The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-03
| STOCKS WERE SLUGGISH
DULL MARKET ON 'CHANGE AND
SOME UNEXPECTED DECLINES.
IndustriaIs Showing Activity and
Selling Pressure Was Heavy for
Tfme-LOcal Trade.

At New York yesterday money on call
was firmer at 2Q3 per cent; last loan, 3
per cent.
Prime mercantile paper, 34G4A per cent
Sterling exchange was steady, with actual
business in bankers bills at $4.8412q4. S4A for
demand and at $4.811aG4.S1a4 for sixty days;
posted rates, $4.S2Q4S21a and $4.S5lz; COM
mercial bills, $780,
Silver certificates. 6O1k0611zc; bar silver.
$3.50; Mexican dollars, 463sc. At London
bar silver closed dull at q 9-16d an ounce.
Total sales of stocks were 525, 700 shares,
including Atchison, 1885, Atchison pre-
ferred, II, 49, Central Pacific, p, sos; c. & O.,
$3.50; l. & N, 1885; Manhattan 6775; Met
ropolitan Street-railway, $500; Reading first
preferred, 1895; Missouri Pacific, 1880;
Northern Pacific, 4,515; Rock Island, 4.SO5;
Union Pacific, 109 Union Pacific preferred,
1881; st. Paul, S,410; Southern Railway pre-
ferred $685. Texas & Pacific, $3.50; Wheel
ing & Lake Erie, $500; Cotton Oil, 4,72O;
Spirits, 12,4S0; Tobacco, 90,19O; Bay State
Cas- 1885; Federal Steel, 4,79S; Federal
Steel preferred, %, 23S; Peoples Gas, 5000;
Consumers Gas, ssh; Laclede Gas, S.240;
Linseed Oil. 13.775; Pacific Mail, 17,475;
Sugar, sc, 1876; Tennessee Coal and Iron, 1929;
Rubber 1873; Chicago Great Western, 5000
The New York stock market refused to
respond to the sanguine view manifested on
the London exchange yesterday as to the
future value of American securities. Amer
leans were the features of that market and
were marked up quite sharply before the
opening hour The countermanding of or
ders for engagement of gold for shipment to
New York aleviated apprehension in Lon
don over the money market outlook. The
rate for call money there fell to 21z per
cent, and was easier also in Paris as q re-
suit of the extensive accommodation ac-
corded the money ma ket by the Bank Of
England and the Bank Of France. The
effect in New York of higher prices abroad
was only temporary, and the demand for
standard stocks became semi-stagnant. In
the dullness which supervened the move
ment of prices for standard stocks was Elk
tremely irregular, the irregularity extend
ing so far as a contrary movement of
different issues of the same company. Thus
the preferred stock of Chicago & Eastern
Illinois and St. Louis & San Francisco first
preferred moved upwards, While the COM
mon stock of the former and the second
preferred stock of the latter suffered heavy
losses. The preferred stock of Union Pa
cifc was also firmer relatively than the
common stock. Generally speaking the Pa
trail and Southern Pacific, suffered from ex-
tenSIVe proht-taking sales The grangerS
were in the same category. The sluggish
ness and heaviness of the railroad list
caused a continued diversion of speculative
activity to the industrial specialties. Sugar
showed the greatest activity. and its de-
cline in the late dealings after an early
period of strength was no small factor in
the general heaVineSS towards the close of
the day. The decline in this speciality was
based on the lowering in price of the
product by a leading competitor and on the
opinion that the recent demand in the trade
has been altogether abnormal Brooklyn
Transit rose at one time above 10 to the
high record price, and Metropolitan Street
railway was strong talk of increase
of the dividend The preferred stocks of
the benefit of favorable trade conditions.
Federal Steel preferred was suddenly
marked up almost point without an ex-
planatory development, and other iron and
steel stocks responded in sympathy. Lin
seed Oil rose ga on the reported underwrit-
ing by a syndicate of the reorganization
plan, but lost it all. General Electric was
helped by. the expected declaration of $17.50
of the accumulated dividends of the pre-
ferred stock. Pacific Mail was a strong
feature on the increase in net earnings for
October of $128,S07, due to the increased
trade activity in the Pacific ocean. The an
ticipation of poor fourth-week traffic returns
for railroads on account of bad weather had
its influence in causing the reaction. The
days net changes are mixed
The bond market was active and prices
were better sustained than in stocks. Iron
Mountain ives were a feature, with a rise
above par to 10I. The Denver & Rio Grande
tours were edded to the list of reorganiza-
ton fours valued at par or above. Total
Sales 81, 955, 600. United States old fourS,
registered, and the twos advanced Is in the
bid price.
The following table, prepared by l.. w.
Louis, Room IL, Board of Trade, shows the
4snFaf fr 10 In