The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-29
A SELLING MOVEMENT
PRECIPITATED ON STOCK EXCHANGE
VY STRONG BEAR NEWS.
A Few Active SpeciaIties Prevent
Complete slump in share List
Local Business Quiet.

At New York yesterday money on call
was firm at 21ka41z per cent; last loan,
per cent; closed. 21s@3 per cent.
Prime mercantile paper, 31s@4a4 per cent.
Sterling exchange was steady with actual
business in bankers bills at $4.S4AG4.S41k
for demand and 81. S11k@4S124 for sixty days:
posted rates. $4S21z@4s3 and $4S51zQ4S6;
commercial bills, $4.S01zQ4.s1.
Silver certificates, 56lk@5Sc; bar silver,
5634c; Mexican dollars; 455sc. At. London
bar silver closed dull at 26ssd an ounce.
Total sales Of stocks were 294, 700 shares,
including: Atchison preferred 4,765; Chi
cago, Burlington & Quincy, 81 $50; Manhat-
tan, $685.; Metropolitan Street-railway,
1856; Missouri Pacific, 300; New Jersey
Central. 4,49O; Northern Pacific preferred,
1867; st. Paul, 1926; Union Pacific, 4,24O;
American Tobacco, 1865; Chicago Great
Western, 1851; Lead, 35O1; Sugar, 9O,95O;
Tennessee Goal and Iron, $3.50; Western
Union, 23,5S5.
The bears in the stock market showed
somewhat more confidence yesterday and
had some success in reducing prices. The
most potent factor in their favor was the
continued frmness of the money market
but much was made at one time during
the day of the reported willingness of the
secretary of the treasury to resign his Of
flee. This report was exaggerated into a
story that the resignation had actually been
made, and the effect was to precipitate a
selling movement, which was. however
confined to the professional traders, and
which reached only moderate proportions
The market showed no change from it's re-
cent holiday character and its semblance
or waiting for conditions In the money mar
ket to become more defined and settled.
Had IT not been for the sustaining infiu-
ence In one or two of the specialties, no
tably Manhattan, Western Union and
Brooklyn Transit, the scale would have in
clined much more sharply to the side of
depression. Thrd-avenue, which has been
so prominent feature in the recent mar
cinnati, Chicago & st. Louis preferred also
fell conspicuously 2ss in the late dealings.
Jersey at one time fell points. Metro
pOlitan Street-railway, which was dealt
in ex. dividend of Ia per cent. showed some
feverishness, but ended with a small net
gain. Burlington fell nearly point be-
low par in face of a November statement
showing an increase in net earnings over
last year of 1929, 78S. even after the oper-
ating expenses of the ROAD had been run up
over S650.O0O above last year. The clearing
house statement showed the Treasury De-
partment debtor on balance to the ex-
tent Of $1,177,234 Mondays Union Pacific
payment by the reorganization committee
found place in the days clearing house
operations. 1t involved the payment into
the subtreasury of about &,500.000 in cash.
Tt follows that the subtreasury paid out
Pacific bonds. BY Mondays and yesrer-
days operations the government has sup
piled the money market with over $5,00O,0OO
on balance. The tone of the market was
not however, markedly easier. loans be-
ing made, as on Monday, all the way from
81 to ~ per cent, with exceptions at the
close at per cent Sterling exchange also
continued steady. There were still several
millions of the Pacific bonds which mature
on Jan. l. which are now available for
redemption under the governments offer,
but it is difficult to estimate how far the
owners of these bonds will avail themselves
of the governments offer. The firmness of
time money for the shorter periods, the
rate being 31z per cent. from thirty to nine
fy days, indicates a belief that the rates
may continue stiff after the first of the
year. The demand for money in London
and Berlin has it's effect in keeping up the
exchange rate and it is believed to be not
improbable that the Bank of England will
advance its minimum rate this week. There
is perfect confidence felt, however, that this
would not avail to prevent a movement of
gold in this direction If any real stringency
were threatened at New York.
The bond market showed some Irregular
ity, sharp advances being shown In some
issues, while others were conspicuously
heavy Total sales 100000. United States
old fours, regular declined Is, and the new
fours, regular, II bid. The old fours, regu-
lar sold later at 112z, the asked price
The following table, prepared by L. w.
Louis, Room IL, Board of Trade, shows the
rop IF