Sep
TENDER, last year. we had already imported
over sl00. 900, 900 of gold on balance, while
thus far this year the excess of exports OF
gold has been nearly $500. 1000. Although
the excess Of merchandise exports for eight
months of this year Is nearly SIS, 900. 900 less
| than last year. the unliquidated trade bal
ance In our favor thus far this year is
therefore s29, O00. 900 greater than for the
same period last year. Sterling exchange
is still Y cent on the pound above the level
at which gold imports began last year.
Bond weakened. in sympathy, but the
| movement was not wide. Total sales. par
| value, sl,512.O00 United States bonds were
! unchanged in bid quotations.
Following is a list of the stock sales,
with closing bids: -