The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-29
STOCK LIST NEGLECTED
PROFESSIONAL TRADE HAS HARD
WORK TO AROUSE ACTIVITY.
CoaIers Affected by Unsatisfactory
Condition of the Trade = Local
Markets Quiet and Firm.

At New York yesterday money on call
was easy at 11zQ2 per cent; last loan, 2;
closed, 11zQ2 per cent.
Prime mercantile paper, 3s4G41k per cent.
Sterling exchange was steady, with
tual business in bankers bills at &.S5isq
1854 for demand and at $4.S2Aa4S22s for
sixty days; commercial bills, S4-s1q4s11s.
Bar silver, 589sc; Mexican dollars, 45c; sill
yer certificates, 5S1zQ6Oc. At London bar sill
yer closed steady at 2712d an ounce.
Total sales stocks were 257,6OO shares, in
Guiding: Atchison preferred. $500; c., b. &
O., 2O,935; Louisville & Nashville, 100; Mis-
souri, Pacific, $780, New York Central, g.
O6O; Northern Pacific preferred, $751; Read
ing, 400; Rock Island, 6,7Oo ST Paul, 1880;
Union Pacific, 25,S6O Bay State Gas, 800;
Chicago Gas. PHO; Pacific Mail 6S77;
Sugar. 31,144; Tennessee Coal and Iron, 5,707;
Chicago Great Western. 546O.
Yesterdays New York stock market was
exclusively in the hands Of the profession
al traders and contained nothing of signifi-
canoe in its bearing on the general condi-
ton of the country. The market was mac
tive and the movement of prices was slug
gish Trading was almost stagnant at
times. The traders did the best they could
to influence prices by manipulating buying
and selling and by dissemination, as news
or rumors, of their respective hopes and
fears. The only response of any moment
was shown in special cases, with a slight
sentimental effect on the general list, but
the professionals were unable TO induce any
following and in meeting their earlier con-
tracts carried prices back to near the start
Ing point One of the special stocks affected
was Pacific Mail, which declined at one
time 2l4c on account of the decline in earn
Angs shown by its September statement.
The stock recovered to within fraction of
last nights close Sugar, after a SubStan-
tial gain fell 21b points, but also recovered
TO a net decline of a fraction. The coalers
as a group were weak on the unsatisfactory
condition of the trade. Notwithstanding
Tecoverfes near the close their net losses
were a point or over. The grain carrying
roads, on the other hand, displayed firm
ness, which was principally due to roseate
forecasts OF the September earnings of Bur-
Iington, the statement of which is yet to be
published. BY reason of this influence
railroads generally are a. fraction higher,
except some Southern roads and the coal
ers while the industrials and specialties are
generally lower. There was still some dis
position to advance fears of the Cuban
question as motive for the selling. Union
Pacific was less active and was uncertain
In its movement on account of doubts of
just what changes in the plans of the
organization committee are involved in the
advanced bid to the government. The doubt
applies not only to the plan of financing
the new company, but to the ultimate dis
position OF the Kansas division, which the
committee processes itself willing to reln-
quish to the government, so far as the
subsidized portion is concerned. The stock
closed CSC higher.
The arrangements for the payment to the
government and for the governments pay
ment of bonds coming due on JAN ] are
also looked forward to with interest for
their effect on the money market. 1t is be-
lieved that the one will be timed to offset
the other as far as possible, so as not
to take so large an amount of money out
of the market. The sum to be paid to the
government will considerably exceed that to
be paid out on this account but the con-
tinued excess of disbursements over re-
ceipts in the daily operations of the treas
ury will help to make this up. 1t Isl be-
lieved that any marked effect on the cost
of money will thus be avoided. Central of
Georgia second incomes declined rs and the
third incomes a point. Kansas & Texas is
sues were weak. Dealings were not on
large scale. Total sales, 81, 10000 United
States fves were advanced Is bid.
The following table, prepared by L. w.
Louis, Room II, Board of Trade, shows the
range of quotations: