The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-27
STOCK PRICES FELL OFF
EARLY STRENGTH WAS DISSIPATED
LATE IN THE SESSION.
BuIIish News Pretty Thoroughly De-
MED and There Was n Rush to
UnIoad-Local Trade Active.

At New York, yesterday, money on call
was 314q4 per cent. last loan, 3lz per cent.
Prime mercantile paper. 3lzd41e per cent.
Sterling exchange was heavy with actual
business In bankers bills at $4.S7AG4S11z for
demand and at $4sia4s4A for sixty days;
posted rates. s4s5 and s4.S6Iz: commercial
bills, s4s3Q4s3ls
Silver certificates. 6oQ61c; bar silver. 6OAc;
Mexican dollars, 4sc. At London bar silver
closed quiet, at q 11-16d an ounce.
There vas not much change in the char
acter OF the trading in securities yesterday
There a period when the market made
some show Of strength, In sympathy with
an upward movement in group of individ-
ual stocks. but violent slump in American
Mailing was sufficient to put an end to the
rise and wipe out pretty much all of the
previous gain. General Electric rose IL on
the openin z quotation, Pennsylvania showed
signs Of strength early and there was a
conspicuous absorption of Rock Island
which was attributed to the operation of a
pool. Buying from the same source was
supposed to account for the advance of Ia
in Peoples Gas and for the vigorous up
ward movement in the Gould Southwest
stocks The st. Louis Southwestern issues
were the most conspicuous as to activity
the preferred rising IL. Kansas e. Texas
common advanced nearly a point the pre-
ferred about points and Wabash preferred
IA. AT the same time Chicago & Eastern
Illinois jumped points Wall streets ex-
PLANTATION was that the S: Louis South
western was TO be acquired by the Chicago
d Eastern Illinois and the combined prop
critics then absorbed by the Rock Island.
President Edwin Gould authorized a de-
NAL that he contemplated selling his hold
ings in st. Louis Southwestern. Utterances
to the same purport by Rock Island Off
Gals were published. About the Same time
came disclaimers from the Ogden Gas Com
pany interests that they contemplated SELL
ing out to Peoples Gas, and Peoples Gas
lost practically all of it's gain. There was
a violent break of SA in American Mailing
preferred and ga in the common which
completed the unsettling of the market.
Prices drifted away to the lowest of the
day and were not much affected by a squirt
In the late dealings in Lake Erie & West
ern, which rose on the common IL and in
the preferred points. American Car pre-
ferred was also marked up ia. New York
Central was decidedly heavy all day and
lost over point net. st. Paul, Minneapolis
q Sault Ste. Marie common was conspicu-
Gus for rise of IL, and the preferred ad-
vanced a point.
The money market was inclined to firm
ness and there was some calling CT loans,
which necessitated shifting, though no
great difficulty was found in securing ac-
commodation. Much doubt is still felt as to
the extent of the demands which will be
made on New York to move the crops
Discounts in London were further advanced
and the Bank OF England continued to buy
gold in the open market, be sides receiving
consignments from Germany. Sterling ex-
change in New York responded with a frac-
tional decline.
The Southwestern railroad mortgages
showed some strength, in sympathy with
stocks. but otherwise bonds were dull and
rather heavy. Total sales. par value,
s., 625, 000 United States threes, coupon, de-
clfned Il, but the new fours registered ad-
vanced u, and the old tours, registered, "a
in the bid price.
Following is the list of stock sales on
New York Change yesterday, with the clos
ing bids: