The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-28
DULL TIMES In STOCKS
EXPECTED TO SET IN SOON AND con-
TINUE INDEFINITELY.
Many New York Banks Under Reserve
Limit and Further COntractiOns
in LOans-LOcaI Markets.

AT New York Monday money on call was
easier at 2QS per cent. last loan, 21s per
cent; closed, 2la13 per cent
Prime mercantile paper 414d5 per cent.
Sterling exchange was strong, with actual
business in bankers bills at $4.S51s for de-
mand and at $4.s2a@4s3 for sixty days;
posted rates, $4.S3l2Q4.S4 and $4.S6G4S61k;
commercial bills. S4.Sl1A@AS2
Silver certificates, 56Q5Sc Bar silver, sec.
Mexican dollars, 49Ac. AT London bar sill
Yer closed weak at 261sd per ounce.
Total sales of stocks were 372, $50 shares,
Including: Atchison preferred l1,273; Chesa-
peake e Ohio. 672S: Chicago, Burlington &
Quincy, 26,92S; louisville & Nashville 1885;
Manhattan, $780, Missouri Pacific, 1915;
Missouri, Kansas & Texas preferred 1920;
New York Central, 6220; Northern Pacific,
1890; Northern Pacific preferred, 1855;
Northwestern, 6.616; Reading, 1880; Rock
Island, 21,27S; st. Paul, 24150; st. Paul &
Omaha, 6,2S5; Southern Railway preferred,
7.446; Wabash preferred, 4,21O Wheeling &
Lake Erie, 1850; Bay State Gas, 4,224; Chi
cago Gas. 1885, Sugar, 1850; Tennessee
Coal and Iron, ALSO; United States Leather
preferred, $40; Western Union. $3.50; Chi
cago Great Western, S,S52.
The New York stock market showed a
fNAJ AieAi hON AdAbiiS Otl AIh dSlltllJ J6SlGT-
day, the total sales of stocks reaching only
10000 shares. The diminished activity was
in part due to the observance of the Jewish
New Year holiday by many brokers and
operators. But there was besides a dispo-
sition on the part of many large interests
which have recently been active in the mar
ket to stand aside for the time being and
allow prices to take their own course. The
professional element which has now very
generally espoused. the bear side were not
active to-day. Prices rose after the OPEN
ing in sympathy with the quotations re-
ceived from London, and there was buying
also for London account. Later some
traders profeSSed to be disappointed at the
size of the increase shown in the August
gross earnings of Omaha, and that stock
was sold down sharply The decrease in the
freight tonnage shipped eastward from Chi
cage last week was also used as an argu-
ment for depression of prices Rock
Island was one of the stocks under special
pressure. The market receded below Sat
urdayS close under the Influences, the de-
cline in Rock Island extending to Ia, but
only to fractional amounts in other stocks.
There was also a recession from the best
at the close, so that the extreme advances
during the day considerably exceeded the
net gain. All the general news continued
to favor advancing prices and free from
professional pressure the market advanced
I'm the afternoon to the highest point of the
day. The money market continued to at
tract the greatest share of interest, as the
future course of speculation is felt to large
ly depend ON the supplies of money. The
tone of the market was somewhat easier
to-day, but owing to the lack of animation
In the stock market there was little demand.
Shipments of currency to the interior con-
tinue in large volume. and it is believed that
this demand will not be exhausted for some
time yet. Several leading banks in the
city already show their reserves reduced be-
low the 20 per cent limit. and several others
have almost exhausted their surplus re-
serve 1t is believed that a further con-
n loans a q PnnSt1RFHhlp
will be necessary to provide against with
drawals for use IN the interior. In looking
for relief from possible stringency to inn
ports of gold it is felt that the comparative
ease of the London money market must be
considered as in some sort fictitious, the
rate being kept down with the purpose of
aiding the Indian government in floating its
Russia and Austria Hungary continue an
active competition for gold and there is
q large balance in the Bank of England
which Japan has the power to withdraw.
London in fact, fears dear money. and il is
believed Withdrawals of gold en- large
scale for shipment TO the United States will
preciptate a sharp rise in the rates Tor
money and would thus induce the leaving
OF funds there by American creditors unless
the increase in money rates here was suf-
fcient to counterfeit thls cond1tlons; Inc
foreclosure sale of the Union Pacific and
the withdrawal of $50 000.0 600 or $l0.00OOO0 OF
cash which ii will necessitate is matter
that looms in the perspective OF the money
II is believed there will not be Immediately
any such resumption of activity In stock
speculation has characterized the mar
ket for many months past. Yesterdays adj
VanceS ran from a fraction TO over point
In the active shares. Consolidated Gas rose
a. Sugar and Pittsburg. Cincinnati, Chi
cago g. ST Louis preferred 2is. Minnesota
g. St. Louis lost 2A and Baltimore & Ohio a
point.
Railway bonds declined early in sympathy
with stocks. but recovered later. Total
sales were 50 100000 United States fours,
coupon of 1907 advanced Il bid.
The following table. prepared by L. w.
Louis. Room II, Beard of Trade. shows the
range of quotations:
Open High Low CTS