The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-02
SPECULATION REPRESSED
SMALL VOLUME OF BUSINESS, WITH
NARROW FLUCTUATIONS.
One Remarkable Sale of Lake Shore
PennsyIvania's Increased Divi-
dends-Local Trade Activity.

At New York yesterday money on call was
nrm at sz95 per cent; last loan. per cent
Prime mercantile paper, see per cent
Sterling exchange easy. with actual busi-
ness in bankers bills at s4.sS7s for demand and
ST. SOS for sixty days; posted rates. A.SlQ
ASH and Sass; commercial bills, s47sls@4.s0.
silver certificates were 641z965lkc; bar silver.
sslzc; Mexican dollars. 5olzc. Silver bars at
London were 20 l5-1sd an
A striking evidence of the constraint on spec
ulaton given By the action OF the market
yesterday the announcement OF the declaration
OF an extra dividend OF I per cent. on Pennsyi-
venia Railroad stock. Previous to the announce
ment the stock had been lifted point and then
reacted When the news was bulletined there
was a spasmodic rise IN the stock to 1861. but
only one sale made at th&t price, after
which II fell back. Early In October Pennsyi-
vanla sold below lbs. 1t has been actively
traded in by energetic bull interests since that
time. and great variety OF assertions have
been made the forthcoming benefits to the
stock. 1t was alleged. for instance, that the
stock would certainly be placed on per cent
basis. Another story had IL that a distribution
would be made Of large portion Of the great
surplus in the Pennsylvania treasury. on the
other hand. the belief has prevailed generally
that these assertions were exclusively for stock
5obbing purposes. and that the company would
persist in the regular dividend rate OF ga per
since 1884. Reviewing these past conditions, IL
T. fair to assume that the days action was a
disappointment to some Of the active bulls n
the stock. while IL certainly an agreeable
surprise the conservative element in the street
But when IL is considered that the net earn
ings OF the Pennsylvania Railroad and OF the
lines directly operated b. IL have increased dur
ing nine months Of the year more than 50, 000 600
over the corresponding period OF last year yes
terday's rate OF distribution seems moderate
The extra dividend will involve the disburse-
ment OF little over $1,000. 600. There was a
considerable show OF strength in Sugar. The
advance attended BY rumors that a break
IN the prices OF refined sugars is imminent
Business in the market NJ large was too small
20 have important effect prices. though
the market closed with the level somewhat
above Wednesday night. after having been at
one time shade lower. A single lot OF Lake
Shore sold just before the close at go having
sold Wednesday 20. The closing bids were
quoted 2104. Nothing could be learned to
account for this small but urgent demand. The
the influence OF what called the controlling
interests in the market The rise in the money
rate 10 per cent. may have had some bearing
on the extreme dizziness OF the speculation.
Stock market demands on the money market
during the week have been extremely moderate
and further receipts yesterday OF imported gold
brought the total up to nearly -, 000 00e that
account. Not dollar has been transferred TO
the interior through the subtreasury since last
Friday
The bond market shared In the duIlness OF
stocks. and prices moved irreguarly. Total sales
AZ par value were N.240.o00. United States bonds
were unchanged the last call
Following are the days share sales ard the
closing bid prices.