The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-30
LIVELY STOCK SALES
EARLY FIRNNESS OVERCOME AND
PRICES TOOK 4 TUMBLE.
Market Steadied Later ON Foreign De-
mand and transactions in Sugar
Local Business Active.

At New York yesterday money on call
was easy at 119@2 per cent; last loan, 114@
2 per cent; closed, 2 per cent.
Prime mercantile paper 31s per cent
Sterling exchange firm, with bankers
bills at $4.s5B@4.S6 for demand, and at
$is5a4s3A for sixty days; posted rates,
$434a4S7; commercial bills, $i.S214q+S24,
Silver certificates, 59q59i2c.
Bar silver, 59c; Mexican dollars, 46lsc. At
London bar silver closed steady at 273sd
ounce
Total sales of stocks were 100 shares,
including: Atchison preferred 4,14O; Chi
cage, Burlington & Quincy. 1890 Louis
willie & Nashville, 9.149; Manhattan, 27770;
Metropolitan Street Railway, 1864; Mis-
souri, Pacific, 6,270; New Jersey Central,
$500; New York Central, S,420; Reading,
500: Northern Pacific preferred, 1926;
Rock Island, 1850; ST. Louis G. San Fran
cisco second preferred, 1924; st. Paul, 3D.
800; Union Pacific Transcontinental Rail-
way, 4.520; Peoples Gas, IL ,406; Sugar, 100,-
go; American Tobacco 2,242.
There was an accumulation of commits
sion-house orders in the market at the
opening of Change Monday, which had
come in over Sunday a result of the
strength displayed by the stock market on
Saturday. The quotations for Americans
before the opening here. AS a consequence
the market opened with quite an animated
buying movement and advance of a marked
fraction along the line. But the buyers of
Friday and Saturday Immediately set about
realizing their profits and the advance came
TO an untimely end. The motive offered for
the selling was the withholding of the de-
csion of the Nebraska maximum freight
rate case by the Supreme Court. There
were occasional rallies during the day,
Sugar mounting strongly upward after a
preliminary decline to the extent of almost
fFAf 1lln1~c 6sasax
ton in this stock during the day, sales
amounting to one-third of all sales, or over
100000 shares, and its price closed I'M
changed from Saturday There was some
buying for the London account on the de-
cline to cover contracts made in. London
at the early higher level. and this also
helped to steady the market. The early
weakness soon overlook II and was the
prevailing tone for the rest of the day met
declines reaching nearly a point in many
leading stocks and exceeding that in spe-
cial cases. Manhattan was markedly weak
pies Gas also developed late weakness and
lost nearly point on the day. The
cline as being most Immediately interested
in the Nebraska freight law. AS a result
of the lively realizing movement and the
active speculation in sugar sales of stocks
ran up to neariy 100000 shares before noon,
q figure in excess of any total days trading
for several weeks. The continued strength
or the sterling exchange market attracts
much attention, in view of the status of
the international balances. Posted rates
sterling. There is Il feeling that the invest
ment buying of long exchange the leaving
of funds due on balance in interest abroad
and the arrivals of gold at San Francisco
from Australia are not sufficiently COM
bined 10 account for the strength of ex-
change and that there is much heavier
selling of high-clasS American securities by
European holders for transfer to this side
of the water than on the surface appears
The high level of prices for this grade of
securities goes to confirm this view. The
very heavy increase in the loans of clear
ing house banks, amounting to over Sl4O0O-
600. as shown in Saturdays bank state
ment, is also being closely scrutinized The
explanation that the increase was connect
ed with the Union Pacific Company's pay
ment to the government does not entirely
cover the ground. as the expansion of loans
previous to Nov. 20 was already sufficient to
account for that operation. and was attrib-
uted TO it, Saturdays statement seems to
Indicate that the payment to the govern
ment. which was left on deposit in the
banks, had already been Immediately re-
placed in loans. As the Union Pacific re-
organization committee was supposed to
have already secured all needed funds be-
fore last Mondays payment to the govern
ment. II is difficult to account for this large
absorption of money in view of the known
condition of the money market demand for
money being very dull mall departments
The bond market was quite active and
broad and prices were higher i'm almost all
cases. Total sales. 1880 000 United States
ola tours, regular IL higher bid the
lVes 4 higher bid and the new tours y
higher bid. There were sales of the new
ord
The following table. prepared by J., w
Louis, Room il. Board of Trade shows the
range OF quotations: