The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-29
SOFT COAL ROADS R
THE DEAL DID NOT EXERT GREAT
INFLUENCE ON THE STOCKS.
Some by Foreigners for Low
Priced American Shares-LocaI
Business Quiet.

At New York yesterday money on call
was nominally 119Q2 per cent; last loan,
ia: closed. offered at 112d1& per cent.
Prime mercantile paper. 3Q4 per cent.
Sterling exchange was firm, with actual
business in bankers bills at A.s7a4s7A for
demand and at s4s5d4.s5h for sixty days;
posted rates, S.S5 and s4.sSl4SS1h; CONNER
cial bills, S4.S4.
Silver certificates. 65hd65Ac; bar silver.
"a l5-1sc; Mexican dollars. 5O7sc. At London
bar silver closed at % 13-16d per ounce.
Total sales OF stocK were 81. SOC shares. in
Guiding the following: American Tobacco,
1900; American Sugar. II. 100: Burlington, T.
300: Columbus, Hooking Valley & Toledo.
5000; Manhattan Consolidated, 500; North
ern Pacific. 1900; ST. Paul, 300; silver GER
tificates. $4,000.
The New York stock market yesterday de-
veloped little feature and there was a de-
cided absence Of news bearing on the gen.
eraI situation aside from the announcement
that an agreement had been arrived at by
the Ohio soft coal roads to be operative for
one year. The news did not exert as much
influence as its Importance would appear to
warrant. owing to the generalization that
has resulted from the savage and long-con-
tinued cutting of rates and prices. Hooking
Valley scored decided Improvement
however. The common rose IA
to 10H. and . the general mort
gage ives IA per cent TO 20. The
other securities of the road were not dealt
in. but substantial advances occurred in
the bid quotations. The general market
sympathized TO a moderate extent. London
prices came higher and foreigners exhibited
a disposition TO purchase small amounts of
low.priced stocks, particularly Northern
Pac1hc common and preferred, which were
stronger and more active than for some
time past The traders appeared inclined
toward the bull side in view of the assumed
fairly la &c proportions of the short inter-
est. which has recently made a strong pIay
against the coal stocks to facilitate covering
purchases in the general list. Satisfaction
was expressed by the bulls over the con-
tinued increases noted in bank clearings
and Improvement in the traffic earnings re-
ported. The declaration of the initial div
idend on Omaha common proved to have
been temporarily discounted as far as the
price OF the company'S securities was con-
cerEed. The anthracite coal stocks were
helped by covering during the greater part
or the day, but sagged fractiOnally toward
the close In sympathy with concessions in
the general list due to realiZationS. The
market vas very dull at intervals. but the
hght aggregate OF transactions were fairly
casional demonstrations were made by the
bears. against the high-pri4ed specialties.
Manhattan doomed into prominence in the
late session and receded is per cent. on
the circulation of rumors, afterwards off,
cialiy denied. of the probability of a large
issue or bonds. The recent acquisition of
the Second-avenue surface line by practical
iy Metropolitan Traction interests was also
advanced as a bear argument. TranSac-
lions In the inactive stocks wepe attended
by some wide fluctuations. particularly in
Long Island, which fell 2 per cent. TO "A.
The grangers and high-priced industrials
moved within a narrow range. Dealings i'm
speculative bonds were on n lighter scale
than usual recently. The exceptions in
Guided Atchison adjustment tours. and
Northern Pacific general threes. The last
mentioned securities were taken largely for
foreign account ar improved prices. The
market closed heavy at unimportant frac-
tiOnal net changes.
The bond market displayed aggressive
strength. especially in the gilt-edged issues.
The movement was well distributed and ad-
vances were scored ranging from l to H.
per cent
Government bonds were quiet but strong
in tone on sales of $30,000
Tho following table, prepared by l.. w. Louis.
Room Ill Board of Trade, shows the range of
quotations: