The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-06
STOCKS UP AND DOWN
SANTIAGO NAVAL VICTORY HAD
BEEN LARGELY DISCOUNTED.
Rapid Advance for q Time Until
Shorts Crawled Under Cover
Local Trade Fair.

At New York, yesterday, money on call
was steady at 1Q11s per cent; last loan,
H.
Prime mercantile paper, 3G4 per cent.
Sterling exchange was firm; actual bust
ness in bankers bills, $4.S5s4@4.S6 for de-
mand and at $4.S41aQ4.S4s4 for sixty days;
posted rates, $4.S51s and $4.s7; commercial
bills, A.S3A; silver certificates, 59@599sc; bar
silver, 59Ac; Mexican dollars, 45c At Lon
don bar silver closed steady at 273sd an
ounce.
The exports of specie for the past week
were. Gold, 1857; silver, 1923. $780,, The inn
ports for the week were: Gold. $2,774; silver,
$36.255. The imports of dry goods for the
week were $1,372,142, and of general mer-
chandise Sc, 8S4, 659.
Total sales of stocks were 1885, 400 shares,
including 1920 Atchison, 12,27OaAtchison pre-
ferred, 800 Chesapeake & Ohio, 1S,345 c. B.
O., SAP L. & N, 9,075 Manhattan, $500
Missouri Pacific. APO New York Central,
8,275 Northern Pacific, 1855 Northern Pacific
preferred, 1893 Rock Island, 23,135 st. Paul,
A760 Union Pacific preferred, 1895 Tobac-
co, 300 Chicago Great Western, 12,11S
General Electric, Abs Pullman 1886 Sugar
and 4,341 Western Union.
Wall street, yesterday, offered one of its
server or inexperienced Spectator. Yet
the opening burst of animation and
strength, the subsequent reaction and the
final conflicting tendency of individual
stocks had their rational motives. AT first
view there was every reason to expect a
strong and well-sustained market through
out the day on account of the glorious
achievement of the United States navy and
the imminence of a capitulation of the
Spanish forces at Santiago. There was a
rush to buy at the opening, and bears who
had the temerity to remain short of stocks
over the holidays scrambled to cover. Lon
don also bought quite eagerly. Consequently
stocks which had recently been under bear
pressure, notably Peoples Gas and Sugar
and the internationals showed the sharp
est advances. BIT the fact was equally OBJ
viouS that quite a number of stocks which
have been pushed up in the face of the re-
cent lethargy were suffering from profit
taking. After the urgent demand from the
shorts had beer satisfied, the profit-taking
sales predominated largely, reducing all the
early advances and in many cases carrying
prices we'll below last Fridays close. The
chief sufferers were Brooklyn Transit, Rock
Island and Burlington. Sugar also devel-
1t is a measure of the great confidence
which has been felt in Admiral Sampson
the Spanish squadron shall have been met
by selling stocks as an event that had
been thoroughly discounted. 1t is quite
possible that the later weakness represented
in some degree a dampening of enthusiasm
caused by reports that the projected bonn
bardment and reduction of Santiago were to
be postponed. There was Significance in the
fact that the opening of the new fiscal year
and the usual large release of funds were
not reflectors in any marked pressure for
speculation or investment in the stock mar
ket. This is indicative of the continued
doubt as to the exact effect on the money
market which will result. from the taking
up of the government loan on July IA.
Bonds reflected a more steady demand
than did stocks, and prices were more gen.
orally firm. Total sales, $2,500000. Closing
quotations of government Eonds were I'M
changed from Friday
The following table, prepared by -. w.
Louis, Room II, Board of Trade, shows the
range of quotations: