The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-10
WAR LOAN SPECULATION
1T IS EXCITING MUCH INTEREST IN
THE STOCK MARKET.
No More Gold Exports This Week
Il. Very Dull In the street.
Local Business Moves slowly.
AT New YORK yesterday money on cam

At New York yesterday money on call
was easy at 11iA per cent.
Prime mercantile paper, 4Q5 per cent.
Sterling exchange was easier at SASS for
demand and s4-s4A for sixty days; posted
rates, $.S5a4.S5k and slS9; commercial
bills. A.S3kG44.
Silver certificates were 611z@621sc; bar sill
yer. Gle: Mexican dollars. 4SAc. AT London
silver bars sold at IS 1-16d an ounce.
Quotations were hardly more than NOM
inal In the stock markets yesterday There
was not a single feature Of striking in
terest In the days trading and the aggre-
gate number OF shares sold fell below a
HUNDRED thousand shares for the first time
I'm several years in a full trading day.
There was a disposition TO disregard the
weakness reflected from London. in spite
OF the fact that sales for London account
ran up TO $4,000 shares, which Is a large
total compared with the recent average,
nut the declines which resulted here were
hardly more than momentary. The vari-
alton during the latter part OF the day
was scarcely appreciable In most of the
stocks traded in and the average level OF
prices show an insignificant change to-
day. 1t was noticeable, however, that In
any individual stock In which a large order
was executed the resulting price movement
was wide. This was true OF either a SELL
ing order or a buying. Chicago q North
western, for which there was a buying
order for several thousand shares. was a
conspicuous m running up nearly
four points. A number of lately dormant
stocks ran off sharply on selling orders.
Buffalo, Rochester x PittSburg rose four
points on q single transaction. Realizing
I'm Rubber cost that stock two points. The
decision reported by the syndicate which
underworld the American allotment of the
new British exchequer bonds not to ship
gold or Saturday caused some surprise
I'm view of the obvious fact that the Bank
OF England based it's maintenance of its
t;on discount CUNT rate rscs ON the expe s61d
from the United States. The decline in
sterling exchange, which fell back to S4SS
for demand however. took away the profit
on exports. The fact that loans have been
repaid to the Bank of England 10 the ex-
tent OF 81 rs, 900 indicates that the bank has
been asking a higher rate than its official
minimum. which continues below the open
market rate. IL transpires that a part of
the consideration for the allotment of more
than half the eXchequer bond issue to
Anglo-American houses was an agreement
that the payment should be made in gold
to the extent OF 500 00.0 600, and il is said
-tfat the Bank of England allows nine days
interest at 3 per cent. on these shipments.
The bank. in addition. raised its price for
American eagles yesterday a full penny an
ounce to rs shillings 5 pence. This action
may be prompted by the renewed competi-
ton for gold by Paris. which came as a
surprise TO the money market. This sur
prise was increased by the strong return
from the Bank OF France for the week.
That institution has gained 1850. 600 in
gold during the week. and has reduced its
outstanding loans over s33. 000 Its note
Circulation has also decreased some s15,-
oO,eW- That France under these circum-
stances should still be seeking gold is a
measure OF the preparation thought to be
necessary for the coming war loan. As to
our own money market. the payment by
the banks to the subtreasury for the gold
bars exported has wiped out their earlier
gains from that institution and established
a loss OF S2.Ss5.OO0. The interior currency
movement, however, continues largely in
favor OF New York. and with speculation
practically stagnant call money fell yes
terday TO l per cent.
There was nothing of Importance I'm the
bond market Total sales at par value
we're $4,000. United States fours declined
= in the bid price.
Following are the days share sales and
the closing bid quotations: