The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-20
a DULL STOCK MARKET
DIyIDEND-PAYING STOCKS, HOW
EVER. IN DEMAND By INVESTORS.
Business on New York Change Light
Markets Wore Active.

At New York yesterday money on can
was easy at 2izG3 per cent; last loan, 2l2
closed, 2iz03.
Prime mercantile paper, sac per cent
Sterling exchange was strong, with ac-
tual business in bankers bills at s4-S5&q
4ss for demand and $i.s2AQ4.s212 for sixty
days: posted rates 81. s21a64.SS1s and sl.S69
4s7: commercial bills AS1.
Bar silver. s5c; silver certificates. eEAQ
CSC: Mexican dollars. 5O7sc. AT London
bar silver closed at % 15-16d per ounce.
Total sales of stocks were 1851 shares.
including the following: American Sugar,
4OlOe; Burlington. 800; Chicago Gas, 1900;
General Electric, 1900; Manhattan. $500;
Pacific Mail. 500: Reading. 2O.6OO; Rock
Island. 1000; St. Paul, 1860; Tennessee
Coal and Iron. 1880; Wheeling Sc Lake
Erie. 300; Southern railroad preferred. 81
GOO: silver certificates. $4,000.
The New York stock market is dull and
moves. generally speaking. within a mar
row range, owing TO the fact that holders
of securities will not sell to any appre-
ciable extent, although nearly all of the
professionals are ranged on the bear side.
Transfers of the dividend-paying stocks
show a large and steady movement into
the hands or investors, and representative
Investment bond houses report that the
largest over-the-country inquiry for small
lots Of bonds. including governments, rail-
way and prime municipal issues. that fas
ruled within a year: lndividuaLs' corpora-
lions and trust companies are in the mar
ket for large and small lots OF bonds and
the supply of frst-class material is light
Leading bankers say that ii is now diff
cult TO put out short-time money at even
per cent. while the market is bare of
prime mercantile paper in the face of n
brisk demand. These facts explain The in
different success obtained by the bears re-
Gently in their efforts to shake out long
stock in cases where there IS no specific
unfavorable news Business yesterday
light and was practically confined to four
stocks, the dealings rejecting almost en-
tirely professional operations. The market
was strong in tone in the early session a. nd
noteworthy gains were scored in the :pe-
cialties. The shorts covered freely al
up about a half cent and i'm some instances
posted flgureS as Well. The strength Of
exchange was attributed to the increased
tated by the easier monetary conditions i'm
New York. There was also some d1sar-
DSintment in bear circles over the nonful-
fliment OF the predictions Of an advance
yesterday In the Bank of England rate
of discount The grangers and other lead
ing railway shares made substantial gains
and the speculative temper showed decid-
edly more cheerful sentiment. Good buy
ing in Leather preferred, which carried
that stock up TO 50. was attended by re-
ports from apparently well informed quar-
tiers that the company had cleaned up the
balance of the $3.000000 loan. Lead COM
g.
quest, but advanced 1aI11 per cent re-
spectively, in expectation of the declara-
ton of the regular quarterly dividend en-
the preferred stock The usual rurncrs of
a possible distribution on the common
shares were also current Later The pre-
fsrred lost 1 per cent. of the Improve
ment and the common receded to rs bid
at the close. Foreign houses were mcder-
ate buyers of the international shares Lut
without marked influence upon prices. Bay
State Gas was a notable exception to the
general trend of values, falling per cent
on liquidation sales. Metropolitan Traction
worked 3 per cent lower liquidation
and Is now ruling at about the figure that
obtained previous to the declaration of the
scrip dividend The market in the late
tradings lacked important features until
the final hour. when Il determined bear
drive forced Sugar down rs and other
stocks We're offered freely. particularly
American Spirits. Tennessee Coal and Pa
cihc Mail and Southern Railway preferred
towards the close covering purchases i'm
parted steadier tone to the market The
net changes were unimportant.
The bond market was fairly active, with
an advancing tendency which was most
pronounced i'm the inactive issues Toledo
St Louis * Kansas City first trust receipts
were conspicuous by a break of per cent.
TO %. and Brooklyn elevated seconds 6ib
10 ~. The sales were 81 .,2S 900. PRINCIPAL
gains were in Ohio Southern trust re-
firsts. 2t2: Ann Arbor firsts Louisville 4
New Albany fives. and Peoria Decatur e.
Evansville firsts, 2: Reading first incomes
IL. and seconds and Rio Grande Western
Government bonds were firm and notably
higher for the currency issues. The sales
were s02 Co., Silver certificates were dull
out trifie hrmer on purchases of $4,000
The following table. prepared by l.. w Louis
quotations: