The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-07
TOWARD A LOWER LEVEL
STOCKS FLUCTUATED WIDELY, AND
FINALLY WOUND UP WEAKER.
Operations Became Dull Late in the
Day, Except I'm Special Cases.
Local Trade Active.

At New York yesterday money on call was
steady at 21xQ2A per cent; last loan "a
per cent
Prime percantile paper. S1a041z per cent
i Sterling exchange was firmer with actual
business in bankers bills at $4S4s14S414 for
demand, and at $4.Sl%@4.S1% for sixty days;
posted rates, s4.S21z and s4.S5: commercial
bills. $4SOh
Silver certificates, 6OQ61c; bar silver, Coo;
Mexican dollars, 46%c.
Total sales of stocks were 3S3, S14 shares.
including: Atchison preferred, 1850; c., B.
& O., 1885, Lake Erie & Western preferred,
S,4OO; Metropolitan Street-railway, 2O.S2O
Northern Pacific, 1,42O Northern Pacific
preferred $3.50; Rock Island. 1000: Union
Pacific. 7,4OO st. Paul, 1885, Union Pacific
preferred, S,4S4: U. P, D. & G., 4,S75; Cot
ton Oil, 1920 Tobacco, So go; Chicago Great
Western, $50: Peoples Gas. $1,000; Sugar,
1874; Rubber, s,74O
Influences governing the New York stock
market yesterday were largely confined to
developments in the specialties The status
of the war in the sugar trade was momen-
tarily lost sight of owing to consistent sup
port to the stock. A further reduction in
refined was q signal for a raid, but after
effecting break of point the stock rallied
strongly and eventually ruled a point above
Wednesdays close. Subsequent weakness
robbed 1t of practically all the gain and
communicated heaviness elsewhere. Liver
pool buying was evident during the course
of the day. and this factor, in addition to
moderate outside purchases, embracing
large sprinklng of the inactive stocks,
casionally sustained prices. although the
general run of stocks favored lower level.
Liquidation was very pronounced in North
ern Pacific common, Union Pacific, Denver
& Gulf, Lorain preferred and Tobacco. The
latter broke Az, but rebounded frequently
and closed point above the lowest. Pres
ident Duke was quoted as refusing to deny
or confirm the current rumors regarding the
negotiations with Western plants. Dull
ness became quite pronounced during the
afternoon but no changes of note occurred
except where special conditions prevailed.
Operation by arbitrage interests were on
both sides, early purchases being thrown
over when the reactionary tendency became
marked. Reports of railway earnings from
the. less important lines, which averaged
We'll, coupled with encouraging statements
from influential railway officials regarding
the outlook for general business, and the
an louncement of appointment of an arbitra-
ton commission to settle the long-standing
dispute between the Canadian Pacific and
the American transcontnental lines regard
ing the questions of differentials between
Atlantic and Pacific points. did not arouse
much enthusiasm. Prices for the railways
outside Of the grangers and some of the
Southwesterns. did not get up to Wednes-
day nights level, and final prices all around
were about the lowest.
The bond market continued to reflect
steadily increased outside demand, which
found expression in purchases of the stand
ard mortgages and speculative buying of the
midde-grade issues. Wisconsin Central
firsts were in exceptional demand, and at
one time showed a rise of points, to SO,
but subsequently suffered from realizatons
and lost half the gain. Total sales, 81 575-
0Co Government bonds were unchanged in
bid prices but an active demand for the
threes advanced them H.
The following table. prepared by L. w.
Louis, Room II. Board of Trade. shows the
range of quotations: