The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-18
SPECTATORS IN DOUBT
PERIODS OF INTENSE DIZZINESS ON
CHANGE DURING THE DAY.
Bears Took Advantage of .he sitaa-
tiOn 10 Hammer stocks-LOcal
Trade Satisfactory.

At New York yesterday money on call
was easy at 1A011s per cent, the last loan
being made at IL per cent.
Prime mercantile paper, 3d4 per cent.
Sterling exchange was dull and steady,
with actual business in bankers bills at
$4.S51404S515 for demand and at $4.S5a4SSA
for sixty days; posted rates, $4.S4 and $4.S61z;
commercial bills s4.S2.
Silver certificates, 5AG56lkc; bar silver,
SEC; Mexican dollars. 45c. AT London bar
silver closed at % 13-16d an ounce.
Total sales of stocks, AIS 100 shares, includ-
ing: Atchison preferred, 5000; Chesapeake
& Ohio. 1850; Chicago. Burlington &
Quincy, 1850; Erie preferred, 1860; Louis
vile & Nashville, 1880; Manhattan SS25;
metropolitan, 1880; Missouri Pacific, 375;
Missouri, Kansas & Texas preferred, $3.50;
New York Central, 1885, North American.
1903; Northern Pacific, 5000; Northern Pa
cific preferred, 1873; Oregon Short-line,
$500; Reading, $685. Rock Island II, S65: st.
Paul, $3.50; Union Pacific, 1903; Tobacco,
1898: Peoples Gas, $3.50: Consumers Gas,
$3.50; Sugar, q -2S3; Western Union, 1901.
The most important fact in connection
with yesterdays stock market was that the
heavy liquidation of Wednesday was not
resumed. There was aggressive pressure by
the bears at times, but they refrained from
leaving their contracts open, and their COW
ering before the close brought prices back
to near the high level of the day. Net gains
resulted, fractional for the most part but
extending to a point in some eases. Quota
tons received this morning from London
showed the prices of Americans there sub
stantially above the closing prices here
Wednesday night but that simply meant
that declines from Wednesdays London
closing mad not fully reached wednesday
afternoons heavy declines at New York
after the London Exchange had closed. The
buying in London, which served to sustain
prices, was on cabled orders from New
York, and represented the covering of
shorts put out in the New York market.
parity, but prices yielded Immediately after
the opening on liquidating sales through
commission houses. Support was forthcom-
ing before these fell to Wednesday nights
close, and the market rallied but fell to
the lowest before noon on the diSquieting
rulAors emanating from Key West that evil
deice had been discovered to show that the
Maine had been destroyed by a torpedo ex
ploded outside the ship The selling ON this
report was quite large, and the level of
prices was carried substantially below the
previous nights close. but the subsequent
rally Indicated that these sales were largely
by Gears, who were not sure of their posi-
ton. In fact, the whole days market re-
nected Il doubtful frame of mind ON the
part of tho speculative public and a diSpo-
sition 10 pursue a waiting policy. Some de-
gree. of speculative interest was doubtless
diverted TO the wheat market. Wednes-
days increase in the Burlington dividend
rate and the final steps towards the pur-
chase of the Kansas Pacific by the Union
Pacific reorganization committee, which
We're quite lost sight of on Wednesday, had
a favorable effect yesterday There was
large buying of Oregon Short-line and Ore
gon Navigation, which was not explained
by any definite news announcement. Min
neapolis a. St. Louis showed q resumption
of strength on buying said to be for con-
troll. The doubtful condition of the specu-
lattve mind was reflected in periods of in
tense dullness during the day.
The bond market showed weakness in
sympathy with the midday break i'm stocks
but closed strong and generally higher than
Wednesday night. Total sales, So 500 GOO
United States new fours and the old tours
coupon We're r. lower. bid; the old tours
regular, = lower, and the fives. X lower
The following table. prepared by l.. w
Louis, Room II. Board of Trade, shows the
range of quotations: