The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-08
REACTION IN STOCKS
SLICES OF RECENT GAINS LOPPED
OFF THE ACTIVE ISSUES.
Money Continues Cheap, hut Hard
ening UndertOne Discernible-
Local Trade Quiet.

At New York, yesterday, money on call
was steady at 114Q11a per cent; last loan,
Ia per cent.
Prime mercantile paper, Sd4 per cent.
Sterling exchange was steady, with actual
business in bankers bills at 81 S6A "a. S61k for
demand, and at $4S41ad4.S4a4 for sixty days;
posted rates. $4S5 and $4.S7; commercial bills,
$4S9kq4S3al.
Silver certificates, 5S4a59c; bar silver.
5S14c; Mexican dollars. 451ac At London bar
silver closed quiet at I'D an ounce.
Total sales stocks were 457, 400 shares, in
Guiding 1906 Atchison, Is, 452 Atchison pre-
ferred, 8,940 Chesapeake /6S Ohio, 9,735 Chi
cago, Burlington & Quincy, 4,575 Cleveland
Cincinnati, Chicago & ST. Louis, II. 700
Louisville e Nashville, 1880 Manhattan,
1855 Metropolitan, $500 Reading preferred,
4,31 Missouri Pacific, 6.210 Missouri Kansas
& Texas preferred, 1920 Northern Pacific,
21520 Northern Pacific preferred, II, 595 Rock
Island, S435 st. Paul, 1859 Southern pre-
ferred, $3.50 Texas Pacific. 42,525 Union Pa
cific preferred, 1855 American Spirits, 1929
American Spirits preferred, 1885 Tobacco,
s,525 Chicago Great Western, 2O,275 Peo-
pies Gas, 5,635 General Electric, $50 Sugar
3,249 Western Union, 1873 ST. Louis & San
Francisco preferred.
The New York stock market showed the
same conflicting tendencies yesterday as for
several days past, but the reactionary ele-
ment gained the upper hand during the
afternoon and effected sharp declines all
through the list dislodging quite a large
amount of stock by wiping out the margins
on which it was held. There was a Signifi-
cant period Of dullness succeeding this live
ly selling and then began a quiet and steady
absorption of stocks, offerings being taken
at the ruling prices with an entire absence
of any effort to mark up quotations. 1t was
sufficiently evident that the purpose of the
reaction was to secure stocks at the lower
level. There was quite a lively commission
house demand at the opening, which lifted
prices of many stocks a small fraction.
There was a special show of aggressive
strength in Brooklyn Transit, the Reading
stocks, Erie firStS preferred and some of the
lower-priced Southwesterns. Metropolitan
Street Railway and Consolidated Gas were
also centers of strength. The bears met
this by vigorous attack on Union Pacific
preferred, Peoples Gas. Louisville and Kan
driven down between ~ and points. This
combination proved vulnerable to attack
and weakened the market at its salient
point. The recoveries in the final hour were
over point in a number of important cases
and left net changes mostly small and with
losses predominating. The war was with
out influence on the market. London was
quite heavy seller in New York and was
a factor in weakening prices and in giving
a firm tone to sterling exchange. The de-
moralization of wheat prices may have had
aided the reaction. The worlds heavy re-
cepts of wheat give rise to a question as
to whether Americas next crop can be
marketed to the best advantage.
Although money continues abundant and
cheap it is inevitable that the approaching
government bond issue should absorb money
and harden rates. temporarily at least.
There was realizing in bonds yesterday in
speculative issues and the tone was heavy:
Total sales 81, 100, 900. United States old
tours, registered. and the new fours were
u lower and the fives Is lower in the bid
price.
Louis Room H. Board of Trade, shows the
range Of quotations: