The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-08
A DULL STOCK MARKET
INDUSTRIALs STILL HELD THE LEAD
AND GENERALLY HIGHER.
Specialties F1uctuated and Closed al
DecIines-Rates for Money Easier
Local Trade Active.

At New York yesterday money on call was
steady at 213@3 per cent: last loan. 21k per cent.
Prime mercantile paper. s1k@4 per cent.
Sterling exchange easier. with actual bust
ness in bankers bills at s4.s404. s44 for demand
and at s4si%@4.S2 for sixty days. Posted rates,
As2A and 1885, commercial bills. s4SO1s.
Silver certificates. 6OkQ611kc bar silver. 60l5c:
Mexican dollars. 4s7sc. At London bar silver
closed very firm at Esd an ounce.
Total sales Of stocks 271 245 shares, includ-
Ing: Atchison preferred, 4190; Chicago Burling-
ton & Quincy. $500: Manhattan, $500; Metropoli-
tan Street-railway 1850; Northern Pacific $500;
Northern Pacific preferred 4S2O; Rock Island,
S,0sl; Union Pacific. 10. 1901 ST. Paul. $780, Union
Pacific, Denver & Gulf, s,1S2; American Tobacco,
s2o Peoples Gas, 1920; Sugar, SS, $780, Rubber,
4,400.
The New York stock market continued narrow
and professional yesterday and even the industrial
specialties. which have shown violent fluctuations
and feverish activity for some time past fell
into comparative quietude. The ind1strials never
theless continued to occupy the most prominent
place in the trading. The movement of prices
in this group conflicting in the early part
of the trading, but the reactionary tendency
gained the upper hand in most cases and wiped
out nearly all of the earlier gains Sugar was
less active than of late. but ruled above yester-
days level most of the day and rallied a point
from the lowest in the late dealings in face of the
continued heaviness of the general market Met
ropolitan was advanced early to 167. but broke in
the late dealings to 1891. Peoples Gas and Brook
Ign Rapid Transit also enjoyed their period of
strength. but succumbed in the late dealings, the
latter showing net loss of rs. Tobacco. Con-
solidated Gas, Cleveland Lorain & Wheeling pre-
ferred. Reading first preferred. Pacific Coast I'm
provement and a number of other specalties were
notably weak. In the railroad list the most
notable feature the continued large offerings
of Northern Pacific and the poor absorptve power
of the stocks shown by the market. The opening
was at a decline of X in spite of the fact that
it was the one American stock which showed an
advance in London. The price declined at
time ~ and rallied only feebly Some effort was
apparent to support the price at times which was
attributed to German holders. but the burden of
liquidation was too heavy. Union Pacific SYM
pathized. The preferred stocks of both companies
were notably firm, the declaration of the regular
quarterly dividend of l per cent on Northern
Pacific preferred being incident of the day.
There were rumors in connection with the decline
in Northern Pacific common of serious differences
among inside interests over questions of policy
these interests holding very influential position
towards the whole transcontinental situation.
There is the fear that further conflicts over the
transcontinental business will be involved in the
outcome. Next to the Paciics the grangers were
most notably affected. The failure Of this group
to respond to the visible earnings shown by re-
cent statements has also invited realizing.
Rates for time money easier and mer-
camille paper Is also tending to lower basis,
with a very little supply in the market The
shipment of currency to the interior during the
week has offset imported specie and the banks
have gained from the subtreasury. To-days bank
statement is expected to show further large
gain in cash reserves.
The reactionary tendency developed in parts
of the bond list after early firmness. There were
sharp gains in Wisconsin Central firsts and Sus-
quehanna Western general fves. Total sales.
SS,155,OO0. United States twos advanced r. the
threes when issued, ss the old tours. registered,
and the new tours, coupon, n and the new fours.
registered. and the fives. u in the bid price.
The following table, prepared by l.. w. Louis,
Room Il, Board of Trade shows the range Of
quotations: