The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-02
SCALPING FOR PROFITS
LIVELY BUSINESS IN STOCKS AND
ALL LINES SUFFERED.
Money Rates for Call Loans Working
10 a Lower Basis-LocnI Mar
kets Fairly Active.

At New York, yesterday, money on call
was easy at 115Q1A per cent; last loan at
1% per cent.
Prime mere 9tile paper, 3q4 per cent.
Sterling exchange was firmer, with actual
business in bankers bills at S4.S4s4 for de-
mand, and at S4S211@4.S23z for sixty days;
posted rates $4.S3@LS31a and S4.S51k04.s6;
commercial bills, $4.S2.
Silver certificates, 5614@5714c; bar silver,
5e3sc; Mexican dollars. 45l4c. At London bar
silver closed duh at 26 1-l6d an ounce
Total sales of stocks, 4O1 1870 shares, in
Guiding: Atchison preferred, 15,11O; Baltimore
& Ohio, 11,615; Chesapeake 6 Ohio, q sos;
Chicago, Burlington & Quincy, $3.50; LOUIS
vile & Nashville, 1906: Manhattan, SO 93S;
Metropolitan, $500; Missouri Pacific 1850;
Missouri Kansas & Texas preferred, $685.;
New York Central, 1870 Northern Pacific,
13,22S; Northern Pacific preferred, 1927;
Reading, 1870: Rock Island, 10.625; ST Paul,
II ,405 Union Pacific. $3.50; Tobacco, 10000;
Peoples Gas. 1890; General Electric, 3,452;
Sugar, 9.4S7; Western Union, 1884; Chicago
Great Western, $3.50.
The stock market had a load Of liquida-
ton to carry yesterday still heavier than
that Of Monday and there were fewer prom
inent stocks to exert a sustaining force
by special strength. The heavy offerings
WCIG/Wttl dDSOIDSu dilu net QcClliltS are lOE
the most part confined to fractions, but are
general For time after the opening there
seemed to be no dimnution from Mondays
activity. There had evidently been a large
accumulation of outside orders over night
and London was also buyer of stock.
This demand was satisfied. however, with
out effecting any marked advance in prices,
the offerings being very large. Later prices
began to yield under the weight of continued
offerings, but the pressure not great
and the market fell into dullness, holders
apparently content to await rally to con-
tinue the liquidation. The rallies were
helped by the continuing strength of num-
Der of stocks, especially Union Pacific and
all its securities. The strength of these
gained during the day and this stock closed
at the highest at Il net advance of over a
point. Baltimore e. Ohio showed early
weakness, but rallied 2as on an unauthorized
assertion that the reorganization plan had
been agreed upon. Upon the denial of this
the stock fell away but closed with a small
net gain. The Ohio soft coal roads gave
evidence of strength on the better outlook
for the coal traffic and reports of an agree
ment among them for its distribution. Des
AIoines & Fort Dodge made a conspicuous
movement of % per cent. There were some
very marked gains also among usually
dormant stocks. such as Great Northern
preferred, Chicago & Eastern Illinois pre-
ferred, c., c., c. & st. L. preferred, Adams
Express and Susquehanna & Western pre-
ferred. There We're periods of strength in
other stocks during the day; notably the
local New York traction companies, West
ern Union and General Electric, but the
order of the day was profit taking and this
extended even to Northern Pacific preferred
on which there was a quarterly dividend
of 1 per cent. declared late in the day.
London bought some stocks early in this
market, but sold more later, which proba-
bly, had an influence in giving a somewhat
sitter tone to the exchange market. 1t is
to be noted however,, that a part of the
cash from the interior which is being re-
eeived in New York is due to remittances on
account Of Australia gold received at San
francisco to the order of New York houses
There was a noticeable growth of activity
In the commercial paper department of
the money market, the supply showing a
decided increase, but without any quotable
effect on the rates. The rates for call loans
worked to lower basis in spite of with
drawal of the second 10 per cent. INSTALL
ment of the government deposits of the
Union Pacific payment This withdrawal
was called for to-day, but most of it was
In the bond market the Kansas Pacific
consols We're the most conspicuous feature
with an advance of S3s per cent. to 1107s
Other bonds of the Kansas Pacific advanced
to points on the belief that they would
be Included in the Union Pacific reorganiza-
ton with or without an arrangement with
the government. The bond market gen.
orally showed a continuance of activity and
prices continued to advance Total sales
S6,l40O0O. United States new fourS advanced
Is bid, the coupons ex. dividend.
The following table, prepared by l.. W.
Louis, Room IL, Board of Trade, shows the
range of quotations.
Another installment of 10 per cent. of the
Union Pacific money on deposit on account
of the United States government in certain
national banks will be paid into the treas
ury by the So banks The amount on deposit
In New York is now about $21.000000. The
National City Bank paid into the subtreas-
ury nv these hanks. The amount on deDosit
its Union Pacific deposits. and received
bank notes for that amount held by the
government as security. The Union Pacific
reorganization committee announced yester-
day that Monday it distributed checks
for the commissions due original subScrib-
ers to the purchase money certificates. The
committee is at work on the applica-
:on to the Stock Exchange to list the entire
body of new securities.
Open High Low Clos