The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-16
BREAK In STOCK PRICES
PROFESSIONAL TRADERS QUICK TO
NOTE CHANGE IN MARKET.
LOng-COntinued Pirmness Gives Way
to Reaction Not Unexpected
Local Markets Active.

At New York yesterday, money on call
was easy at 1Q1A per cent; last loan, l;
closed offered at l.
Prime mercantile paper, 3Q4 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.S744S71z for
demand and $4.S57s@4.S6 for sixty days;
posted rates, 4.S612Q4.S7 and SASS; CONNER
cial bills, $4.S5h.
Bar silver, Coo; Mexican dollars, 47Ac.
Silver certificates, 6O1S96o1Ac. At London
bar silver closed steady at q Sled per
ounce
Total sales of stocks were PSI, 127 shares,
including: American Sugar, $780, Bur-
lington, 29,500; Chicago Gas, 10000; Louis
Vile & Nashville, 1900; Manhattan Consoli-
dated, $500; Missouri Pacific, 1900; North
ern Pacific, 300; Northern Pacific prefer
red, 1900; Pacific Mail 800; Reading. $500,
Rock Island, $500; st. Paul, 26,OCO; Tennes-
see Coal and Iron, 1850; Union Pacific, S,100;
Western Union, $500; New Jersey Central,
$780,
The upward progress of prices was
brought to a halt during the progress of
yesterdays trading on the New York Stock
Exchange and earlier gains were wiped out,
leaving some important stocks below Mon
day nights close. There was no very OBJ
vious reason for the reaction beyond the
RSnefal principle reaction Is always
bound to come after advance. The long
continued steadiness and firmness of the
market have inclined the professional trad
ers to count rather more confidently on re-
action on the principle that the longer it
is delayed the greater the remaining GER
tainty that it will come This element
worked for the reaction by raiding special
stocks and helped to influence the more
cautious to take profits under feeling not
to overdo good fortune. While prices were
a. times very materially higher, the later
recessions brought prices of the majority
of stocks back to slightly above or below
Monday nights close Inc prevailing dull
ness in the London market, owing TO the
jubilee festivities, had its effect this
market, arbitrage operations being much
restricted. Perhaps this fact lessened the
enect of the death of the Kaffir king, the
immediate group of securities with which
he was associated showing no noticeable
effect. Some sentimental effect was, never
theless, produced in this market. The an
nouncement of shipment OF $500, 900 in gold
by Thursdays steamer was coupled with
the announcement that none of it would be
Withdrawn from the subtreasury. The
shipment, nevertheless had its effect in
selling off the market. The May trade
statement shows that, Notwithstanding
increase of over Sill 100000 in the merchan-
oise exports over those of a year ago, the
imports increased over So, 000,0 00 the excess
of imports being 81, 359,343 Among the
statements of imports in April in anticpa-
IlOn OF IdrlH changes are So,54(, l0b pounds
of raw wool, against only about II 600 900
pounds for the same period last year. and
740.lI4045 pounds of raw sugar, against
369,5l0.066 for April of last year. These
heavy balances are probably still unsettled
for the most part and are bound to affect
the exchange situation for some time to
come. On the other hand, the week. ex-
ports from New York show increase of
$1902, 9S5 over last weeks, and London con-
tinues to buy stocks in this market, though
in varying amounts, which is true also of
the sales Sugar, Burlington, ST. Paul and
Chicago Cas- in the order named, absorbed
half the dealings, showing a much mar
rover range of speculation than for some
time. Sugar ranged over 2 points but
closed with a loss of "A. The majority of
stocks, show fractional net gain New Jer-
sey Central being the most marked excep-
ton This stock fell 2B from the highest,
with a loss of rs net.
The bond market continued to exhibit a
decided degree of strength which was more
manifest in the inactive securities. Trad
ing diminished considerably from Mondays
total of transactions, but there was no
abatement of the aggressive strength that
characterized speculation for some weeks
The low-priced international liens moved
very narrowly, with late profit taking tend
ing to eradicate sharp gains in few mort
cages. The transactions were s., 971 200.
Government bonds were more active with
slight gains in the new tours. The transac-
tions were $50 900.
TIE following table prepared by L. w Louis
Room II, Board of Trade, shows the range of