The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-07
STEADY STOCK MARKET
PRICES REMAINED FIRM UNTIL A
FINAL ATTACK by BEARS.
Publication of the Presidents Mes
sage Had Little InfIuence-Lo-
cal Trade Active.

At New York, yesterday, money on call
was easy at 1l5d2 per cent, the last loan
being made at 2 per cent, and closed at
1s4Q2 per cent.
Prime mercantile paper, 3Q4 per cent.
Sterling exchange was weak, with actual
business in bankers bills at ST. S51h0l4 $685. for
demand and at $4.S224 for sixty days; posted
rates. $4.SS1sQ4.A and $4S6lkQ4S7; CONNER
cial bills. S4.S2
Silver certificates. 59k@601kc; bar silver.
6Oc; Mexican dollars, 47Ac. At London bar
silver closed firmer at 27s4d an ounce.
Total sales of stocks were $4,000 shares.
including the following: Chicago. Burling
ton e Quincy, 17,13O; Louisville & Nash
Ville 55S; Manhattan, 23952; Missouri Pa
cific, 1900; New Jersey Central. 14.552;
Northern Pacific. S,247; Northern Pacific
preferred, 11,732; Rock Island, 1882 st.
Paul, 57,535; Union Pacific 8275; Peoples
Gas, H,495; Sugar, 1881; Western Union,
1898; Chicago Great Western, Is, 40.
Although spectators in stocks have
sought to influence prices for several weeks
by surmises on the contents of the Presi-
dents message, the actual publication Of
that document yesterday had little effect on
the market. There was nothing in it that
came as a surprise, almost every point hav-
Prices of stocks had been advanced to some
extent III anticipation of the message and
there was some expectation that its pubiica-
ton would be met by decline caused by
realizing sales but the market held fairly
steady after its publication, until a raid by
the bears in the final hour, which was en-
couraged by the weakness of New Jersey
Central and the coalerS. Union Pacific was
directly afIected by the paragraph devoted
70 1t in the message, and declined nearly
point. Most of the days movement of
prices, however, was due 20 special causes,
and was most marked in the specialtes.
Sugar was the leader in point of activity
and strength, and advanced at time
S1s points. It's strength was caused by the
approaching dividend period and belief in
the advantage arising from the newly APP
piled countervailing duties. Manhattan was
at one time 2lz points above Saturdays close
on belief that the proposed underground
rapid transit plan will be vetoed by the
courts. Rock Island continued to enjoy an
advantage from its newly perfected refund
ing plan, and gave strength to the other
grangers by sympathy. Some of the rail
way statements. of earnings for the fourth
week in November were so favorable as to
lift the prices of their stocks. This was
notably true of Missouri Pacific, which
showed an increase in earnings of $276O00,
and in Louisville, whose gain was nearly
$4,000. Each of these stocks rose a point.
Cleveland, Lorain & Wheeling preferred
moved up 212 points on the increased earn
ings shown for the month, and Southern
Railway preferred rose from the same
cause. The coalers were decidedly weak;
New Jersey Central conspicuously So and
1t was a break of 2& points from the high
est in this stock which encouraged the late
raid by the bears and lowered the level of
prices throughout the market. Pennsylva-
MIA declined Is with no news. The money
market continued notably easy, and IL was
reported that large sums are Offering on
time loans for Chicago and other Western
banks in this market. Notwithstanding the
ease of money and sharp stiitening IN the
discount rate both in London and Berlin,
sterling exchange was weak, posted rates
being reduced 1ac for both long and short
bills and actual business being done at Ac
lower rates for long bills demand and ca
bles in London.
The bond market was active, with the ex-
ception of an interval OF dullness at mid
day and prices advanced without Interrupt
ton Total sales, SIS, 7SJ,O0c. United States
bonds were unchanged in bid price. There
was a sale of the fours coupon at
l2Sst the highest on record.
The following table, prepared by l.. W.
Louis, Room IL, Board of Trade, shows the
range of quotations;