The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-03
BRIEF ACTIVE DEMAND
STOCK MARKET WILL HAVE A HOLI-
DAY UNTIL NEXT TUESDAY.
Higher Money Rates Have Resulted
in Lower Quotations for Bonds
Local Markets Depressed.

firm at 211G3 per cent; last loan. per cent
Mercantile paper. ss@45 per cent.
Sterling exchange was steady. with actual bust
ness in bankers bills at $4.S41k@4.s5 for demand
| and at $4s2z and s4.S5 for sixty days; posted
rates, $4S311Q4S4 and $780, commercial bills,
| s4.s2.
Silver certificates. 5sz@sOlsc; bar silver. sOAc;
Mexican dollars 1910. At London bar silver
closed quiet at 27s4d ounce.
| Total sales of stocks 200 shares. including
s,s45 Atchison preferred. s.42o Baltimore & Ohio
II. 2s4 Chicago, Burlington & Quincy ATS Illinois
/ Central, s465 Louisville & Nashville, $3.50 Man
haitian 1902 Metropolitan. o95 Missouri Pacific,
| 80 AIS Northern Pacific, 24.0S4 Northern Pacific
preferred, ss4s Rock Island, 4,61O Union Pacific,
TO- 16 St Paul. 1901 Southern Pacific L. 1O2 Union
Pacific preferred, $3.50 Wabash preferred, S,205
| Minnesota Iron, $3.50 Cotton Oil, 24.Sl5 Tobacco,
| 1882 Chicago Great Western, 6,o55 Peoples Gas.
1885 General Electric, 4,405 Pacific Mail, 5000
| Sugar and $3.50 Tennessee Coal and Iron.
| There was a brief period of activity on the
| New York Stock Exchange yesterday morning and
a brisk demand manifested for few stocks. but
the dealings became more and more perfunctory
| as the day proceeded. The market was under the
| combined influence of the exhausting heat. the
| tightening money market and the approach OF re
| Labor-day holiday. 1t had fallen into complete
| lethargy by noon and the governing committee
was induced reconsider its refusal to close the
/ exchange on Saturday and decided to close the
| market from 3 o'clock to-day till To o'clock
| Tuesday morning. The announcement Of this de-
cision demonstrated that weakness of some stocks
early in the day had due to speculative short
| selling showing the demand to cover shorts.
| Manhattan made extreme improvement after
| a. marked weakness of "a, and Tobacco after q
| loss of q points recovered r. The early oc:ivity
centered the Pacifcs the preferred stocks show
ing special strength the decision of the North
ern Pacific directors, announced later in the day,
to put aside fund of So, to insure
| the continuity of preferred dividends. The COM
mon stock fell of point on selling by holders
disappointed in expectation that the surplus would
| be distributed as a dividend the common
stocks. The common stock rallied only feetly On
/ the presidents statement that Consideration of
| dividend on the common would be in order IL
| business continued at its present level General
| Electric continued to show strength and c.csed
| at the best at net gain of IL. Baltimore d Ohio
scored its advance. The market generally drified
| to a lower level in the later dealings due to
taking of traders profits in anticipation of the
| three days interval of trading.
The money market hardened further, call loans
generally being marked up to per cent on the
| expectation that to-morrows bank statement
would show a still further decline in cash hold
was not reflected in the exchange market which
| was slightly frmer in tone. Bonds were very
/ dull, but prices more firmly held than for
| stocks. Total sales, s2,345,OOo.
The reactionary tendency in the stock market
| during the week has apparently turned on the
| conditions in the money market. though the fact
| that the large combined interests have realized
! profits and sold their stocks to weaker holders
| also has bearing. Rates money have adj
| vanced and predictions freely made of further
| advances The continued diversion of cash into
| the treasury on account of bond subscriptions is
| what had curtailed the supply of idle money
/ available for speculative purposes and prospects
/ of continuance of this diversion and OF growing
! needs from the interior to move crops have ad-
/ nnonished specuators to contract ventures. There
| has been large liquidation, and following that
| dullness Sterling exchange has fallen and money
| rates in London have risen. but are still below
/ 81 600 600 in gold has come from London although
| London has bought stocks freely in New York
Aside from the hardening of money and some re-
| newed anxiety account or the corn crop, con-
ditions have continued favorable to higher values
| and large number of stocks have responded TO
| snecial causes and advanced, especially among
| the industrials and few of the railroads, the
| preferred Pacihcs being conspicuous
| The bond market has fallen into duliness during
| the week and the higher rates for money have
been reflected in lower prices. United States old
| fours registered, and the fives are Il lower the
| former ex interest: the new tours are 70 lower
| and the threes "A lower in the bid price.
| The following table, prepared by l.. w. Louis.
| Room II, Board of Trade shows the range of
| quotations.: