The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-21
STOCKS TOOK A TUMBLE
SPASMODIC AND VAIN EFFORT To
MAINTAIN AN ADVANCE.
Conditions in Money Market Dominate
Situation ON 'Change-LOcal
Trade More Quiet.

AT New York, yesterday, money on call
was firm at 21294 per cent; last loan, per
cent closing at 212Q3 per cent
Prime mercantile paper, 31aGI41a per cent
Sterling exchange was easier, with actual
business in bankers bills at $4S47s@4S5 for
demand and at $4Sl7sQ4S21s for sixty days;
posted rates, $4,000. S31s and $4S6@4 S61a;
commercial bills, $4.Sl15
Silver certificates, 561a@57s4; bar silver
52l9c; Mexican dollars, 451ac. At London bar
silver closed firm at 2614d per ounce.
Total sales of stocks, 273, 400 shares, includ-
ing: Atchison preferred, 3S75; Chicago, Bur-
lington & Quincy, 2O,292 Louisville & Nash
Vile, $685.; Manhattan. 1850; Metropolitan
Street-railway, 3,100; New Jersey Central
1887; Northern Pacific, 1920; Northern Pa
cifc preferred, 16.491; Ontario & Western,
S,76O; Reading, O,4OO; Rock Island, 1875; ST.
Paul, 1926; Union Pacific, 1910; Chicago
Great Western, 9,O51; Peoples Gas, 1850;
Sugar, Al, Jos.
After few spasmod!c efforts to continue
the rise of Saturday, yesterdays stock mar
ket fell back into a decline and failed to re-
cuperate. The aggressive strength of some
of the specialties at the opening served to
sustain the market for time and to give it
an appearance of strength, but realizing
sales in the general list went hand in hand
with the manipulation for rise in special
ties and even the stocks which had shown
wide gains lost practically all after the
large operators had taken their profits in
the general list. The coalers were strong
as group on account of the growing belief
in an agreement to restrict production and
10 Keep up prices. They were also helped
0y the cold weather and the consequent in
creased demand for the product. New Jersey
central was at one time points higher and
I OF mr. fnV1r rod TO-,
crossed l40 during the day. Manipulation of
the PitJSburg, cincinnati, Chicago & ST.
Louis stocks advanced the common 31a and
the preferred 212. Consolidated Gas was also
points higher at one time. None of these
gains was entirely held and some of them
were practically wiped out. Union Pacific
was another stock that enjoyed period of
strength in the late DEALINGS, but it also re-
acted. Kansas City, Pittsburg & Gulf, which
Is not usually very conspicuous, attracted
attention by sudden break Of something
over points and as sudden a recovery of
Almost all the decline. The firSt-mortgage
bonds of the company reflected the weakness
o. the stock, though not to as marked de-
gree. There was no news to account for
the action of the stock. The contradiction
or saturday mornings report of withdrawal
OF gold from the Bank Of England for ship
ment TO New York had much to do with the
termination of the rally which set in Sat
urday. The conditions in the money market
continued to dominate the situation in the
stock market, and the Stiffening of the rates
Tor SaH leans to 4M5 per cent. in the late
tracing yesterday checked the hopes of those
SpeculdtOTS VINO tnought they saw an as
su1drcC of continued ease in money by i'm
ports OF specie. No doubt is felt that the
large trade belance in our favor is a suf
f'Cient security against any real stringency
II mercy at New York, but it is not believed
tina, i TCr cent. rate for call money will
result in movement of specie, in view of
the existing high rate for money in London
ana in the European centerS. There is not
much prospect of easier money until after
the first of the year, and until that time
halt in speculative activity in securities
is felt to be probable. In what is known as
the outside market Standard Oil liquidating
certificates were active and strong thereby
and sold as high as 34Sl5.
The bond market was not as active as of
late, but prices held firm, with the excep-
ton OF some of the speculative bonds. Total
sales $1,500,0CO. United States tours, both
OF 1925 and of 1907. were "A lower bid to-day.
The following table, prepared by l.. w.
Louis, Room II, Board of Trade, shows the
Tanaa M nllnt tinlls.