The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-19
SMALL TRADE In STOCKS
SUGAR TRUST ACTIVE AND GAS
TRUST SHARES UNSETTLED.
Foreigners Found TO Be Largely In
terested I'm Union Pacific Deal
: Local Trade Active.

At New York, yesterday, money on call
was steady at HOP per cent; last loan, 2
per cent; closed at 115d2 per cent.
Prime mercantile paper, 31k@415 per cent
Sterling exchange was steady, with actual
business in bankers bills at "a. S5Ad4 ssh for
demand and at $4.S2as for sixty days. posted
rates, A.SS15 and s4S61k; commercial bills,
$4S2.
Silver certificates, 571zG59c; bar silver,
b77sc; Mexican dollars, 4515c. At London bar
silver closed dull at 26s4d an ounce
Total sales of stocks were 147,60O shares.
including: Chicago, Burlington & Quincy.
9715; Reading, 315O; Rock Island, 1850;
ST. Paul, $3.50; Peoples Gas, 13,S15; Consol-
idated Gas, $3.50; Sugar, 49, 45O.
The volume of transactions on the New
York Stock Exchange yesterday was even
smaller and changes in prices even less than
Wednesday. Prices of securities have APP
parently come to condition of equilibrium
and speculation, for the time being, is dead
Even the small changes in prices, and VIII CHI
were nearly all gains, were due to the ma
nipulative operations with which the room
traders amused themselves AS these op-
eratons involve the matching of the buying
order with a corresponding selling order
for the purpose of attracting outside buy
of the outside operations is very close to
nothing. Sugar displayed some speculative
strength on account of buying attributed
10 Washington account, and Consolidated
Gas flashed up and down in its customary
meteorie style, jumping at one time six
points and reactlng az. The coalers were
weak on rumors that there were obstacles
IN the way OF the proposed agreement to
restrict the output. Although speculative
buying was SO restricted there continued to
pe evident some good buying OF the very
figh grade bonds whose security is of the
best though with low return of interest.
Iris class OF buying is the natural outcome
OF the easy condition of the money market
and the doubtful outlook for speculation
BOND houses report that there are quite
large offerings of these bonds for foreign
account, the foreign houses being tempted
by the high range of prices Tor them exist
ing In this market. 1t is quite possible that
this class OF selling for foreign account has
much to do with keeping up the rate OF
exchange in face of conditions that would
tend to weaken it in spite OF the tendency
towards ease IN the rates for money IN
London. the trade balance in our favor
Tor three months, including October, Is
nearly $l65, OO0 London has been a
buyer in this market OF loW-priced Specu-
latlve securities during the last lew wee ks,
as 1t was yesterday. Foreign capital is
known to have quite large interest in the
Union Pacific reorganization syndicate, and
payments from abroad in proportion are
due in this market Ihe operation of bor-
rowing money on sterling exchange, which
tends to keep up the rate of exchange, has
apparently ceased. The continued mainte-
nance of the rate of exchange above the
gold import point under these circum-
stances is not easy to understand, but sales
for foreign account of hlgh-grade invest
ment bonds would aid in explaining it.
report from Chicago that there is talk there
of reduction in the rates on bank balances
to 11a per cent. shows that the abundance OF
money extends to the interior. The immi-
nence of the first payment of nearly $l3,-
100000 by the Union Pacific committee to
the government has made no impression
whatever on the New York money market.
The days returns of railroad earnings all
continued markedly favorable, notably in
the case of Southwestern and far Western
railroads and of the soft coal roads. Re-
ports from the West indicated that the
large earnings are due IN no small part to
the west-bound movement of merchandise
showing the activity of general business.
With sales of Sugar deducted, the total of
all stocks for the day barely reached 10V,OOJ
shares.
Bonds were more active in proportion
than stocks, and Improvement was shown
In the high-grade issues. Total sales
81, 100000. United States fives, registered
declined Is bid.
The following table, prepared by l.. w.
Louis, Room IL, Board of Trade, shows the
range of quotations.: