The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-12
STOCK LIST UNCERTAIN
PRICES SLIGHTLY AFFECTED BY
THE PRESIDENTS MESSAGE.
Closing Quotations Were Mt Top
Prices for the Day-LOcaI Trade
More Promising.

At New York. yesterday. money on call
was firm at 21zG4 per cent; last loan, 3
per cent.
Prime mercantile paper 51kQ6 per cent.
Sterling exchange was steady, with actual
business in bankers bills at SASH "a. SS1a
for demand and at s4.so@4sO1A for sixty
days: posted rates, "a. S06l4. SOL; commercial
bills, s4.79G4.7s1z.
Silver certificates. 559sG56Ac; bar silver,
55s4c; Mexican dollars, Acc.
Total sales of stocks, 257 200 shares. in
GLIDING: Atchison preferred, 3,43O; Chicago,
Burlington C Quincy, 2s1O1; Louisville &
Nashville, s,772; Manhattan, 1855; Metropoli-
tan, 1857, Missouri Pacific, 1885, Northern
Pacific, 5,l45; Rock Island, 7,71O; st. Paul.
1880; Union Pacific, 37S04; Tobacco, 6,264;
Sugar, 57,S03.
There was a period of about fifteen min
utes OF animated selling and quickly drop
ping prices on the New York Stock Elk
change yesterday after the reading of the
Presidents message to Congress- and there
were some large buying orders executed in
the last fifteen minutes of trading which
brought prices up to the top level OF the
day. Otherwise the market drifted in the
hands of the room traders, as it has done
for several days past. Prices opened UP u
point in many stocks, lost practically all the
advance and rose again before the message
was presented to Congress. The drop on
the conclusion of the reading was between
1 and points from the highest for the prin-
cipal active stocks. Net gains at the close
were over a point for most leading stocks.
The days results were a surprise. 1T can
scarcely be gainsaid that they go far to
demonstrate that very few speculative con-,
tracts remained to be covered. The bears
who sold stocks short after the Maine disas-
ter evidently mRle UP their minds some
time since that the unfavorable effect on
values of securities was being discounted
in advance of the Presidents message The
bears accordingly covered, leaving a small
short account to be covered to-day. The
offerings which brought about the decline
to-day were not large. The buying was
largely by foreign houses, and it is said the
purchases were taken with view to selling
on the London exchange tomorrow. That
exchange was closed to-day and no refiec-
ton came from there of sentiment abroad
on the new developments On the relations
between the United States and Spain The
absence of any specific recommendation in
the Presidents message for ousting the
Spaniards from Cuba was taken as a bull
punt. Inc element III the SlLud-
ton is the action which Congress is likely
to take. The market demonstrated that
until this question is decided there is no
disposition to enter into large operations
in securities.
Owing to the fact that yesterday was a
holiday in London. there was almost moth
ing doing in sterling exchange and quota
tons were merely nominal, but about
steady. The making of call loans at per
cent. indicated that there is no immediate
prospect of easy conditions in the money
market. The subtreasury's credit balance
of OBS reflected the further withdrawal
of the Union Pacific payment which has
been left on deposit with New York banks
and which is now being withdrawn as
set-on to the governments expenditures for
defense account. OF balance due the gov
eminent on the Union Pacific payment,
which now amounts to about $12 0OO COO one
bank alone holds something less than S.
100000. 1t is interesting to observe that of
the total surplus reserve of the New York
banks, amounting to about $35, 900 900 the
surplus of this same bank makes up about
$S250,00O. In addition to the withdrawal of
government deposits, the movement of cur
rency to the interior continues to-day in
full force.
There was no marked activity in the bond
market, but prices showed strength as the
day advanced. Total sales, $1025,O 900 New
fours regular, advanced N; new tours,
coupon, "; the old tours, regular, and the
hves, "a in the bid price.
The following table, prepared by L. w.
Louis, Room H. Board of Trade, shows the
range OF quotations: