The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-10-26
MONETARY OUTLOOK BAD
STERLING EXCHANGE RATE NEARS
THE GOLD EXPORT POINT.
Bank Statement Also Is Expected to
BE UnfavOrabIe-Share Values Re-
net After Much NanipuIation.

NEW YORK, Oct. 25-The bulls had hard
work to sustain the market to-day. and
the efforts TO continue the advance were
frustrated by the realizing encountered.
The coalers continued to move upward this
morning and there was a revival of the bull
movement in st. Paul. but the heavy realiz-
ing which had been in progress during the
week under cover of the new points of
strength had aroused suspicion that the
whole movement was manipulative and de-
signed to unload stock A number of spe-
ciaI weak points added to the difficulties
of the bulls, and the money and exchange
situation showed the necessity for caution
for those depending on call loans. The
whole market turned heavy before the close
and was in that condition at the last The
days net changes were reduced for the
most part TO insignificant proportions. st.
Paul rose at one time points, but its net
gain was only IA. Peoples Gas fell an
extreme 22s on the continued selling in
duced by the franchise tax decision of the
Illinois Supreme Court allowing taxation on
the market valuation. The stock received
inside support and responded to the argu-
ment offered by its supporters that in
creased appralsement would be likely TO
lower the tax rate. The stocks net loss
was only "A. The New York municipal
stocks broke sharply, apparently in SYM
pathy with the Chicago stocks, declines
running from IA 20 33s. Amalgamated Cop
per was rather dull. but ruled below last
nights price, in spite of the firmer mar
ket for raw copper in London. The coalers
had little left to show as gains at the close
of the day. and the changes in the general
list are very irregular.
Another jump in foreign exchange had a
disturbing effect on sentiment, as rates are
now brought to a level near to the gold
export point for Berlin and Paris. EX-
change experts affirm that no loss would
occur on a shipment at to-days rate. 1t
Is obvious also that the requirements of
those canterS are not yet satisfied. The
London discount rate was pulled up to near
the bank rate, which would give OppOrtun-
lty for an advance in the bank rate TO be
effective in restraining the Out-go of gold.
Conditions thus promise additional pressure
on New York The wheat exports for the
week are considerably below those of last
week, thus leSSening the volume of eX-
change, and the cotton movement does not
seem to replenish the supply OF exchange
bills. The preliminary statement of the
cash movement by the banks fOreshadows
weak bank statement tomorrow. In
spite of the payments by the subtreasury
on account of gold deposited at Pacific
coast points amounting to 900 that
institution has taken from the banks a
net balance of $1,64S, 600. The net loss 10
the interior on the direct export movement
is estimated at less than a million, IN
Guiding a shipment of nearly $2,O00,O00 to
Philadelphia on account of the payment by
the POcahontas Coal Company for the Flat
Top Coal company. The change in the loan
item is problematical.
Railroad bonds were less active, in SYM
pathy with stocks, and the speculative
issues were inclined to react. Total sales
at par value were s., 325, 900. United States
fives advanced Il per cent. on the last call.
Following are the days share sales and
the recorded price changes: