The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-18
LITTLE ACTIVE DEMAND
RESULTED IN SAGGING PRICES FOR
STOCKS YESTERDAY.
The Final Rally Failed to Wipe Out
More than Part of the LOSSES
Local Trade Only Fair.

At New York yesterday money on call
was easier at 2n3 per cent; last loan, per
cent; closed at 2Q21k per cent.
Prime mercantile paper, 31sG41s per cent.
Sterling exchange was about steady with
actual business in bankers bills at S4.347s0
ASS for demand and at $4.S2Gt4S211 for sixty
days; posted rates, $4.89a4.Ss1z and 1850
1861; commercial bills $.S1h.
Silver certificates, 5634@57Ac; bar silver.
56lsc; Mexican dollars. 45c. At Lon lon bar
silver was fiat at % 15-l6d an ounce.
Total sales of stocks were 1863 800 shares,
including: Atchison preferred, 1869; I3alti-
more & Ohio, S6945; Louisville & Nashville,
1850; Manhattan, 30 ,467 Metropolitan Street
Railway, 4,304; Missouri Pacific, 16, 1885, Mis-
souri,, Kansas & Texas preferred, 4,311; New
Jersey Central, 1861; Northern Pacific 6565;
Northern Pacific preferred p, 1872; Reading,
4,19O; st. Paul, %, no; Southern Railway pre-
feFfed. 600; Union Pacific 1856; American
Tobacco, $3.50; Chicago Great Western, $3.50;
Peoples Gas, u ,700; Sugar, 66.5SS.
Yesterdays New York stock market was
more or less depressed all day, though final
prices are considerably better than the low
point of the day, liquidation was not
heavy outside few special stocks and the
sagging tendency of prices seemed to be due
rather to an absence of active demand.
Some of the recent prominent bulls bought
stocks on a downward scale of prices but
without any attempt to sustain values. Man
haitian and New Jersey Central continued
to be the principal objects of manipulation,
as was the case Thursday, and Sugar con-
tinued to show weakness its decline reach
ing at one time per cent, but final rally
left its net loss only fractional. Manhattan
traded in ex. dividend and was quite
faN0rich I'm tn hn fixoo of
ment of the decision of the Appellate Court
the underground rapid transit plan. This
news, which had been discredited, caused
the shorts to cover, the price advancing
over points, with only fractional Ieac-
ton afterward, leaving a small net gain.
Short covering, due to the same cause,
helped Metropolitan Street Railway and
there was, in addition, a report of a bust
ness agreement with the competing COM
pany. The variations in New Jersey Central
were dictated by the needs of the shorts.
There was some continued apprehension re-
garding the immediate future of the money
market and the time money market was
quoted at 3 per cent. for thirty days and
3ls per cent. for sixty to ninety days. For
call loans per cent. continued to be paid,
but the rate eased off to 2 per cent. in the
final hour. New York banks have gained en-
balance during the week from the currency
movement, but have lost heavily to The sub
treasury, and the condition of the surplus
reserve to be shown by to-day'S bank state
ment will depend on the amount of loans
which have been called. There was no
further fall in sterling exchange, but yeSter-
days sharp decline was reflected in a stiff
ening of the London discount rate to 3A Ter
cent, which is quarter per cent. above the
Bank of England's minimum rate. Conf
dence was expressed that the redemption by
the government of the currency skies, be-
ginning next Friday, would serve as a safe
guard against stringency in the money mar
ket. But there is much room for uncertainty
to what amount of these bonds will be
presented for redemption before Jan. 1, when
they mature. The next payment of Union
Pacific purchase money into the treasury is
TO be made on Dec. n, the amount being
about $S500.000, the final payment of an
equal amount falling due on Jan. 5. In addi-
tion, the usual heavy accumulation of funds
preliminary to the January disbursements
of dividends and interest is to be reckoned
with. AS a result of the rally before the
close of the market net losses are. In most
important instances reduced to fractions,
the notable exceptions on the side of gains
having been already indicated. Some mac
tive stocks show losses from 1 to per cent.
There was a marked falling off in activity
in the bond market and some issues show
losses, Union Pacific tours and a half de-
Ginning points. Total sales, 81, $50 000. Gov
eminent bonds were steady and unchanged.
The following table, prepared by L. w.
Louis. Room IL. Board of Trade, shows the
range of quotations.: