The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-07-17
CHANGERS ACTIVE
WITH b.. & o. THEY FORMED THE
BULK OF THE DAYS TRADING.
The General List Was ~DistinctiveIy
Heavy and the Market DuII-LOca1
Business Is i'm Excellent Volume.
At New York yesterday money on call

At New York yesterday money on call
was 1Aq11s per cent.
Prime mercantile paper, 3AQ4z per cent.
Sterling exchange was firm, with actual
business in bankers bills at A.S794.S7B for
demand and at $.S41sG4.S4A for sixty days;
posted rates. s4.S5 and $I.S71zQ4SS; CONNER
eial bills. s4.S33sa4.sS7s.
Silver certificates were 61Ad62Ac; bar
silver, 6l1sc; Mexican dollars, 4S1sc- AT Lon
don silver bars sold at Is S-16d an ounce.
The depression caused on foreign stock
exchanges by the sinister reports from
China has no effect in the local market
and, indeed, did not hurt the American
securities in the foreign markets. Good adj
vances were established in London for
Union Pacific and for Baltimore & Ohio
before the opening here. and information
al houses bought freely in this market of
those and other stocks. The total pur-
chases for London account in this market
were estimated at 10000 shares. The move
ment In Union Pacific was the handspring
OF this market all day and b. & o. was
also an active feature. The movement in
these stocks was primarily based on the
estimates for the years earnings now
made up. A statement of Union Pacific
earnings, having the appearance of author
ity. says net results for the year, exclu-
sIve of land sales. amount to over s2O.-
eoC,0O0. which would indicate a balance of
something Xix 3 per cent. for the common
stock. This statement and the fact that
inside interests were avowed buyers of
the stock gave color To the reports that
Ii Is to be placed on a 4 per cent. basis.
The b. 81 o.. system has yielded for the
Year net earnings Of 81. 3S1. 794, from which
- IN he IrnN 49, -
5000. 900 and preferred stock dividends of
s., 400. 600. The fact that net earnings for
this system have been increased over 80
per cent for the year is due TO the heavy
cutlays by the receivers in the closing
period of their administration charged to
operating expenses last year. This state
ment. coupled with the fact of the recent
return from Europe OF several of the direc-
tors. WAS the occasion for rumors that .
dividend was to be declared on the stock.
The stock readily responded TO these
runIors and rose at one time 3%. Another
potent influence i'm the market was the CO.
pious downfall of rains in the corn belt.
The amount of speculation which has been
based on supposed damage TO the corn
crop was made obvious by the violent
break in the price of that cereal and the
rapid advance IN the stocks OF cOrn-carry-
Ing railroads. This helped the Union Pa
chic movement and that stock rose an ex-
treme rs. Other gains ran from / to la for
the corn grangers. Burlington being con-
spicuous- Rock Island was held back by
"@NA ~ &nAA III otoOAlN IL
transit, which was a target for the bears
all day and which lost 12S net. Missouri
Pacific broke badly i'm the late dealings
on disappointment that no action on the
dividend was taken at q meeting of the
directors held to-day. The extreme decline
was rs and, oupled with tn weakness
In Br0Oklyn Transit and the disposition to
take profits. reactions OF about a point
were caused in n number of stocks. The
Closing was heavy IT the reaction. OUT
side the grangers the Pacific ar trans
ccntinentals generally. the market con-
t.nued duh and narrow. An early advance
I'm Sugar was due to the rise in the price of
the refined product. and there was some
late strength In the steel stocks on re-
Ports Of new orders being placed for iron
products. The further advance i'm sterling
exchange and the admission by %interna-
f1onal houses that they expected to shin
gold this week seemed to be without eff
fect either on the stock market or on the
money market.
The bond market continued dull and
prices moved both ways. Total sales at
par value were Sa30. 600. United States re-
funding twos. when issued, old fours. the
fvcs and threes. regular. advanced u:
threes. coupon, y. and new fours. X in the
tid price.
Following are the days share sales and
the closing bid prices: