The Indianapolis journal., 1898-09-02
A DULL STOCK MARKET
ALL STANDARD SHARES ALMOST ON
THE VERGE OF sTAGNATION.
Money Rates Promise to Become Easi-
er and speciaities Are Higher
Local Trade Brighter.

At New York yesterday money on call
hrmer at 2@S1z per cent; last loan, per cent.
Prime mercantile paper, 3%@5 per cent.
Sterling exchange weaker. with actual
business in bankers bills at s4.s4A@4s5 for de-
mand and at $4S21aG4.s2a4 for sixty days; posted
rates s4.s31zQ4.s4 and S4.Ss; commercial bills.
s4.s2
Silver certificates. 5s1zG6Ohc: bar silver, 6oc;
Mexican dollars. 4s1hc At London bar silver
closed quiet at q 11-16d an
Total sales stocks, 3SS 300 shares, including
6SS5 Atchison preferred, $50 Chicago Burlington
& Quincy. 6.7s5 Louisville Nashville, 4o.S10
Manhattan, 81. $40 Northern Pacific, 45.0Ss North
Pacific preferred. 6.622 Rock Island, $50 ST.
Paul, lS5 Union Pacific, s.770 Wabash pre-
ferred 4.722 Minnesota Iron. SO5s2 Peoples Gas.
1920 General Electric. 6.S4O Illinois Steel 1888
Sugar, 4.410 Leather preferred and 4.210 Chicago
Great Western.
Yesterdays New York stock market was dull to
the verge OF stagnaton for practically all of the
standard stocks. There was no severe pressure OF
liquidation, but neither was there any demand
to buy Evidently the elaborate manipulation of
the bull clique, which, in view of the favorable
condition, was expected to invite a prolonged
outside buying movement, which would carry
prices from one high stage to another. has come
to naught for the time being. The professionals
have realized. but the new holders are vulnerable
to the Vaccinations of the bear clique and are
loath to hold their stock in declining market
There is a constant dribble of stock and a sag
ging of prices. The market redeemed from
absolute dullness by movements in special stocks.
Sugar and Manhattan marked up by the
bears. Peoples Gas reacted on the failure of the
agreement among outside interests expected to
result from Wednesdays conference. There
large absorption of both Northern Pacific and
Union Pacific preferred. Union Pacifc's favorable
statement for July giving the movement fresh
impulse. The common srocks both suffered from
liquidation. The projects of the great new Fed
eral Steel Company were reflected in the activity
Of various stocks affected. General Electric, Con-
soidated Ice, New York Air-brake and Baltimore
& Ohio. the Cleveland, Wheeling & Loran stocks.
Buffalo, Rochester & Pittsburg stock all showed
marked advances.
So far as the outlook in the money market is
concerned there is prospect of easier conditions
There more gold imported. but sterling
exchange weak and London money rates are
still below the New York level. though they hard
ened further. The announced intention of the
Treasury Department to anticipate the interest
payments on the per cent. bonds will release
over 600 to the market 1t is expected also
that the distribution of the new government
thTees will be much more rapid from this time on
and will be completed by Sept. 10 This will
to liqudate large amount of loans made
by New York banks for financing subscriptions to
these bonds and will also make the bonds avail
able security for deposits of government money
in national banks and for the purpose of circula-
tion. At the same time the action of the treasury
in anticipating interest payment is an indication
of the rather pressing needs of the money market.
Such thing has not been resorted to since the
period of Secretary WINDOWS administration,
when the old tariff law was yielding surplus
revenue.
The bond market shared in the dulIness of
stocks and prices yielded before the end of the
day. Total sales were s2.C9O.0OO. Quotations for
government bonds unchanged. The new
threes are Is lower actual transactions.
The following table, prepared by L. w. Louis
Room H. Board of Trade shows the range OF
quotations.