The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-17

At New York yesterday money on call
vas easy at 1l4@15s per cent; last loan, ll3
per cent.
Prime mercantile paper 394 per cent.
Sterling exchange was steady, with actual
business in bankers bills at sLS5AMl S5ss
for demand and at $4.S3a4.S3A for sixty
days; posted rates, $4s4 and $4.S613; COM
mercial bills, $4.Shd4.S294.
Silver certificates, 56laQ57c; bar silver,
5llsc; Mexican dollars, 4J14c. At London
bar silver closed at 255sd an ounce.
Total sales Of stocks on Change 5S5 200
sEs1es, including: Atchison preferred $500
Chicago, Burlington & Quincy, $3.50; IIli-
nojs Central, $685. Lake Shore, 1850; Louis
villo & Nashville. 1880; Manhattan, 1850;
metropolitan, 22,5S0; Minneapolis & ST
Louis, 800; Missouri Pacific, $3.50; Mis-
souri,, Kansas & Texas preferred, 1910; New
York Central 27.250; Northern Pacific, $3.50;
Northern Pacific preferred, 2O62O; Oregon
Short-lne 9,42s; Reading, 1859; Rock Island
1890; st. Paul, 29.050; ST. Paul * Omaha,
1870; Southern preferred, 1850; Texas 81
Pacific, 1880; Union Pacific, 1880; Tobacco.
1900; Peoples Gas, 1890; Consumers Gas,
$40; General Electric, $780, Sugar, 1920;
Western Union, 500; Chesapeake & Ohio,
4 600
Trading was remarkably feversh on the
! New York Stock Exchange yesterday, and
all interest centered in the disaster to the
Maine in Havana harbor, and in the posi-
BILE international consequences. 1t cannot
be said that the varying phases of the spec
uIation during the day represented any
change OF opinion to the very grave pos
shilites with which the disaster is preg
nant The occasional checks to downward
course of prices were rather the results of
question in the minds of large operators as
TO their ability to hold the market, or the
best way in which to effect the liquidation
Of their holdings. Twice during the day
very powerful support was forthcoming in
the market to check the decline ana TO
combat the successful raid of the bears.
THAT there was very large short selling dur
ing the day was evident from the strength
Of the rallies caused b. the covering of
shorts when the turning point of the low
level was reached This was particularly
noticeable in some of the greatest favOrites
OF recent speculation which have been
pushed up TO prices hardly warranted by
their intrinsic value. The knowledge pos
sesseG by The bears OF very heavy specula-
tive holdings in those stocks, covered by
light margins. gave them confidence in
fiercely selling them down. The support OF
the Lul,s no sooner effected a check to the
decline than realizing offers began 10 come
cut again. There was an abundanC supply
OF long stock fed into the market all day
long and it was evident that the bulls had
abandoned immediate campaign for
rise rs hopeless. How far the speculative
holdings for rise were iquidated remains
to be seen 1t seems sufficiently evident.
however. that as soon as this liquidation
can he concluded prices of securities VIII
be left far the time being to their natural
Level Stocks which have been free from
recent manipulation for a rise were COM
paratIxelv firm. and the SPECIALIZED klondike
GROUP notably Oregon Short-line. was even
aggressively strong. rising at one time six
POINTS This reports of the large
traffic opening up for Alaska. Great North
ern preferred gained two points ana Den
yer preferred showed comparative firm
ness Kansas * Texas preferred also
rallied to last nights level before the close
Otherwise the weakness of stocks was only
n uuestiou OF degree. The local traction
stocks were all severely handled. Metro
politan Street-railway falling at one time
Oh points and closing at n loss of six
points Norfolk K Western preferred was
raided down nearly five points at one time,
hut closed at a recovery of over two. North
ern Pacific preferred also yielded at one
time 3ii but recovered sharply. Net declines
of two points and upwards are very numer-
Gus all through the list.
BONDS were heavy, IN sympathy Witt
stocks but declines were not so severe, anu
the market was not SO active as that Tor
stocks Total sales "a, 100000 United States
old fours registered. new tours, regular,
and the fves were Il lower bid, ana the
new fours. coupon. X lower.
The following table. prepared by l.. w.
Louis Room II. Board of Trade, SHOWS the
ran9e of quotations.