The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-14
FEVERISH STOCK TRADE
BULLS LET THE MARKET SHIFT FOR
ITSELF FOR A TIME.
Big Operators Waiting for the Naval
Engagement Before Investing
Local Business Excellent.

At New York yesterday money on call
was steady at 212 per cent.
Prime mercantile paper, 515q614 per cent.
Sterling exchange was strong, with actual
business in bankers bills at $4.S5AQ4.S5la for
demand and at $4.S204.S24 for sixty days;
posted rates, $4S21a and s4.S6; commercial
bills, $4.S01sQ4.S1.
Silver certificates, 5634 @5712c; bar silver
567sc; Mexican dollars, 45c. AT London bar
silver closed steady at 2614d an ounce
Total sales of stocks 347 800 shares, includ-
ing: Atchison preferred, 1000; Chicago,
Burlington & Quincy, 1926; Louisville &
Nashville, 1920; Manhattan. 1880; Metro
politan, 9,1S1 Missouri Pacific, 5645; New
York Central, Ass; Northern Pacific, $3.50;
Northern Pacific preferred, $500; ST. Paul,
81, 454; Union Pacific preferred, 25,925; Union
Pacific Denver & Gulf, 14,S75; Tobacco, 3d.
1872 Chicago Great Western, $3.50; Peoples
Gas 1885, General Electric, 5000; Sugar,
BITS.
Yesterdays New York stock market con-
tinued in much the same unsettled state as
on Thursday. Early depression was re-
fected from London, where the profession
ais were selling American stocks on
rumor that the Spanish fleet was off Sandy
Hook. The improbable character of this re-
port gives an explanation to a decline which
was obviously due to bear pressure APP
parently there was disposition also on the
part of the leaders of the bull element to
stand by and see test OF the markets
strength. The recent large and sustained
advance it was thought had invited large
buying by purely speculative element. This
class of holdings is a weakness for a bull
movement on account of it's inability to
hold stocks through any decline. Occa-
sonal reactions of sufficient dimension to
force the liquidation of such accounts are
therefore considered healthful in any bull
movement The days market did not in
dictate that the volume of such accounts
was very large. In spite of a vigorous
drive by the bears, apparently acquies,ced
in by the bulls, which resulted at one time
in declines running from one to three
points, there was no very large volume OF
cover. Some very large financial interests
are credited with having taken profltS on
the recent rise and with bulls willing to see
reaction with the purpose OF getting TN IN
early dealing was large and was quite e1-
fective in offsetting the large selling for
London account. Offerings were more than
absorbed without carrying prices above
Thursdays level. After the market had
thus been tested business fell into dullness
and assumed a waiting attitude Conndence
that the Spanish fleet had been t1nally 10
Gated off Martinique and that an engage
ment with the United States forces was
1mmlH6HL dlSO btSOL IL bioPOSit'OA!
the result of that enga cement. Metropoli-
tan Street-railway and Manhattan de-
veloped late strength which was attributed
to the course of negotiations with the rapid
transit commission. The course of the
money market demonstrates effectually that
all apprehension of stringency from the re
ouirenents of the government are past
Rates for time money collapsed to 3d31s
per cent. up to six months. Rates for
sterling exchange rose 12c for the pound
This movement is said to be due to accumu-
lations on exchange for investment due 10
the higher money rates prevailing aDroad.
The bond market was quiet outside lew
speculative issues and the tone was rather
heavy Total sales, $500; United States
new tours declined :? and the ola louis OUTS
registered "A in the bid price. There were
sales of the old tours, registered, at gain
of Il over the last sale.
Iouis Room IL Board of Trade shows the
range of quotations.: