The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-30
PROFIT-TRADING RULED
NEW YORK STOCKS COULD NOT RE-
SYST THE SELLING MOVEMENT.
Strong Foreign Demand Fell On-Ex-
POint-LOcaI Trade Quiet.

At New York yesterday money on call was
steady at 2u212 per cent; last loan, per cent.
Prime mercantile paper, S14@4H per cent.
Sterling exchange easy, with actual business in
bankers bills at s4.Sl1aG4s4lz for demand and at
$4.s214@4s2% for sixty days; posted rates, $3.50
4.S3 and s4.s5Q4s6; commercial bills A.s1
Silver certificates, 6O11Q6114c; bar silver. 5ss4c
Mexican dollars. 1870. At London bar silver
closed steadier at 275sd an ounce.
Total sales Of stocks were 574,SeO shares, in
Guiding: Atchison preferred. 1920; Central
Pacific, u,734; Chesapeake & Ohio, 5,7S5; Chicago
Burlington & Quincy, II, 352; Louisville & Nash
Vile, 1S7SS; Manhattan, 712O; Metropolitan Street
railway, 1o.4ss: Reading first preferred, 1885,
Missouri. Kansas & Texas preferred, 7,470; Mis-
souri, Pacific, IS, 227: North American Company,
$40; Northern Pacific, 1920; Northern Pacific
preferred, $685. Northwestern, 4.S7O; st. Louis &
San Francisco 1890; st. Louis & San Francisco
second preferred, 4.745; Union Pacific 26,OOO
Union Pacific preferred. $4,000; st. Paul. 9,725;
Southern Pacific, 1895: Southern Railway, 1872
Southern Railway preferred, II, 49, Union Pacific,
Denver * Gulf, 1850; Paper, 4S23; Tobacco, II, 225
Bay State Gas. S44O; Federal Steel, $780, Federal
Steel preferred, 4.572 Linseed OIL 1890; Pacific
Mail AIS; Sugar, sc, $50; Chicago Great Western,
S,4sO; Leather preferred, SO25
Profit taking was the order on the New York
Stock Exchange yesterday Some attempt was
lHdue 10 IeStTlcL the QecllnlnS Out the
persistent selling to realize discouraged the eff
fort and support finally withdrawn through
out the list. Mondays strong demand for London
account fell off. it was generally supposed it
would, when the effect of this buying on the
sterling exchange market remarked. The ap-
proach Of exchange to the gold import point re-
suited in an advance in the private discount rate
in London again and this caused a rise in London
exchange at Berlin, which continues to be the
real center of the pressing need of money. The
stiffening Of the discount rate in London did not
avail, however, to prevent further weakening
in sterling exchange at New York. Posted rates
reduced a half cent and the actual rate for
demand sterling fell to $.S5A as large offerings
of grain and cotton bills against exports. This is
the level Of exchange which brought gold on the
recent movement, and there is little doubt that
gold would have been engaged in London for inn
port yesterday had it not been for further rise
in the price of the metal in that market, bars
advancing half penny to us He'd, and American
eagles 14d to 76s 6Ad. London ceased to buy
Americans under the stress of this threatening
condition in the exchange market. Nevertheless
the New York stock market showed advances at
the opening and sustained by heavy buying
of the grangers on the Burlington statement. 1t
was evident however. that a part of the recent
buying OF the grangers in anticipation of this
statement and the is evidently true of Union
Pacific, which, with a large increase in gross
earnings and reduction in operating expenses,
showed an addition to the surplus of s307S91 Inc
publication of these statements was therefore met
with heavy realizing. There was in addition con-
tinued, realizing in Atchson preferred and some
selling of Northwestern and Omaha by holders
who disappointed at the. failure to increase
the Northwest dividend. There was strength
among the Southwesterns and Southern
railroads, Central and Southern Pacific and
number of specialties, including an. extreme rise
of 5A in Sugar and an upward movement also of
of the Iow-priced stocks, remote from any
dividend chances but these were insufficient to
countcract the general downward tendency, which
finally prevailed and made the closing weak at the
lowest price and generally for the day. Edison
Illuminating of New York made a conspicuous
advance of IA points to 165
There was strength in a few points in the bond
market, but the general tendency of prices was
downward. in sympathy with stocks Total sales,
81. 10000 United States tours advanced 4 and
the threes Ia in the bid price.
The following table, prepared by L. w. Louis,
Room II, Board Of Trade, shows the range of