The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-05
LOWER STOCK MARKET
ST. PAU BANK FAILURES HELPED
IN GENERA DEPRESSION.
Some Covering Apparent in the Spe-
ciaIties-LocaI Business Expected
to Pick Up shortly.

AT New York, yesterday, money on call
was easy at IL per cent; last loan, 2;
closed. 11z42.
Prime mercantile paper. 312041z.
Sterling exchange was steady, with actual
business in bankers bills at a. s6G4.S64 for
demand and at sI.ssl1a4sSA for sixty days;
posted rates. $4.S4a4S1z and Sf.s7a4.SS;
commercial bills, A.S21a.
Bar silver. 6i7sc: silver certificates. 64%m
654c; Mexican dollars, JOAe. At London
bar silver closed at % I3-16d per ounce.
Total sales of stocks were 104, All shares,
including the following: American Sugar.
IL. 600; Burlington, 9.2O0; Chicago Gas, 3,2c0;
General Electric. 300: Manhattan. $500;
Reading. $500; St. Paul. 1880; Wheeling &
Lake Erie, 1900.
The New York stock market yesterday
was dull and Irregular. with a low er ten
dency. The forenoon trading was narrow,
although the grangers were "a trife less
sluggish than the general list. Lower Lon
don prices and foreign sales stimulated
bear aggression. but the market received
effective support at intervals and covering
was quite apparent in some of the special
ties. Around l o'clock the market sold off
sharply on the announcement of the St.
Paul bank failures. Although the news of
the suspension was attended by statements
of belief that the troubles were merely To-
cal. the effect was to unsettle the conf
dence of conservative interests. The bears
were also helped by the prevailing uneasi-
ness regarding possible congressional action
on some important financial measures.
Reading was conspicuous in the reaction
airy movement despite the decision of the
attorney general of Pennsylvania affirming
the validity of the ~company's charter. Gen
eral Electric was influenced by profit TAX
ing and declined 19s. Manhattan rose a
slight fraction on the denial of the appli-
cation 10 nave the attorney general Degin
suit against the company TO restrain the
dividend and remove certain officers and
directors. The large security holders in the
leading shares continue to augur hopefully
of tbe immediate future of the market
owing 70 the high price of and sharp
foreign demand for wheat. the EXCEPTIONAL
~ large accumulation OF funds. expecta-
tons of reviving general business and the
easier tendency or money abroad. The
bears lay stress on the absence of outside
interest, the bank failures and dullness of
general trade. The closing was dull and
weak at important fractional net losses in
many shares.
The railway and miscellaneous bond mar
ket showed a decided tendency towards a
higher level on investment purchases. The
large sums of money disbursed for interest
and dividends are finding employment in
the high grade issues, resulting in material
improvements The sales were $1.279, 900.
The principal advances were St. Paul and
Sioux City frsts and SusquehaIIru & West
ern terminal trsts, ) per cent; Hooking
Valley skies, 2I.: Hooking Valley fives and
Louisville * New Albany frsts, 112; Inter-
national x Great Northern seconds. .:
Brooklyn Elevated firsts. rs: Virginia Mid
land generals and c., c.. G. a. ST. L., IA;
Peoria K Eastern tirsts, Chesapeake az
Ohio fours and a half. Chicago * Eastern
Illinois consols. Denver x Rio Grande firsts,
Pittsburg. Shenango * Lake Erie firsts.
St. Paul * Omaha consols, Oregon Short
Line skies. trust receipts, and Erie first
consols. / per cent the declines were:
Wisconsin Central firsts, trust receipts,
Ia per cent. and Chesapeake * Ohio r. &
A. division firsts. 1 per cent.
Government bonds were dull but strong.
The transactions were $4,000. State securi-
ties were active and higher. with the Vir-
ginia issues absorbing the bulk of the trad
ing.
The following table, prepared by l.. w. Louis.
Room IL. Board of Trade. shows the range of
quotations..