The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-07
MOST STOCKS DECLINED
ELEMENT OF STRENGTH GAVE WAY
SHORTLY BEFORE THE CLOSE.
Traders Fear Complications on Ac-
ette-LOcaI Trade Still Active

At New York, yesterday money on call
was firm at 21aQ2s4 per cent; last loan,
215 per cent.
Prime mercantile paper 6Q7 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4.S4Q4S414 for
demand and at $4.SOaaQ4.S1 for sixty days;
posted rates, s4.S11zd4S2 and $4.S5Q4S51s;
commercial bills $4.SO@4.SOA.
Silver certificates, 5634c; bar silver, SEC;
Mexican dollars, 45c.
Total sales of stocks, 400 300 shares, in
Guiding 1881 Atchison preferred, $3.50 Balti-
more & Ohio. 300 Chesapeake & Ohio, 24,227
Chicago, Burlington & Quincy ID $40 Louis
vile e. Nashville, 17,475 Manhattan, $3.50
Metropolitan, 1886 Reading preferred 1860
Missouri Pacific. 1850 New York Central,
6,4O3 Northern Pacific, 1928 Northern Pa
cific preferred 1910 Reading, 37,269 Rock
Island, 4G,650 St. Paul, 4,497 Southern pre-
ferred, 1915 Union Pacific preferred, 1855
Wabash preferred. 1882 Tobacco, r. 72O Chi
cago Great Western. 6735 Peoples Gas,
553S1 Sugar. 6,675 Tennessee Coal and Iron
There were striking elements of strength
in to-day's stock market notwithsta nding
that most of the days changes are on the
side of losses. The bull sentiment has sew
erai severe drawbacks to contend with and
the selling pressure on the market was at
times very heavy. Again and again the
buying demand was sufficient to overcome
all obstacles and to absorb all offerings,
carrying prices upwards on a large volume
of business. 1t was not until the final hour
that the market finally, succumbed to the
burden of liquidation and yielded practically
all earlier gains and established losses rang
ing up to two points in some of the special
ties. American stocks were heavy in Lon
don before the New York opening in sym
pathy with a general depression in that
market: Although prices of international
stocks had declined in some cases to nearly
point below Thursday nights New York
closing there was sufficient demand at the
opening to overcome the greater part of
of prices above the London parity arbitrage
selling was made profitable and inviting.
heaviest for many weeks and was estimated
at fifty thousand shares at least. The
tendency. of this selling was largely per-
ceptible in the international stocks during
the market. But the rest of the list showed
disposition to forge ahead on it's own ac-
count. Rock Island. Omaha, Northwest,
stocks were conspicuously strong, the latter
on the excellent prospects for the winter
wheat crop in the Southwest. The interna,
sustained, the foreign offerings being large
ly absorbed. Some of the Specialties were
conspicuously strong, notably Tobacco. The
market showed tendency quite late in the
day after the London offerings had been
absorbed TO rally strongly on report that
with Manila and Commodore Dewey. The
capture of the steamer Lafayette under the
French flag assumed growing Importance in
the eyes of traders during the last hour and
induced selling to realize and the putting
out of shorts by the bears. which carried
prices to the lowest of the day at the close,
when the selling movement was still active
~ in force. The resumption of the gold i'm
port movement has been cited as bull
argument, but the Withdrawals of gold from
London and Europe have resulted in a re-
newal of stringent money conditions there.
This in turn has weakened the speculative
market and has induced large selling of
Americans because of the good market for
them existing in New York and more par
ticularly the purpose of relieving the de-
mand far, exchange. The indica tons were
that the New York market would have
successfully absorbed these offerings had 1t
rot been for the development of the Lafay
cite episode. which caused some timdity
among buyers.
The bond market showed the effect of SELL
ing for London account in some of the
speculative issues as did the stock market.
Otherwise the tone was strong and prices
generally higher. Total sales. $2,250,0O0.
United States new tours registered, and the
tours. coupon, the old tours, registered and
the fives-H per cent in the bid price There
were sales of the old fours. registered at an
advance of 134 over the last sale.
The following table. prepared by l.. w.
Louis, Room II. Board of Trade, shows the
-ange of quotations: