The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-29
STOCKS CLOSED LOWER
EARLY FIRMNEss DIssIPATED AND
SHARE LIST SUFFERED.
Business i'm Bond Market Continues
ON u Heavy ScaIe-LOcal Trade
More Promising.

AT New York yesterday money on call
was easy at 115q1% las. loan, IL per cent.
Prime mercantile paper, 3aS94 per cent.
Sterling exchange was firm. with actual
business in bankers bills at s4.s5ss for de-
mand and at s4.S2laQ4S2s4 for sixty days;
posted rates. S4.ssd4ss1z and S4.S51zQ4Ss;
commercial bills. $4.s1lsu4.s2.
Silver certificates 561zd575sc; bar silver,
565sc; Mexican dollars, 45c. At London bar
silver closed at 2614d an ounce.
Total sales of stocks 47S,900 shares, in
Guiding: Atchison preferred, 14.019; chesa-
peake & Ohio s,719 c.. B. & G., 1926 c..
c., c. & ST. L., 1884; Denver & Rio Grande
preferred 9,170; Erie preferred, 4,07S; Louis
Vile G. Nashville, L, 4s2; Manhattan, 1920;
Reading preferred. $3.50: Missouri Pacific,
1870. Missouri, Kansas & Texas preferred,
1850; New YORK Central, S5,8ss; Northern
Pacific, 25,si5. Northern Pacific preferred,
1881; Rock Island, 3O,S2S; St. Paul, 1880;
ST. Paul & Omaha, 1860; Southern pre-
ferred, 4,O46; Union Pacific. 29.5S1; Tobacco,l
5,215; Chicago Great Western, 1900; Peo-
pies Gas, 1905; General Electric, $3.50;
Sugar 46S7; Western Union, $50.
Yesterdays New York stock market
showed signs of a struggle by the bulls to
sustain prices while they were taking their
profits They were moderately successful
and sold large blocks of the stocks which
have been recent speculative favorites
without producing any marked decline
elsewhere in the list Northern Pacific pre-
ferred is the only one of the recent FAVOR"
ties which shows Il net gain for the day,
but the declines in the others were not
sufficient to uncover any large number OF
stop-loss orders. The sharp gains in Spe-
cial stocks at different times during the
day were evidently due to manipulation for
the purpose of sustaining the general mar
ket. This together with the higher range
of prices reported from London in the
morning kept stocks we'll above Thursday
nights level during the early part OF the
day. but closing showed an easy tone, with
prices generally at the lowest. New YORK
Central was conspicuous under realizing
pressure after the opening and closed l12
lower than the days high point. Kansas q
Texas preferred showed an extreme DE-
cline of Ia and Rock Island one of a full
\ per cent Heaviness of the granGers was
an additional factor in the decline, the De-
cember statements of st. Paul and Bur-
lngton with the small Increase shown IN
net earnings having an unfavorable influ-
ence on the general list. London sold on pal
ance in this market several thousand shares
OF stocks, especially of New York Central.
This added to the heavy tone to quite
marked extent. Still another factor on the
side of the reactionists was the weakness
i'm the anthracite group, declines in some
of it's members reaching a point. The local
New York group added the weight of its
weakness to the burden of the bulls The
sudden spurts of strength shown by North
west, Louisville, Denver preferred and a
few other stocks proved unavailing to coun-
teract the general lower tendency Ex-
change hardened fraction for demand in
response to London's continued selling of
stocks on this side. The announcement of
the withdrawal of 10000 pounds in gold
from the Bank of England for shipment to
the United States was without any effect
here. Reports from London during the ear
lier dealings showed prices for Americans
higher and the market quite active, the
speech of the President last night being as
signed as the cause. The anticipation of this
Speech has been used for several days by
the bulls in Wall street and the realizing
the day after its delivery was in accord
ance with the usual practice of profession
al traders
The business in the bond market con-
tinued on a remarkably heavy scale and
prices generally are higher. There were
single transactions in par value of $150,o0O
and $4,000 of the Union Pacific purchase
certificates. of $125,00O of Atchison adjust
ment tours and of 100000 of Erie prior
fours. Total sales. $5,300.O0O. United States
old fours registered were q higher bid;
the new tours 4 higher bid and the old
fours, coupon. and the fives "a higher.
The following table. prepared by L. w.
Louis. Room IL. Board OF Trade, shows the
range OF quotations: