The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-04
STOCK PRICES sAGGED
AVERAGE LOWER LEVEL TO EVERY
THING on 'CHANGE YESTERDAY.
Considerable Pressure Brought by the
Bear Traders-Bonds in Active Re-
quest-LocaI Trade Lively.

At New York, yesterday, money on call
was easy at 1lza1A per cent; Toast loan,
IL per cent.
Prime mercantile paper, 9Q4 rer cent.
Sterling exchange was firm. with actual
business in bankers bills at S4S5G4S51s for
demand and S4S2AQ4S2s for sixty days;
posted rates. s4.S31s and s4.S6; commercial
bills, sis2.
Silver certificates, 56A@574e bar silver.
56asc; Mexican dollars, 45Ac. At London bar
silver closed at 26d en ounce.
Total sales of stocks were 300, 900 shares,
including: Baltimore & Ohio, q $40; Chesa-
peake & Ohio 1851; Great Northern pre-
ferred S,143; Louisville & Nashville, 1927;
Manhattan, 12225; Michigan Central. 400;
Hawaiian. 37S5; Reading preferred. 2O379;
Missouri Pacific, 1870; New Jersey Central,
1902; New York Central. 1893; North Ameri-
can, $500; Northern Pacific, $780, Northern
Pacific preferred $40: Reading, $50; st.
Paul, S.22s; Union Pacific, IL, $685. Peoples
Gas. 3,7S5; Consolidated Gas, 1900; Sugar,
1878.
The strength of yesterdays stock mar
blxet was confined to spots and the general
tendency continued towards a lower plane
on realizing sales. Pressure by the bear
traders was marked and the outside support
afforded by buying orders through commits
sion houses was considerably less There
was strong tone in few individual stocks
and advances in others were brought about
by manipulation. London also bought some
securities. All causes combined, however,
did not avail to maintain prices in the gen.
eral list and the average level of the mar
ket sagged to a lower basis The most con-
spieuousl movement of the day was in Great
Northern preferred, which added twelve
more points TO it's recent upward course,
,making its gain thus far for the week
twenty-sx points. The supply of this stock
in the street at any time is exceedingly
light and urgent demand for even a small
volume raises the price very quickly. The
methods of operation on this road and its
financial relations to its subsidiary COM
panies makes the stock attractive at any
time on the general possibility of readjust-
lnents of relations and advance this week
gives strong ground for surprising that the
general possibilities are shaping into con-
crete form. There was nothing in the news
eff the day TO warrant q statement as to
what concrete form may be. over three
thousand shares changed hands during the
day. Baltimore & Ohio also showed con-
tinued strength. grounded on vague rumors
Of the approaching completion of the re-
Organization plan for which there was no
authentic warrant Norfolk & Western pre-
ferred advanced over a point at one time
on the strength of Wednesdays / per cent
dividend declaration, the buying of the stock
for London account being particularly good.
Almost all of the gain was lost in a late
reaction. The coalers were favorably af-
fected as a group by the prevailing cold
weather. but they failed to hold their gain
Rubber preferred enjoyed an advantage
from the current demand for overshoes
created by the storm The Vanderblts were
strong at times. Michigan Central being
brought in the talk of the consolidation.
Sugar also ruled above yesterdays closing
price Other exceptions to the prevailing
weakness might be named, but they We're
not conspicuous and none held all of their
advance. Union Pacific preferred was very
largely dealt in and rose sharply over
Wednesday nights close, but fell below be-
fore the close. The activity of the market
showed q considerable falling off from the
recently prevailing average.
The active interest in the bond market
was much better sustained than in stocks
and prices were better held, the general
level being higher and some sharp gains
being scored. Total sales. $5,610.0O9 Gov
eminent bones We're strong all around.
United States seconds advanced Il, the new
fours, the new fives and the old fours. regis
tered, 4. and the old fours, coupon Il bid
The following table. prepared by l.. w.
Louis, Room IL. Board of Trade, shows the
range OF quotations: