The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-01
A DULL STOCK MARKET
MEMBERS READILY CONSENT TO
MAKING SATURDAY A HOLIDAY.
Sensational Advance in Pullman to
207 on Prospective Division of
SmrpIus-Local Trade Quiet.

At New York yesterday money on call
was easy at 1A@11s per cent; last loan,
~
Prime mercantile paper, 3Q4 per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4S5i2g4.S54 for
demand and at $484A@4.S4ls for sixty days;
posted rates, s4.S5 and s4s6lz; commercial
bills. $4.S5.
Silver certificates, 5s1a@591ac; bar silver.
59Ac; Mexican dollars, 4524c. At London bar
silver closed quiet at q 5-16d an ounce.
Total sales of stocks. 223, 400 shares. in
GLIDING: Atchison, preferred. 3,761; Chica-
go. Burlington & Quincy, $685. Manhat-
TAM 6,64o; North Pacific preferred, 476S;
Rock Island, 11.O3O St. Paul, $40; Texas &
Pacific. SPAS: Union Pacific preferred, S035;
Spirits. 1857; Tobacco, 1920; Chicago Great
Western, 1886: Peoples Gas, 27,525; General
Electric, $50: Pullman, 6S51; Sugar, 26405;
Western Union, 1,157.s
The continued dizziness of the stock mar
ket yesterday justified the judgment of the
members of the Stock Exchange that it
was hardly worth while to keep open for
Saturdays half days trading preceding
Mondays holiday. A great part of the bust
ness consisted in closing up and evening
up outstanding contracts preparatory to
the three days cessation of trading. Dull
ness in the market in face of the actual
existence of war is in striking contrast to
the extreme nervousness which dictated the
abolition of the usual Stock Exchange hell
day on good Friday last. when there was
daily expectation of the presentation of the
report on the Maine disaster to Congress
and an outbreak of hostilities against Spain.
Stock exchange members then insisted on
holding a session to afford opportunity to
sell stocks in the face of what has now
actually come to pass and now they find
prices at an extremely high level irmly
sustained. Dull as the market was, the de-
mand for stocks clearly exceeded the sup
ply and there was quiet absorption of Sc
curities through a widely extended hr siness.
Business continued largely professional but
there was commission house business done,
the outside buying being attributed to
Western sources and being especially mani
fest in the grangers in sympathy with the
improved tone of the wheat market. Sugar
continued its advance, but lost it before
the day closed. Peoples Gas was up az one
time 21s points and Brooklyn Transit gained
about point. movement to realize en-
the days advance late in the afternoon
caused sharp reaction which was most
marked in stocks which had shown the
largest gains and in which Tobacco also
shared. Pullman showed striking advance
anu eouShSu No.A j ne uuylHS IS Sulu ~
be due to a pending distribution Of the COM
pany's large surplus. Doubts over interpre-
tation of some points of the new revenue
law which goes into force to-day Rad an
influence in curtailing speculation. A de-
cline in sterling exchange in response tC the
lowering of the Bank of England discount
rate was a feature of the day.
In bonds there was a reaction in Texas
a. Pacific seconds realizing. Otherwise
prices were firmly held. Total sales, 81, 250-
600. United States old fours, coupon. aG-
vanced u and the new tours u in the bid
price.
The following table. prepared by L W.
Louis Room II, Board of Trade. shows the
range of quotations: