The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-26
STOCKS NOT BUoYANT
NUMBER OF BULL OPERATORS
THOUGHT TO BE TAKING PROFITS.
Certain Active Shares Manipulated to
Was in PrOgress-LOcaI Trade.

At New York. yesterday, money on call
was steady at 2Q21a per cent; last loan,
| 2Q2A.
| Prime mercantile paper, 31k641k per cent.
Sterling exchange was easy with actual
business in bankers bills at s4s434Q4.S5 for
demand, and at $4s1%@4S2 for sixty days;
posted rates. $4.S214@4SS and s4.S612; COM
mercial bills, $4.S1@4S11a.
Silver certificates, 6O1SG611zc bar silver,
6Ossc; Mexican dollars, 41sc. At London bar
silver closed dull at 27$4d an ounce
Total sales of stocks were 44S,200 shares,
including Atchison, 1925: AtchisoE pre-
ferred, $3.50; Baltimore & Ohio Gall assess
ments paid, 1000; Burlington, SSH; Louis
vile Nashville. 1920; Manhattan, q, 800;
Reading first preferred, 2sSS5; Northern Pa
cific, 1901; Ontario & Western 1893; Read
ing, $500; Rock Island, 1885; st. Louis e.
San Francisco second preferred, 6957: Union
Pacific, 23,O35; Union Pacific preferred, IA 319,
st. Paul, 1887; Southern Railway, 1856;
Southern Railway preferred, 12,752; Paper,
$50; Federal Steel preferred, $3.50; Tobacco,
$1,000; Peoples Gas, 6,S35; Pacific Mail, 800;
Sugar, 2S,6O9; Chicago Great Western, ABS.
The action of the stock market yesterday
was suggestive of process of rather elaoor-
ate and cautious testing. The powerful al
bull campaign refralned from buying on a
large scale and seemed to occupy the posi-
ton Of lookers-on at the profit-taking sales
In progress, standing ready, however, to
come to the support of their favorites in the
event or their being too hard pressed. Profit
taxing was very clearly in evidence in the
Atchlson issues, the Federal Steel stocks,
Feoples Gas, Southern Railway preferred
ana number Of others, on which the recent
advance has been sufficient to make profits
attractive. The selling pressure was by no
means urgent in these stocks, which showed
a decided falling off from the recent de-
gree OF activity except Atchison preferred
Dut they We're clearly indiSposed to advance.
Inc Northern Pacific stocks maintained
thelr recent dropping tendency pending the
result OF further consultations between
northern Pacific and Oregon navigation au-
tnorltleS looking to the adjustment of the
dispute over the division of territory 1t
was significant that the stock of other
railroads vitality interested in the contro-
YerSy were inclined to advance The Union
Pacific stocks were strong, the common
gaining Us and Oregon Short-line' rose over
u point. Great Northern, on the other hand,
lost point. There was evidence of manipu>
latlon at some points, no doubt designed
to counterfeit the profit taking elsewhere
and to sustain the market. This was most
Migrant in the Reading issues. The first
preferred stock closed unchanged from
Wednesday after having been over three
points above the parity of Wednesdays
closing in London yesterday morning, Ia
above at the opening In New York and IA
below during the course of the afternoon
trading. The movement in the others was
Insignificant, although efforts were made to
convey the impression that the movement
in Reading securities Que to coming
favorable developments in the coal trade.
There were also very positive elements OF
strength at few points, notably in Balti-
more & Ohio, Louisville, st. Louis & San
Francisco second preferred, and Great
Western preferred. Erie first preferred and
Pittsburg Cincinnati. Chicago & st. Louis
preferred also show gains Lake Erie &
Western preferred and Chicago, Indian
apolis & Louisville preferred showed gains
of 1% and q, respectively. The movement
in Baltimore & Ohio was peculiar in that
the old stocks and the new common, de-
lverable when issued, rose 2A each, while
the new preferred. when issued, which is
restricted to dividends of per cent, reacted
a small fraction. Manhattan advanced to
par, but closed at 9S3sc, and Sugar turned
weak after early strength. Tobacco also
lost over 2 points. The closing was general
| ly firm and the net changes are mixed.
The bond market was much less active
| than recently and shared in the irregularity
on the stock market Total sales. $4,000
| United States threes. the new tours and old
| fives, registered, advanced 1s in the bid
| price.
The following table. prepared by L. w.
| Louis, Room II, Board of Trade, shows the
| range of quotations: