The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-31
STOCK MARKET QUIET
TIGHT MONEY RATES STILL SERVE
TO DEPREss SHARES.
Bankers Attribute strength in Money
Market to Investment Demand
Local Business Quiet.

At New York yesterday money on call
was firm at 31zq4 per cent: last loan,
per cent; closed, 21sQ3 per cent.
Prime mercantile paper, S1z94 per cent.
Sterling exchange was strong, with actual
business in bankers bills at $4.S4%@4.S5 for
demand and at $4.S2d4.S2A for sixty days;
posted rates, $4S214Q4.SS and S4S515Q4.S6;
commercial bills, A.S1.
Silver certificates, 571zGFs1zc; bar silver,
57ssc; Mexican dollars. 4sAc. At London
bar silver closed at 26szd an ounce.
Total sales of stocks, 162,4OO shares, in
GLIDING: Atchison preferred, 1855; Manhat-
tan, 1850; Metropolitan Street-railway,
1903; Northern Pacific preferred, ABS; st.
Paul 1900; American Tobacco, 1890; Chi
cago Great Western, $3.50; Peoples Gas,
192S1; Consolidated Gas, 3,741; Sugar, H.
9s5.
Yesterdays New York stock market was
remarkably narrow and irregular, the high
ly speculative securities absorbing practi-
caify the whole of limited dealings, in which
no one but professional room traders took
any part. There was no reflection of any
news in the course of prices There was
an evidence of large realizing in some of the
securities of New York corporations, which
have recently been advanced by the buying
of a combination Of interests. But the de-
cline thus effected in the stocks Invited buy
ing again and restored the earlier losses,
in some cases carrying them above the pre-
vious level. Metropolitan Street-railway
was the most conspicuous in this group,
moving over a range of points. Manhat-
tan moved less extensively in sympathy.
Consolidated Gas fell points on the adj
mitted failure of the attempted New York
gas combination but covering of shorts
brought it back to Wednesday nights close.
The other specialties moved with equal ir-
regularity and the changes on the day are
small Pennsylvania enjoyed the benefit of
current reports of heavy earnings of that
company and touched lis, but reacted on
proft-taking OF stocks not usually active,
Mobile & Ohio and Buffalo, Rochester Il
Pittsburg came into prominence by reason
Of advances of about points each. Other
wise changes were unimportant. A feature
of the day in Wall street was the vigorous
strength of the foreign exchange market,
actual rates for sterling advancing % to "
all around over Wednesdays quotations.
There is still some demand to satisfy for
remittances TO Europe in payment of divi-
dends and interest on American securities
held abroad. coming due at the first of the
year. Exchange bankers attribute the
strength of the market to an Investment de-
based on prospects of cheaper local rates
for money A fall in the local rates for
money would lead to q renewal of the lend
ing of credits abroad. Nevertheless there
was no evidence of softening in the money
market, no loans being reported at less than
S1a per cent; and others being made az
at the clearing house again to the extent
Of over $1,0O0O0O, and the repletion OF the
money market from that quarter is expect
ed to continue until after the end of the
year.
Kessler & Co. and Henderson & CO., of
New York offer for subscription at 105 and
interest 81 100000 6-per-cent first mortgage
gold bonds of the Central Union Telephone
Company, part of an authorized issue of
50. 600, due July ], 1916, with option of
payment by the, company after Jan. l. 1906
at los and interest. The company holds Ii
censes for all the instruments and appara-
tus owned or controlled by the American
Bell Telephone Company in Ohio, Indiana
and Illinois, and is operated under the pol
icy of the American Bell Telephone Com
pany, which owns more than hall the capt.
tai stock of the Central Union Telephone
Company. and also large part of its
bonds. A statement of accountants accom-
paaying the announcement of the bankers
says that the net earnings of the company
for the five years ending Dec 81, 1885, were
$S06,7S4 per year. The net earnings for 1897
partly estimated, were $340,787, or more than
double the amount necessary to meet the
total interest charge.
Transactions in bonds were not on a large
. scale, but prices were firmly held. Total
sales. 81, $500 United States seconds rose
Y bid, the fives (coupon IS, and the new
fours u.
The following table, prepared by L. w.
Louis. Room II, Board of Trade, shows the
range of uuotatfonS.