The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-19

AT New York, yesterday, money on call
was 11a41A per cent; last loan, IA per
cent.
Prime mercantile paper, 3A@4 per cent.
Sterling exchange was easier with actual
| business in bankers bills at $4.S5A for de-
rnand, and s4.S3a4@4.S4 for sixty days; posted
| rates, $4.s41zG4.S5 and $4.S6Q4. S615; CONNER
| cial bills. $4S3.
| Silver certificates. 5Sa4d5914c; bar silver.
59Ssc Mexican dollars, Acc. At London bar
silver closed at 271ad an ounce.
Total sales of stocks SS4 100 shares, in
Guiding 800 Atchson, 2S25O Atchison pre-
ferred, 1o,115 Chesapeake & Ohio 1890 Chi
| cago, Burlington & Quincy, 1920 Cleveland,
Cincinnati, Chicago & St. Louis, 1850 Illinois
! Central 1850 Louisville & Nashville, 2O,S5
Manhattan $3.50 Metropolitan. 1000 Read
ing preferred. 1890 Missouri Pacific. 1850
Northern Pacific, 14,02O Northern Pacific
preferred 1880 Reading, 1928 Rock Island,
! $3.50 Union Pacific, 66,470 st. Paul, 1900
Texas & Pacific, 1880 Union Pacific pre-
| ferred, $3.50 Wabash preferred, 10,73O Cot
| ton Oil, 1853 Spirits, 1880 Tobacco, 1855
| Chicago Great Western, 32,170 Peoples Gas,
| $3.50 Illinois Steel, $500 Sugar. 1860 Ten
nessee Coal and Iron, 81 $50 Leather pre-
| ferred, 10970 Rubber, II $50 Western Union
and $3.50 st. Louis & ST. Paul preferred
| The reaction in prices of stocks which
| has been expected for several days came
in the late trading Change yesterday.
The professional traders have been eagerly
anticipating this action of the market and
have several times sought to bring it about
by attacking stocks with short sales. They
were having fair success Wednesday when
the announcement of the increase in the
Burlington dividend pct them to rout. The
| 1Iace ayH of he rlrat
served to make it all the more vulnerable to
bear attack and they opened their guns
yesterday ning with onslaught on To-
bacco. Peoples Gas and Brooklyn Rapid
Transit. Although this assault came with
very heavy realizing, offerings in the grang
ers and Pacifics and some other recent IA
vorites, the outside demand for stocks was
so enormous as to take the market away
from the professionals and lift prices up
wards in furiously active and very
widely distributed trading. But there
came limo later in the day when
the outside demand was for the
time satisfied, and when the recent
purchasers of Stocks were still anxious to
take the handsome profits accrued on them.
The bears kept nibbling at the list and
made aggressive attack in the last hour
which carried prices down sufficient to
weed Cut weak margins and bring stop-loss
orders. The group of low-priced railroad
stocks and industrial specialtes into which
the tide of speculation shifted this morn
| ing had not sufficient strength to hold the
market in face of this liquidation, although
they held stubbornly through most of it.
Some of them finally succumbed with the
rest of the list, which fell generally below
| last night S level. The bull clique apparently
offered no resistance to the decline, but sup
| port was forthcoming before it had pro-
ceeded TO any great length. The activity of
| the market greatly decreased and the
volume of business was materially smaller
| than yesterday. 1t is striking evidence of
! how far the New York market has cut
| loose from the leadership of London that
| yesterdays decline came when London, for
| the first time, practically ceased to sell
stocks in New York and turned buyer of
| many of the leading interna tionals. Sterling
exchange weakened in response to this de-
! velopment.
| Money rates continue easy and unchanged,
| but there is growing demand for funds
| from the interior. AS gold is unsuitable for
| this purpose and there is almost a famine
| OF legal tenders, there is a lively demand
| for the new government per cents for
| bank circulation. These bonds commanded
| 1051s on the Stock Exchange, which is "A
above the previous high level. The treasury
| government deposits in national banks,
Notwithstanding the continued losses
of New York banks to the sub
| treasury for payments of bond subscrip-
| tons The explanation seems to be that the
| banks prefer to use the new bonds for cir
| culation in the form of bank notes to meet
| the interior demand rather tnan as security
| for government deposits, which would keep
| only additional gold in the money market.
Shipments of the new bonds are being
made all too slowly to meet the desires of
| the banks with the newly developed re-
quirements for currency to move the crops.
| There was a good market for railroad
bonds and a slightly yielding tendency to
| prices in the late dealings. Total sales, 3d.
$4,000. Bid prices for government bonds
| were unchanged except for the threes, when
| issued, which advanced H.
The following table prepared by l.. w.
| Louis, Room IL, Board of Trade, shows the
| range of quotations: