The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-20
STOCKS CONTINUE DULL
SUBSTANTIAL ADVANCE IN ACTIVE
SHARES NOT MAINTAINED.
Money Easier and Congestion of
Funds ut New York Not a Healthy
Sign-LOcaI Markets Strong.

At New York, yesterday, money on call
was easy at 112a2 per cent; last loan, 1902
per cent; closed at per cent.
Prime mercantile paper, 3l2a419 per cent.
Sterling exchange was strong, with actual
business in bankers bills al $4.S5lzQ4.855s for
demand and $4.S294@4s27s for sixty days;
posted rates, "a. S31z04.S615; commercial bills,
AS2
Silver certificates, 5SQ59c; bar silver 5Sc;
Mexican dollars, 451ac. At London bar silver
closed steady at 26a4d an ounce.
Total sales of stocks were 199, ass shares, in
GLIDING: Chicago, Burlington g. Quincy, 49,
go; Louisville & Nashville, 1880; Manhattan
/. 1925; Metropolitan Street railway, 1885,
Missouri Pacific, $3.50; Rock Island, 10, 135; St
Paul, u $50; st. Paul & Omaha, $685. Union
Pacific, 3OS2; American Tobacco, 3,O26; Peo-
pies Gas, 1890; Consolidated Gas, Is, SOB;
Sugar, 55,991
The New York stock market continued its
dull and narrow character yesterday,
though at some slight improvement over
Thursday, both in volume of the trading
and in the movement of prices. The extreme
rise on the average was greater, but realiz-
ing sales in the last hour reduced the net
gain to very narrow fractions in cases. The
movement in the specialties was much freer
Iudn III ln6 railroad STOCKS, and
Sugar and Manhattan ran one time points
higher than Thursdays close, and sharp
gains were also shown by Peoples Gas. New
Jersey Central, Reading first preferred and
Lead preferred. All of these gains were
very materially less before the close West
Chicago Street-railway was quite active
and strong and rose nearly 2 points. But
Consolidated Gas occupied the middle of the
and vas fha ofa Oft oil
day. This stock opened S1z points higher on
the belief that large individual interest in
one of the local gas companies which has
been holding out for the best terms had
peen brought into agreement for amalgama-
tlon. The stock mounted upward by wide
bounds, sometimes over a point between
sales to 1872, but the very great skepticism
IN the speculative mind regarding published
utteranceS on the progress of the plan of
consolidation then became manifest in the
equally feverish course of the stock towards
lower level 1t got as far down as 1888, and,
after vibrating IN a very erratic manner,
closed u point higher, at net gain of 8
per cent. The later weakness in the mar
ket was due in part TO reports from the
West of falling off in railroad earnings and
TO widespread difficulty over the mainte-
nance OF railroad rates. There was talk also
that the large increase in the operating ex-
penses would reduce the net earnings of
railroads for October below what has been
counted on. Buying for London account
helped to sustain the market in the earlier
dealings. A feature of the day was sharp
rise OF "A in the rates of sterling exchange,
both for demand bills and cable transfers.
This was partly the reflection of a stiffening
IN the discount rate in London, where the
Bank of England is again borrowing money
in the open market with the purpose of
controlling the private discount rate and re-
lieving the pressure for gold on that center.
Money in the New York market continued
very dull and easy in all departments. Not
only has the dullness of speculation reduced
the demand for money, but there has been
quite heavy flow of funds during the week
from interior points. To-morrow's bank
statement is expected to show material
increase OF available money.
The bond market was moderately active
and prices advanced. Total sales amounted
TO s., 345000. United States tours, registered
and fives advanced "A bid
The following table, prepared by L. w.
Louis, Room II, Board of Trade, shows the
range of quotations: