The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-22
STOCK PRICES SAGGED
DULL MARKET ACCOMPANIED THE
DECLINE IN MONEY RATES.
Some of the Few Active Shares Fell
on and Failed to RecOver-LOcaI
Business More Quiet.

At New York yesterday money on call
was easier at ia per cent; last loan, l
per cent: closed, offered at i per cent.
Prime mercantile paper, 312Q412 per cent.
Sterling exchange was weak, with actual
business in bankers bills at $4.S43sQ4.S4A
for demand and a.s1$4G4.S2 for sixty days;
posted rates, $4S304S31a and $4.S6Q4S6l1;
commercial bills, $4.s1a4S115.
Silver certificates, 569sG51Ac; bar silver,
565sc; Mexican dollars, 455sc. At London
bar silver closed firm at 26 7-16d per ounce.
Total sales of stocks to-day, 167,500 shares,
including: Chicago, Burlington & Quincy,
IA, LAS; Louisville & Nashville, 5000; Man
haitian $3.50; Metropolitan Traction, 1852;
New Jersey Central, S,579; Northern Pa
cific 5,210; Northern Pacific preferred, H.
$50; Reading, $780, Rock Island, 3,74l; St.
Paul, 1920; Chicago Great Western, $3.50;
Sugar, $1,000.
Business IN securities was for the most
part intensely dull on New York Change
yesterday, and prices sagged from mani
nation. The most notable movement in the
railroad list was frat in Northern Pacific
preferred, which fell away point on large
realizing sales, induced by the payment of
the dividend of 1 per cent, which was
taken off the price to-day. Quotations from
London and from the German Bourse,
where this stock is a speculative favorite,
showed that the realizing movement was
in force there, also, and there were sales
of the stock on this market for foreign ac-
count. The statement of earnings for the
second week in December also encouraged
the sellers with it's increase of less than
$4,000 over the corresponding week in last
year, as compared with an increase OF over
.O0O in other recent weeks. The stock
rallied a fraction before the close. The fall
ure of the directors of the New YORK
Central to increase the dividend above the
quarterly rate of 1 per cent. caused dis
appointment to holders of that stock. The
statement for the last quarter was also
considered Disappointing, the gross earn
last year and failing off over 5000. 600 below
those of the corresponding period III 1872
London was moderate seller IN the New
York market of all the international stock
The coalerS showed tendency TO react
on traders realizing, and New York Central
was one time llS below Monaay nlgh Is
final price was only fractionally below Mon
days close. Sugar and Manhattan moved
in a rather erratic manner, but were weak.
Metropolitan Street Railway, on the other
hand, was strong, on talk of a compromise
agreement with its principal competitor.
The declaration of a semi-annual dlVldend
of 2I5 per cent. on the first preferred stock
of ST. Joe q Grand Island lifted its price
over per cent and aroused a demand Tor
other securities of that company. The tone
of the money market continued unsettled.
Loans were reported during the DAY as
high as per cent, but just at the close OF
the market there were some offered down
to / per cent, and the actual transaction
was reported at that figure. This sudden
weakening of call money had no influence
on the prices of stocks, which We're weak
and declining at the close, Sterling ex-
change also responded to the stiffness IN
the money market with decline OF "a IN
the actual rate for demand bills and
4 in the price of cables on London and OF
sfxty-day bills. There also was a signih-
can't fan in the price of government bonds
the new fours and the flves falling II in
the bid price. The market was exceed
inelv narrow throughout the day. and
many usually active stocks did not move
at all.
The bond market showed large falling
off in activity. and prices OF the majority
Of the issues dealt in showed losses. Total
sales, $1,150o00.
The following table. prepared by L w
Louis. Room H. Board of Trade, shows the
range of quotations: