The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-19
STOCKS CLOSED WEAKER
REACTION FOLLOWED APPREHEN-
SION FROM BANK STATEMENT.
Underlying Strength All that Pre-
vented a Marked SIump-LOcaI
Markets Growing Better.

At New York yesterday money call
easier at 1AQ21s per cent; last loan ia per cent
Prime mercantile paper, 3Q4 per cent
Sterling exchange was steady, with actual bust
ness in bankers bills at $4.s5KG4 for demand
and at AS2h@4.s21s for sixty days; posted rates.
s.. and AS6lz; commercial bills, $AS1Q4S1lz
Silver certificates. 6O1zG6l11c bar silver eO5sc;
Mexican dollars, 471sc AT London bar silver
closed at 2Sd ounce
Total sales of stocks 474, 400 shares, includ-
ing: Atchison. S3S7; Atchison preferred. s., $40;
Baltimore Ohio, $3.50: Burlington. H. 74S; Chesa-
peake & Ohio, 1855; Denver & Rio Grande, 300;
Denver Rio Grande preferred, 10. 155; Erie first
preferred 3,142; Louisville Nashville. $50; Man
haitian, 3S40; Metropolitan Street-railway, 7527;
Reading first preferred 5,130; Northern Pacific
49, $50; Northern Pacific preferred, 1880; North
western 1885, Rock Island, 16 $50; ST Paul Il 2l5;
Wabash preferred, 11.575 Tobacco %, S4S; Cotton
OIL S,S25; Bay State Cas- 3,454; Federal Steel
ESQ; Federal Steel preferred. 21O50; Peoples
Gas, 5s,S15; Pacific Mail 5175; Sugar. a. S7; Chi
cago Great Western, $3.50.
There We're weak points in the New York stock
market at the start yesterday, but the underlying
elements of strength promised at one time to
overcome obstacles and carry prices uniformly
to higher level. Apprehension of weak show
ing in to-days bank statement turned the tide
towards the side of reaction in the late dealings
sharply below Thursday night and net gains re-
naming were very much reduced from the ex-
IRENE advances of the day. The influential
factor in causing weakness was the obvious
Liquidation going on in Northern Pacific which
was attributed to one of the leading financial in
terests in the property. The absorption of the
stock was attributed to the leading contendng in
terests in the property. The process of transfer
ence is significant of the discord said exist in
the property Rumors rife also of the breaking
up of the agreements which have been favorable
factor in the Northwestern railroad world.
The effect manifest not only in Northern
Pacific but in Union Pacific and other railroads
in the region affected. Delaware & Hudson was
even down to 1874, with accompanying rumors of
dividend reduction. This is the lowest price for
several years and is accurate reflection of the
decline in the anthracite trade, other stocks af-
fected by that trade falling in sympathy. Not
withstandng these elements of weakness, the
market showed good recuperative powers, the
buying of Peoples Gas particularly being sus-
tanning factor. This stock rose extreme "a.
Burlington recovered half of its quarterly divi-
dend before the late relapse in the grangers.
Denver & Rio Grande preferred also showed con-
tinued strength. There conspicuous adj
vances in a number of trunk lines including
Baltimore & Ohio, and there was a light late
movement in Brooklyn Transit, Chicago & East
| ern Illinois and a group of Southwestern rail-
roads. The passing of the Chicago & Alton story
resulted in losses of to points in Kansas City.
| Pittsburg & Gulf; Chicago & Alton and Lake
| Erie & Western preferred
The expectation of unfavorable bank state
ment is based on the known activity of the week
| in the money market, which must have largely
increased the reserve requirements by expansion
Of loans. There is nothing in the currency
| ment to the interior subtreasury operations
to indicate a large increase in cash to meet the
requirement, that a further decline in surplus
is looked for The local New York money market
continued easy.
The bond market showed tendency to run off
in the late dealings except for few strong spots
after period of earlier strength. Total sales,
| $32750OO United States threes and the new tours,
coupon, advanced Is in the bid price.
The following table, prepared by l.. W. Louis
Room II, Board Of Trade, shows the range of
quotations: