The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-08
OVERCOME BY THE HEAT
AND STOCK MARKET u
THROUGH TIE DOLDRUMs.
Only a Few Stocks Showed Life, Due
to- Special Causes-An Increase
I'm Local Grain Receipts.
At New York yesterday money on call

NJ = IOAA SNNA1 AHDS
was easy at Ia per cent.
Prime mercantile paper. i05 per cent
Sterling exchange was caster at $4.SS1s for
demand and $4.S4A for sixty days; posted
rates, $4Sa4S51s and $4.S9; commercial
bills, $4SShG4S3A.
Silver certificates were 6i11d62kc; bar sill
YER. 6l1sc; Mexican dollars, 4S1sc. At Lon
don, silver bars sold at 2Shd an ounce.
The recent disposition TO refrain from
operating in stocks and 10 await a clearer
development of the prospect was rein
forced yesterday by the extreme heat,
which reached a level inducing prostra-
tions on the floor of the exchange. With
the exception of occasional execution of
orders In a few stocks where special causes
were at work, the list was almost wholly
neglected During the early part of the
day some considerable declines were estab-
lished but when the room-traders came TO
close up their contracts the losses were in
large part wiped out. Tn most conspicu-
Gus inaividual movement was in United
States Rubber. which jumped 3B from the
early low point. not long before the close.
Punishment was visited as a result, upon
the short interest. which rushed to cover,
making some show Of animation in stocks.
Northern Pacifc's large increase in earn
ings for the fourth week I'm July brought
realizing. and the grangers were Heavy
on the Weather Bureaus weekly crop re-
port. showing need Of rain in the corn belt.
The steel stocks sagged on the further re-
duction in the price of iron warrants. Some
of the recently inactive stocks showed wide
declines. including Chicago Great Western,
n L. Iii. a 49,. -. N.-.-l -
the local traction stocks. Some of the
early selling was based on the beginning
of the gold export movement. Engagements
amounted to only about $2.50O,O0O whereas
the estimates Monday pointed to s 1000, 600
or upwards. Reports from London We're
that the Bank of England was now giving
special facilities to attract gold from New
York. Otherwise 1t Is not probable that gold
would have gone out at yesterdays figure
fell back a fraction. as a result of
sales of bills against gold exports. 1t is
announced. however. that more gold will
go out Thursday. Yesterdays shipments
are supposed TO have been TO cover the
required deposit of 3 per cent. accompany
ing application for war loans. American
subscriptions are credibly reported to have
exceeded S0.Oo0.000. or the entire amount
of the bonds offered. The allotment by the
British e%xchequer OF e5.0O0.000 of the e1O.-
100000 issue for the United States would
AhS0AN III OlQdcES dDOul
80 per cent. on their applications. Future
payments are required on Aug. 10 OF 20 per
cent, on Sept. Ii OF % per cent, on oct.
10 OF % per cent. and on Nov. 10 Of % per
cent, the bonds being issued at 9S. This
would make IL favorable TO distribute the
remittances over a considerable period, but
there Is also A provision hat the INSTALL
ments may be paid In full on or after Aug.
10 under a discount at the rate of 3 per
cent. No can be obtained as
10 how remittances Will be made, and this
confuses the timat as TO the future
eject on the money market. Gold continues
TO accumulate in New York on payments
by the subtreaSury to the banks on drafts
on account of gold deposited at Pacific
points. The banks have gained from the
suotreasury since Friday s.. 900 on this
account The money market is, therefore.
little affected by the gold exports. The
London money market must make pro-
vision this week not only for 60. 500. 600 for
the deposit with subscriptions TO the nav
war loan, but must provide also a f2, 500. 600
installment on the former. or KHAKI
loan. Whether the Bank OF England can
avoid an increase In its discount rate this
week Is a matter of interested conjecture
In It's influence on the future gold move
ment.
Bonds We're dull and irregular. Total
sales at par value were S625. 600. United
states ives declined 4 In the bid price.
Following are the days share sales and
the closing bid quotations: