The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-11
BULL MOVEMENT 'HALTS
PRESSURE TO SELL STOCKS WAS A
SETBACK TO SHARE LIST.
London Traders Taking an Unfavor-
able view of the Situation Here
Local Trade Quiet.

At New York, yesterday, money on call
was steady at 3d315 per cent; last loan at
per cent; closing offered at 21zQ3 per cent
Prime mercantile paper, 3l5Gt41a per cent
Sterling exchange firm, with actual bust
ness in bankers bills at $4.S51s for demand
and at $4S2%G4S3 for sixty days; posted
rates, $4.SSla and 1886; commercial bills.
$4S2
Silver certificates. 57Ad5Sc; bar silver.
57bc. Mexican dollars. 4524c. At London
bar silver closed easy at 26 7-16d an ounce.
Total sales of stocks, 1888 800 shares, in
GLIDING: Atchison preferred, 1904; Chesa-
peake & Ohio, $500; Chicago. Burlington &
Quincy, 1876; Delaware, Eackawanna &
Western, $500; Hooking Valley. 6,115: Illi-
nois Central. 1906; Louisville & Nashville,
4.225: Manhattan, 1856; Metropolitan
Street-railway, $50; Hawaiian Commercial
Company, 5,505; Missouri Pacific, $50; New
York Central, 1920; Northern Pacific, 1888;
Northern Pacific preferred. 31.704; Rock ISL
and. $3.50; st. Paul. 1915; Union Pacific.
$3.50; Wabash preferred, S,475; Wheeling &
Lake Erie. $3.50; American Tobacco, 1894
Chicago Great Western, s.476; Peoples Gas
$3.50; General Electric, 4.OS5; Sugar. 1880;
T.. C. & l., 6,253; Western Union, $685..
There was hating in the bull movement
y "
ward course of prices meeting with some
obstacles. The buoyancy manifested by
some special stocks was not sufficient to
overcome the general tendency entirely and
prices, as a rule are somewhat lower
There was some pressure to sell for London
account and prices of Americans were
lower in London before the opening here
There was a disposition reported from that
center to take an unfaVorable view of the
future of values in this country. There was
also some selling to realize in continuation
of Saturdays profit taking. The readiness
or traders to realize gave weight to the
opinion of some of the professionals that
the technical conditions were not good at
present for prolonged rise. This opinion
is based on belief that large lines of
stocks are already in the hands of specu-
lators awaiting rise. These holdings, it is
argued, might be dislodged by a slight re-
action and passed to the hands of large
combined interests. Doubtless the fear of
some such maneuverS caused some of the
smaller operators to pause in their buying
to-day 1t also gave confidence to the
bears who sold some of the leading stocks
quite aggressively. The market was, how
ever, dull as compared with the latter part
of last week. The recent activity of Cleve-
land, Lorain & Wheeling, one of the few
Ohio coal roads, to escape a default on its
obligations, was extended to-day to Hook
Ing Valley and Wheeling & Lake Erie. The
common stock of the former rose over
point and the preferred over points.
Wheeling & Lake Erie stocks also advanced
materially, but moved in quite an erratic
manner. Tennessee Coal was strong APP
parently in sympathy with this group. H.
linois Central was in demand, on the
strength of its statement OF earnings which
showed an increase in gross for December
OF nearly S459,O00. and in net for November
of $50S,4SS, as compared with the CORE
spending period last year. Buying of North
ern Pacific stocks was also very heavy
blocks running from 1000 to 1900 shares
changing hands quite frequently. AS a re-,
suit the preferred closed 1as higher, at 62s4,
which is a new high record: Michigan Cen
trail Missouri Pacific, Pittsburg Cleveland,
Chicago. Cincinnati & st. Louis, Manhattan
and Metropolitan Street-railway were other
stocks to show strength. New York Cen
trail on the other hand, lost a point on
realizing. There was some disappointment
in view of Saturdays bank statement at
the continued firmness Oil money, which did
not loan below per cent Foreign ex-
change also continued firm.
The bond market was quite active and
prices held firm in face of some realizing
in the speculative issues. Total sales
SS,5T5,000. United Staes old fours, coupon,
are y lower bid
The following table, prepared by l.. w
Louis. Room II, Board of Trade, shows
the range of quotations: