The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-28
TRADERS RUN TO COVER
SLUMP IN TRUST SHARES FELT
THROUGH THE STOCK MARKET.
Foreigners Not Buying Largely of the
mess Not Up to Expectations.

At New York, yesterday. money on call
was easy at 14@112 per cent; last loan,
IA; closed al 1Aq112 per cent.
Prime mercantile paper, 312Q4 per cent.
Sterling exchange was weak with actual
business in bankers bills al $4S6%4a4S7 for
demand and $.S5$4@4.S6 for sixty days;
posted rates. $4.86la04.S7 and S4.SSQ4SS1a;
commercial bills, $3.50
Silver certificates, 6O1sq6O1ac; bar silver,
Coo; Mexican dollars 47Ac. AT London bar
silver closed steady at q 9-16d per ounce.
Total sales of stocks were 1858 shares,
including the following: American Sugar,
1900; Burlington & Quincy, q, 100; Chicago
Gas trust receipts. 1900; Louisville &
Nashville, 1900; ST. Paul, 1900; Western
Union, $500.
The New York stock market was quite
strong yesterday for a time, but the rather
sensational slump in the Rubber shares
and the large selling in Baltimore & Ohio
put stop to the rise and also the activity
of the trading The volume of the deal
ings in all stocks for the three hours of
trading after the noon hour was only about
one-third of that for the two hours before
noon. The lack of confidence in the stabil-
ity Of values on the part OF the professional
traders who still control the market al
most altogether, was illustrated by the
prompttude with which they proceeded TO
take profits on rather slight provocation.
Those who are doing the bulk OF the trad
Ing are evidently in the market Ior snort
turn though there was some continuance
e to-day OF the commission house buying,
which has indicated awakening of outside
interest in the market. The fall in the
Rubber shares was coupled with rumor
thdt IL was caused by Incubation OF inter-
eStS retiring Oh account of the defamation
of a reelection by President Evans. This
accumulated the decline without the sales
reaching a GXTTHOr0in4FV volume. After
an extreme decline OF 3lk for the common
stock and 44 tor the preferred these stocks
rallied rather strongly, the common closing
at L and the preferred at 6012. All the
securities of the Baltimore & Ohio that
were dealt in showed continued heaviness
on the DelleI that the company VIII default
on its June interest payments which m
clude interests on both bonds and receiV-
erS certificates, amounting to about $780,
600. The stock fell 11a and rallied only the
fraction OF the bonus the tiVes of 1929 sold
10 points Off, at 80; registered tives, points
off, at 70, and the consol tives, II points off,
at 80, seller twenty days. One or two other
incidents served to depreSs values some
what, one being the hearing of arguments
on the order enJolning the summonses TO
coal road presidents to answer charges OF
conspiracy under the New York antitrust
law. This hearing was postponed without
notably relieving the coal shares from
pressure Some sentimental effect was eX-
erted on Sugar stock by the trial of the
president of the company for contempt of
the Senate, but the dismissal Of the case
at Washington yielded no substantial bene-
lit To the STOCK. Inc market was IeIIdIh-
ably dan at the periods of decline London
appeared to be a ready buyer OF nearly all
the International stocks when they fell be-
Low the London parity The total pur-
chases for London account were estimated
at 1000 shares. The net changes III prices
are narrow, but are mostly losses, some
few stocks showing gains which reached a
point in the cases of Michigan Central and
Erie first preferred.
The railway and miscellaneous bond mar
ket was characterized by violent t1uctua-
tons in number of issues, including the
Baltimore q Ohio liens, which are else
where referred to, and Kansas City d Pa
cific firsts. which receded 3A per cent.
Marked strength was noted in some OF the
prominent issues, which was attributed to
liberal purchases for continental account.
The Erie mortgages were more actively
traded in, and the prior lien fours gained
11A per cent. Fluctuations in the specula-
tive bonds were rather narrow, but gen
orally firm tone prevailed The sales were
81 239, 000 Government bonds were strong
and higher on transactions of $4,000
The following table, prepared by l.. w. Louis.
Room H. Board OF Trade, shows the range OF