The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-06
HEAVY EXPORTS OF GOLD
THEY ARE BOOKED FROM NEW
YORK By TO-DAY's STEAMERS.
Stocks Cover Considerable Range of
Prices, Closing Low-GoOd Condi-
tioas Prevail Locally.

At New York money on cali was steady
at fG6 per cent. last loan, AZ per cent.
Prime mercantile paper. per cent.
Sterling exchange was firm, with actual
business in bankers bills at si.S7Ss for de-
mand and sf.S3@iS3H for sixty days; posted
rates, $LS31zd4.a and siSS15; commercial
bills. S4s1Ea4S21z.
Silver certificates were 5s1k@59lzc; bar sill
yer was soc; Mexican dollars were 47lzc
Bar silver at London was fiat at 81 1-s2d
per ounce.
Prices of New York stocks traversed a
considerable range yesterday. moving for
ward in the early dealing and then pur-
suing retrograde course until Thursday
nights level had been reached. The deduc-
lions TO be drawn are that professional
traders are disinclined to undertake ex-
tensive speculative commitments. The
most effectual influence towards this dis
position is the conviction that the money
markets of the world are not yet in condi-
ton 10 furnish abundant funds for specu-
lation or credit. The incident which point
ed this moral was the unexpected proper
tiols OF the golo engagements for Satur-
days steamer. mounting up to s3,500.000
as compared with preliminary estimates Of
$2.ooo,000. The large engagements Were in
spite OF sagging interest rates in London
and a sharp decline in the discount rate at
Berlin. II is evident, therefore, that the
British government desires abundant use
for large additional funds. and that avail
able gold supplies will be drawn to London
as far possible. Such prospect makes
definitely against the probability CT an
easy money market in New York, in spite
or the replenishment which various fac
tors are now bringing to that center. The
carse of the morning strength in the stock
market was the cessation of the selling
pressure for Berlin account. The absorp-
ton OF New York Central stocks and the
sympathetic effect upon the whole railroad
list continued. The reaction gained force
with the growth I'm volume of the gold en-
gagements, and the bears were disposed to
take advantage of the situation to depress
the industrials, notably the Sugar and
Steel and Iron stocks. Rumors were circu-
lated that new difficulties would be encoun-
tered In effecting the distribution of divi-
dends on the common stocks OF iron and
steel companies. which, IL has been repre-
scented, was soon TO be made. Official dis
Chalmers that any such difficulties were ap-
prehende,- failed to cause any notable re-
covery in the stocks affected. The closing
or the market was, however, firm but very
dull. and net changes, aside from the in
dustrials. were not important. The weeks
regular currency movement by export has
been largely in favor of the banks, the
outgo having fallen TO less than 81, zoo, 900.
so that the weeks gain from that source is
estimated at over $3.0O0.0O0. not counting re-
ceipts by registered mail. which last week
were considerable. In addition, the banks
have gained from the subtreasury 81. $50 900.
But S5,0OOO00 of gold exported last week
must be reckoned. so that loss on accounts
is inquired at $l.500.000 at least Whether
this has been offset by loan contraction is
doubtful, in view of the weeks activity in
the stock market.
Total sales, at par value, were 81 365 900.
United states threes, registered. and the
new tours. advanced Is in the bid price.
Following are the days share sales and
the closing bid prices: