The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-05
STOCK PRICES LOWER
DECLINE DUE TO EXCESS OF SELL
ING OVER BUYING ORDERS.
FURRY an the Money Market Not quite
So Pronounced as ON Monday
Local Trade Quiet.

At New York yesterday money on call
was firm at S1kGt4 per cent; last loan, S1s
per cent. closed, 31za4 per cent.
Prime mercantile paper, 31zQ4 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $fS47s for de-
mand and at $4s2asQ4s2k for sixty days;
posted rates. $4s3 and &S5Q4.S6; CONNER
ciaI bills, $4.S1lk
Silver certificates. 5ssl @5Sc; bar silver,
56%c; Mexican dollars. 46c At London bar
silver closed fiat at &c Lid an ounce.
Total sales of stocks amounted to 204, 700
shares, including: Atchison preferred, 1855;
Louisville & Nashville. 1850: Manhattan,
26.4S3; Metropolitan Street Railroad. $3.50;
Missouri Pacific. 7.415; Northern Pacific pre-
ferred 1880; Rock Island. $3.50; St Paul.
21,177; American Tobacco, 1850; Chicago
Great Western, 4,12O; Peoples Gas, 1890;
Sugar, 1883; Western Union, S,6S5.
Prices of stocks showed a further decline
yesterday, and there was nothing to in
dictate that the decline was due to any
other cause than the preponderance of
those who desire to sell over those who de-
ssre to buy There was some short selling
by the professional bears on Change, but
no marked recuperation such as would be
caused by the covering Of shorts was man
ifested and the bears, If they sold were
apparently content to leave their contracts
open. The specialties continued to absorb
the largest share of attention, but the
market showed a broader tendency and the
liquidation extended more generally through
the list. Metropolitan Street Railway was
feverish and erratic throughout moving
over range of 21a points and closing with
a gain of a fraction. The stock at one
time shared in the weakness of the general
list and fell Ia points. Manhattan was
Under pressure all day, after momentary
gain at the opening. and fell to the lowest,
ITO, only little before the close with a
feeble rally. There was obvious bear pres
sure against this stock. Net losses of a
large fraction are general throughout the
list, and number OF prominent specialties
and railroad stocks, notably among South
ern and Southwestern roads and the coal
ers, show net losses of point or over
Mondays furry in the money market,
which carried rates up to per cent, was
not repeated. but rates We're firm, and the
largest part of the days transactions was
made at 4 per cent, with exceptions at
81 per cent The clearing house statement
discloses that the January interest dis
DursementS resulted in the transfer of a
little over 100000 from the treasury to
the New York money market as indi-
Gated by the subtreasury's debit balance
The days exchanges at the clearing house
ran up to the enormous total of $3.50, 731, 265,
and the balances footed up over SIG, 500 OOO
To-day's Union Pacific payment of $500, OOO
which is to be covered into the treasury in
cash, doubtless figures in those transac-
tons, but there were evidently heavy bank
Ing operations in addition quite sufficient
TO account for the furry in the money mar
ket Monday. In view of the proportionately
small surplus reserve there are not such
confident predictions heard of an immedi-
ate easing of the rates for money as were
current last week, though the exchange
market holds firm on a demand which is
based on a presumption of lower rates for
money in the near future
The demand for bonds was net heavy yes
terday, but prices were well held. Total
sales. %.650.000 United States fours regis
tered. were Il lower bid and the fives were
Is higher
The following table, prepared by L. w.
Louis, Room II, Board of Trade, shows the
range of quotations: