The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-14
STOCK PRICES SAGGED
CUBAN QUESTION AND GOLD SHIP
MENTS USED by THE BEARS.
Foreign Buyers Dropping on and the
Market Unsupported-Local Bust
ness Fairly Active.

At New York yesterday money on call
was easy at 1Aa12 per cent; last loan,
a closed offered at Ia per cent.
Prime mercantile paper, Skq4 per cent.
Sterling exchange was steady, with ac-
tual business in bankers bills at $4S7lA4
4.S7h for demand and at S4.S6A for sixty
days: posted rates, S4.S7 and $4SSq4S812;
commercial bills, s4.s51a.
Silver certificates, 61061Ac; bar silver,
60&c; Mexican dollars, 4712c. At London
bar silver closed at 27Bd per ounce.
Total sales of stocks were 15l,o45 shares,
including: American Tobacco. 400: Ameri-
can Sugar, 1900; Burlington. Il, 200; Chi
cago Gas Trust receipts, 10, 700; Louisville
& Nashville, 1000; Manhattan CONSOLE
dated $500; Omaha, 1900: Reading. 1890;
see Coal and Iron, 400; Western Union,
1850; New Jersey Central, 3,100.
There was not a single effective rallying
point in yesterdays New York stock mar
ket and the only interruption to the sag
ging prices was the OCCASIONAL brief buying
of shorts in some few stocks to cover. The
strength of American securities in London
and the buying by London IN this market
which have been factors in the last two
days in sustaining the market were less
conspicuous. American stocks became
GAA& iAhAA IA III dINCA liz OR1it
ing here, that market apparently having
become discouraged at the persistent dis
trust displayed by the New York market
of IT'S own securities. Quite a serious view
also was taken in the street of the develop
ments at Washington and the hints thrown
out by parties to the conference of informa-
ton in the possession of the government
of a state of affairs existing in Cuba call
ing for interference. This, coupled with the
suggestive course of the Senate towards the
Morgan resolution and a belief that it will
pass, was taken as foreshadowing a more
| a 0nrnCGfNa ClIhnn nAIiny m fha mart Of fhn
administrator and the dealers in stocks
were inclined by these advices to discount
a possible fall in values from strained re-
lations with Spain on this question. A re-
port also found credence that it was in
prospect to displace the tariff bill in the
Senate by the Cuban question as more ur-
gently calling for early settlement.
a report which was used by the bears with
good effeet, In adding to the weight on the
market. The announcement of a 81. 900, 0J0
gold shipment by Saturdays steamer in
face of a rather weak exchange market
shows that the limit of no profit is not
yet crossed with demand sterling at $4.S7A.
THE exchange market Stiffened to some eX-
tent just before the close of trading and
further shipments of gold are felt TO be
not improbable. Although this probability
was discounted several days ago by the
selling of stocks 1T had an effect in depress-
ing values in the narrow and professional
market and In dfscouraging trading. AL
though the sales were larger than those
of Wednesday there were no signs of any
outside interest in the market aside from
the dealings for London account. There
Wis Sdiu " bc SGfllIiB DIS wen DIS buying
jfor London account during the day, but the
purchases are estimated to have exceeded
the sales by 10000 shares, a fact to be con-
sidered in connection with the exchange
situation. The industrials which were most
largely traded in, Sugar and Chicago Gas,
were under special pressure and although
they were influenced by special causes the
volume of the transactions in them inn
parted a sympathetic heaviness to the gem
eral list. The grangers were quite firmly
held in the early tradings, but later sue
cumbed and showed a decline as great as
the average. The losses were remarkably
uniform in all the most active stocks. the
decline ranging from Is TO 1$, the latter in
Leather preferred.
Railway bonds eased off on light dealings
with the recessions unimportant in the
leading mortgages. Some marked losses
Were scored, however, including St. Louis
& San Francisco trust fives, which fell
4 per cent. and Peoria, Decatur & Evans
vile firsts, IL per cent. The aggregate
sales were 1872, 900.
Government bonds were in demand and
ruled frmer on purchase of $14. 600.
The following table. prepared by l.. W.. Louis,
Room IL, Board of Trade, shows the range of
quotations: