The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-16
CLOCK ALMOST STOPPED
BUSINESS EXTREMELY DULL ON THE
NEW YORK EXCHANGE.
Deeper stagnation Each Day-Fiurry
in Northern Pacific the Only Incl
dent-Good June Local Trade.

At New York yesterday money on call
was easy at 1s4G2 per cent; last loan, Ia
per cent.
Prime mercantile paper. 31z94A per cent.
Sterling exchange was easier, with actual
business I'm bankers bills at sIS7isd4S7A
for demand and s4.s4G4S47s for sixty days;
posted rates. s4s5 and s4.Ss1k; commercial
bills. S4s494s4lz Silver certificates were so
@61c; bar silver, s0Ac; Mexican dollars,
l7zc AT London bar silver was q 11-l6d an
ounce.
To find a parallel to yesterdays stagna-
ton in the stock market il would be neces-
sary to go back to the period of the last
presidential campaign A number of usual
ly active stocks were not dealt in to the
extent of single share. Large offerings
of Northern Pacific began to appear near
O'Clock. at which time the directors were
assembling to take action on the semi-an-
nual dividend. The stock fell into quetude
In the last hour and hung about point be-
low Thursday nights level. 1t was not I'M
til after the close of the market that the
announcement was made that only l per
cent. dividend had been declared for the
six months period. The proposed action
OF the directors seems to have been kept
formed of the effect of this action on the
stock market. At the last dividend period
the directors declared per cent. on the
common stock, per cent. OF which was
called regular semi-annual and 1 per cent.
extra. Several weeks ago the stock was
rushed up above 50 by a speculative pool
on the allegation that regular semi-annual
dividend of per cent. would be declared
for the last six months. More recently ru-
mors have been abroad that the directors
would hesitate TO put the stock on regu-
lar per cent. basis. but IL has been gen.
orally accepted In speculative circles that
the last dividend action would be repeated,
that Is to say, per cent. dividend de-
clared. but per cent. TO be called extra.
No intimation has been heard in Wall
street that the actual amount to be dis
bursed would be cut in half The action
taken proved a complete surprise. and what
the effect may be upon the general market
81 Is impossible to foresee. 1t is clear
announcement of the formulated judgment
of the directors, heretofore Informally an
nOunced by officers of the company, that
the current high level of earnings cannot
be maintained. 1t will be accepted also as
confirmation of the reports of extensive
damage to the Northwestern wheat crop
The price movement in yesterdays market
was irregular and without significance. Not
much attention was paid to the forecast of
to-days bank statement, but IL Is expected
that loss OF cash by the banks will be dis
closed. owing TO the s.. 900 export of gold,
which seems to have been only partly OFF,
set by the receipt of cash from the interior.
New York exchange at Chicago, however,
has moved upwards during the week and
yesterday touched 2oc premium. showing
the movement of. currency still strongly to-
wards New York. According TO the state
ments from the leading banks. the net loss
In cash VIII probably be upwards of a
$1,000, 900.
The bond market shared fully in the dull
ness of the stock market and price changes
were Insignificant Total sales, at par
values were $4,000. United States bonds
were unchanged on bid quotations.
Following are the days share sales and
the closing bid prices: