The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-03
STOCK MARKET DULL
SPECULATION CONTRACTED IN Ex-
PECTATION OF BOND ISSUE.
Price of the bonds Expected to JUS
tify stin Premium for Gold Local
Markets Firm.

At New York, yesterday money on call
ranged from to 10 per cent; last loan. 4;
closed easy: offered at AS per cent.
Prime mercantile paper, per cent.
Sterling exchange was strong with actual
business in bankers bills at sfs9aLSsA for
demand. and s4s7a4@4.SS for sixty days;
posted rates. s4-ssa4-s9 and s4.so949O1z; COM
mercial bills. s4S.
Bar silver. 6szc; silver certificates. 679
size: Mexican dollars 52aac. At London bar
silver was 30izd per ounce.
Total sales of stocks were 1914 shares,
sncluding the following: American Sugar.
1880: American Tobacco, 500; Atchison,
$500; Burlington. 1900; Chicago Gas, Il, 400;
Distillers. 300: Louisville & Nashville, 5000;
Rock Island, 1900: st. Paul. 1900; Southern
Railroad, $500; Western Union, 1900.
The first business day Of the new year on
the New York Stock Exchange was not es-
pecially conspicuous in any particular. dull
ness excepted In common with all of the
other financial markets the stock specula-
ton was contracted by expectation OF the
new government bond issue and by none
tary condition that allows of the importa-
ton and expectation of gold at the same
time and at a profit on either transaction.
OF course, the import OF gold and the
premium now reported TO be ruling on the
yellow metal are made profitable only on
account Of the forthcoming bond issue. The
bonds. according TO the general impression,
VIII be sold at so low rate as TO abund-
antly Justify the payment OF a stiff premium
for the gold TO be turned into the treas
ury in exchange therefor. The exports of
gold. though profitable at ruling figures,
would be less remunerative. Hence. instead
OF the metal being sent out on exchange
operations. 1t Is imported as a commodity.
This is an anomalous condition of affairs.
In the early dealings the market proved SUI
perior 10 the receipt of disturbing news
from London. denoting a moderate scare
on the part of investors at that center,
owing TO the filibustering raid into the
Transvaal and anxiety as to possible COM
plications TO arise in consequence. The
prices OF American securities were also re-
ported p TO IL per cent lower. In the New
York market. however, prices at the outset
improved lfi2i4 in Tobacco. Northwest. Lake
Shore. Louisville * Nashville, Chicago Gas
and New Jersey Central, and fractions in
the other shares traded in. The dealings
were light. however, and after the first half
hour dissatisfaction over the delay in
launching the government bond issue was
reflected in a sagging tendency of values,
causing the loss of the early improvement.
The volume of business was extremely
light and but little or no news bearing on
values came to hand. except gossip regard
ing the estimated amount of gold on the
way from Europe and the course of the
money market Ii was reported that from
5000 eco to S3,000.0Oo had been consigned. in
the aggregate. TO two firms in this city. but
they would neither confirm nor deny the
statements made. II is understood that a
fairly active business was done in gold at
premiums OF 1q1h per cent Money on call
was active at from 10 10 per cent. The
greater part OF the business was done at
10 per cent. and the closing figure was at
the lowest of. the day. Tit. pressure to sell
late in the day forced many stocks below
Tuesdays final figures, especially i'm the
granger group. Louisville & Nashville and
Western Union werS- particularly heavy,
receding and ia per cent. respectively
The closing was weak, with concessions in
prices general on the day.
The same lack of animation az that noted
In stocks characterized the railway bond
market. but prices were generally well held
The sales were 81 .105, 600.
Government bonds were. firmer. State
bonds were inactive.
The following table. prepared by James e.
Berry. Room is. Board OF Trade shows the
range of quotations.: