The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-03
MIDSUMMER DULLNESS
WAS THE ONLY FEATURE ON YES
TERDAY'S NEW YORK MARKET.
st. Paul Shares Pass the Burlington
and Are Most Active-Locnl
Markets Holding Firm.

At New York. Friday, money on call
was easy at 1Ad1lz per cent; last loan, ";
closed at IL per cent
Prime mercantile paper. 3Q4 per cent
Sterling exchange was weak with actual
business in bankers bills at $4.S6a4Q487 for
demand and $4S5&l@4S6 for sixty days;
posted rates $4.S61aa4S714 and $4SSQ4SS12;
commercial bills. 1856
Silver certificates 6O4q6O1ac; bar silver.
soc; Mexican dollars. 47c. At London Ebar
silver closed at 27 9-16d per ounce
Total sales of stocks were 1883 shares,
including: American Sugar 25,4OO; Burling-
ton LOO; Chicago Gas, 19,1O0 Louisville
q Nashville, $500; Manhattan. $780, North
west, $500; Pacific Mail, 1920; Reading
$500; Rock Island, 4,O0O St. Paul. 41,2OO
New Jersey Central, 1900.
veritable midsummer dullness settled on
the New York market for securities Friday
and further step was taken toward the
stagnant condition to which the market
has seemed to be coming for two days
past. There was no feature of significance
or Importance during the day, unless the
hypochondriac'S view be adopted, that the
absence of all symptoms must itself be a
symptom Dealings were very much smaller
than on Thursday for many days past
Variations were small and unimporrant
ana no ANIMATION was manifest at any
point in the market. The prospect of only
half a day of trading to-day, followed by
q double holiday, doubtless had its effect
in curtailing opera lions and discouragfng
ventures on new operations But this was
not alone sufficient to account for the mar
kets conspicuous loss of tone and apathetic
condition. The heavy liquidation of Mon
day and Tuesday was undoubtedly an indi-
cation of a widespread conviction that the
upward movement had reached the limits
OF safety for the present and the market
showed even more marked disposition
than Thursdays 20 wait for an adjustment
to the new conditions. The waiting and the
Semi-stagnation were accompanied by quite
the leading stocks. ST. Paul continued the
leader of the market in point of activity
and was firm and strong, comparatively in
spite of selling of the stock for London
account This stock has been gaining on
Burlington all week and yesterday overlook
and passed 1t, closing above it at small
net gain, while Burlington suffered a small
net loss. This was in consequence of the
continuation of the movement on the part
OF dealers to transfer their holdings from
Burlington into St Paul Most of the bust
ness OF the day was done in the first hour
OF trading, as result of orders accumu-
lated over night. The total sales of all
stocks for the day fell below 10000 shares
Four-sevenths of this amount must be
credited to st. Paul, Sugar, Burlington and
chicago Gas. None of the leading stocks
ranged as widely as a point, except Sugar
and the leading industrial stocks and some
OF the coalers. Leather preferred rose a
point on reports Of a plan to refund the
DUTY on mi, hides which are re-exported as
leather. The small net changes are divided
between gains and losses in the prominent
stocks. Rio Grande Western rose a point
and the preferred stock 1h without any
news TO account for it. The bonds of this
company were also active and strong Spir-
its preferred fell off 1A. General market
conditions remain unchanged, though the
addition of dividend and interest disburse-
ments to the already existing surfeit OF
money has not resulted in the stimulus, to
speculation which was hoped for. The mar
row movements in yesterdays market were
TO large extent due to professional man
1pulation, such results being easy of accom-
pllshment in such a restricted market
The bond market developed a fair de-
gree of activity, but values were little
changed, except in a few issues in which
special influences operated. Business was
generally centered in the leading mort
cages, but 1t is worthy of note that no
transactions were registered in Northern
Pacihc thirds, which usually absorbed con-
siderable of the dealings. The aggregate
were steady on light dealings aggregating
The following table, prepared by L. w.
Louis, Room II, Board of Trade shows the
range of quotations: