The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-17
STOCK MARKET QUIET
A~RDENING of CALL MONEY TAKES
LIFE OUT OF SPECULATION.
january Disbursements of Dividends
VIII Tend to Increase Stringency
Local Trade Active.

At New York yesterday money on call
was easier at 1908 per cent; last loan at
2; closed offered at IA per cent.
Prime mercantile paper, S64 per cent
Sterling exchange was weak, with actual
business in bankers bills at $4S47s@4S5 for
demand and $4.S21z for sixty days; posted
rates, $4.S3q4S4 and s4s6@4.S7; commercial
bills, SASH.
Silver certificates, 56a4 a57%c; bar silver,
55s4c; Mexican dollars, 45Ac. AT London bar
silver closed weak at 26l4d an ounce
Total sales of stocks 332. 500 shares, in
GLIDING: Atchison preferred, 1850; c., B. &
O.. 1871; Louisville e. Nashville, 641O:
Manhattan. 22,s1O; Missouri Pacific 1855;
New Jersey Central. 95,12O; Northern Pa
cific, $3.50; Northern Pacific preferred, 2O21S;
Reading, 1907; Rock Island, 9425; st. Paul,
26,140; Southern Railway preferred, 4,577;
American Tobacco, 4,57; Chicago Great
Western, 1880; People S Gas, 10, 1855; Consoli
dated Gas, $3.50; Sugar, 50547.
The hardening of the rate for call money
has taken the heart out of speculation in
securities for the time being. The rate for
call money held firm at per cent. all day
yesterday until near the close of the stock
market, when there were transactions at
per cent. with offerings at IA. The Union
Pacific reorganization committee paid into
the subtreasury $8.5O0,O00 in cash. the credit
balance of that institution at the clearing
house being $7,677, 739. 1t is the general be-
lief in banking circles that call money will
not go below per cent. before the end of
the year and may rule higher. The accumu-
lation of funds in anticipation of January
disbursements of dividends and interest will
make further demand on the money mar
ket Bankers deprecate the idea that there
is any stringency of money in prospect in
view of the fact that the government will
redeem the currency skies to the amount of
over $29, 600 600 on Dec "A before the next
1nstallment is due on the Union Pacific pay
ment Rates for time money for the short
er periods were marked up as we'll as those
for call money, the quotations being 315d4
Per cent. Tor sixty and ninety days. AL
onougn tnere rs sun some movement of
currency TO points in the South and West,
the stifening of the money rate here was
rejected in rise in the rates of domestic
exchange on New York at interior points
The les for sterling exchange also re-
sponded sharply, posted rates falling a half
cent and actual rates IS of a cent. This was
a very clear indication of the resources at
command, both in the large credits abroad
and in the abundance of money in the in
terror, deposits being reported to be of I'm
pTecedented volume and prices of gilt-edged
securities for investment at the highest
level Known Both deposits and loans of
new YORK clearing house banks are at high
water mark the former amounting on Sat
urday to S6Io l69 900 and the latter $607 725 3OO
Ihe loans include less amount of time
have rather light holdings of commercial
paper. The proportion of money in call
loans is the largest on record. The calling
of some of these loans has apparently put
some stock exchange operators to incon-
venience, but there is not yet apparent any
very strenuous demand for money. 1t is the
opinion of Wall street that large operators
about completed the taking of profits on
"Wednesday and are ready for a decline.
There were some further evidences of liu-
uidation and little evidence of support out
side the coalers and one or two of the spe-
cialties. The net gain in coalers was 3A and
other members of the group also show
sharp gains. Prices of many stocks rose at
one time above Wednesdays closing level,
but all weakened before the close The ex-
IRENE declines in great many cases were
point or over and in some cases net losses
exceed a point. Sugar was the principal
center of depression and closed 1as lower.
Selling for London account helped on the
reaction. Cleveland, c., C. & st. Louis loses
1A per cent.
The bond market was fairly active and
was a trifie easier on the late dealings
Total sales $2,S5O,OO0. United States new
tours are II lower bid
The following table, prepared by L. w.
Louis, Room II, Board of Trade, shows the
range of quotations: