The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-18
NO DEMAND FOR MONEY
INDICATIONS OF LESS ACTIVITY in
NEW YORK STOCKS.
Range of Prices Wider, but Declines
General over the Share List-LO-
cal Business Improving.

AT New York yesterday money on call was
steady at 11SG2 Ter. cent; last loan, 2 per
cent; closed, 111Q2 per cent.
Prime mercantile paper, 31k@41k per cent.
Sterling exchange easy at $4S5i4Gl4S514 for
demand and s4.S2s4 for sixty days; posted
rates, $4S312 and $4S61z, commercial bills.
$4s2
Silver certificates. 5S4@5e1kc; bar silver
5SSsc; Mexican dollars, 451zc. At London bar
silver closed quiet at I'D an ounce
Total sales of stocks were 167, 800 shares,
including: Chicago, Burlington & Quincy,
1850; Louisville & Nashville, 3345; Rock
Island, 1850; Gas, S535; Peoples Gas, 4,31O;
Consolidated Gas, $40; Sugar. S6,4S5.
Net declines yesterday in New York stocks
about equaleo the net gains of the day be-
fore, but the range of prices was little
wider, as there time during the day
when they were carried fraction above
Tuesdays close. The extreme decline in
some of the grangers and coalers is, there
fore, something over a point Sugar ruled
generally above Tuesday nights close, ris-
ing at one time IL, and this sustained the
general markes for time jump of 81
in Consolidated Gas was also ON the side
of sustained prices, bit the eccentric move
mants of the stock nave come to be practi-
cally disregarded. Both OF these stocks fell
away to Tuesdays level in the subsequent
weakness. There was lack Of firmness in
the price of st. Paul, Notwithstanding the
increase of over STAT, 900 in it's earnings for
the second week in November. The compar-
ison is with a poor week last year and was
considered as not showing the recent high
rate of earnings fully sustained. The decla-
ration Of only the regular quarterly divi-
dend of per cent. on Burlington brought
realizing sales in that stock and also served
to weaken somewhat the Granger group.
Southern and Southwestern stocks were
comparatively firmer on the excellent Sec
Ond weeks statements of Missouri Pacific
Wabash ard Texas Pacific. and on the con-
tinued heavy cotton movement in the South
Speculation. however,, was almost dead and
the dealing in specE' alive stocks was con-
fined entirely to roo<a traders. Union Pacific
was very heavy all day and lost IA net.
This decline was coupled with a rise of
nearly points in the Kansas Pacific con-
sol bonds. The bond market was much more
active, relatively, than stocks, and the
htgh-priced investment issues were in spe-
cial demand and show gains of from l to
points. This tendency in the security mar
ket was entirely consistent with the re-
markable ease IL the money market There
is a steady current of funds towards New
York and liquidation of loans and a very
limited demand for the money thus set free.
1t is now known that last weeks increase
in loans of the New York banks was more
than accounted for by operations of the ac-
count of the Union Pacific SALE Loans on
other accounts showed an actual decrease
and the limited supply of commercial pa
per offerings indicates that merchants are
not in need of funds at present. This is in
part due to the easy collections all over
the country and to the large payment of
outstanding Indebtedness which have made
money plentiful at interior points. But there
is some apprehension that it may also be
due TO falling off in business activity. The
ease of the money market is SO marked that
there is some talk that Union Pacific pay
fore they come due. The total sales of all
stocks fell again to a low figure and losses
were general throughout the list. Bay State
Gas led in point of activity and was lifted
at one time e per cent on a rumored ac-
quirement of an extensive system of prop
critics. But the advance was met with enor-
nous offerings which drove down the price.
In the bond market there was a sale of
Flint and Pere Marquette, Port Huron di-
vision fives at ~ points lower than the last
sale. which was several weeks ago. Other
wise, prices were firm and higher. Total
sales amounted TO $1,550,000 United States
tours were * higher bid.
Application has been made to the Stock
Exchange to list $076,00 additional first con-
solidated mortgages 5 per cent. guaranteed
Company Of California. The Union Pacific
reorganization company has asked permits
sion to Est S44 900 900 engraved Mercantile
Trust Company purchase money certifi-
first fours mentioned in the application to
list on the Stock Exchange has been in
creased from 81. $50. 900 to So $4,000. Colorado
Midland fours will hereafter be quoted in
the bond call on Change as "all INSTALL
mentS paid"
The following table. prepared by L. w.
Louis. Room II. Board of Trade, shows the
range of quotations: