The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-22
a DULL STOCK MARKET
RESULT OF DOUBT IN FINANCIAL
CIRCLES ON CUBAN QUESTION.
Prices Drifted Down at the Close Aft
.er u Brief Midday Rally on Change
Local Trade quiet,

At New York yesterday money on call
was easy at 1a4d2 per cent; last loan. IA
per cent.
Prime mercantile paper, 415@51s per cent.
Sterling exchange was firmer, with actual
business in bankers bills at $4S4d4S414 for
demand and at $4S1A@4S1k for sixty days;
posted rates. $4.S2G4S2& and $4.65q4.S512;
commercial bills, $4.s0A@4.SO24
Silver certificates 555sG56c; bar silver.
555sc; Mexican dollars, 45c AT London bar
silver closed weak at 2534d an ounce.
Total sales of stocks, 2O9,100 shares, in
GLIDING: Chicago, Burlington & Quincy,
1855; louisville & Nashville, $780, Man
haitian, 1855; Metropolitan II 149; Northern
Pacific preferred, 1862; Rock Island, 4625;
st. Paul, 22,600; Union Pacific, 1885; To-
bacco, 1900; Peoples Gas, 400; Sugar,
51,S44; Leather preferred, 3O23
The only feature discernble in Mondays
stock market was it's dulness. This dull
ness was the exact reflection, however, of
the doubt and hesitation which prevail in
all financial circles over the next probable
development in the Cuban question. Appar-
emily there was a limited volume of sales
for short account at the opening which re-
suited in sharp declines to practically the
low point of the day.. There were lower
prices made in some of the stocks later in
the aimless drifting of the market. Bust
ness was, however, almost Stagnant after
the opening until near the close, when there
was a sharp rally iii prices. apparently due
10 the rebuying of stocks sold al the OPEN
ing. There was no spirit of animation in
the rally, and prices drifted downward
again at the close. There was only a small
volume of stocks offering all day, but the
demand was almost nothing and the result
is that the prices are lower all around,
losses reaching point in some of the lead
ing specialties. There is every indication
or a large outstanding short interest in the
market, but in the presence of the POSSIBLE
ltles In the political outlook this interest is
very persistent in declining to cover 1t is
the prevailing, belief that early develop
ments at Washington will include the re-
port OF the Maine board of inquiry and a
PRESIDENTS message on that and Cuba. This
Keeps purchasers out of the market, and on
the other hand the large short interest
warns the bears to proceed with caution.
Inc consequence is Semi-stagnation such
as as was witnessed to-day, Such selling as
tnere was was attributed to Washington
account, and there was some selling also
by large individual operators London was
seller, put not to large extent. The list
OF STOCKS and bonds that moved at all was
a comparatively short one, the market be-
ing very narrow. Foreign exchange stiff
eneo signify, and no engagement was an
nounced of gold for import. Discounts in
I<onuon ana Berlin were reported slightly
easier The outlook here favors easier
money on account of the gold lamentations
ALREADY arrived or on the way. Banks are
not yet disposed to make time loans and
great caution in the buying of commercial
paper is also manifest
me Dond market was on corresponding
scale OF dizziness with stocks, and prices
States new fours were - lower and the old
tours, registered, Il lower while the old
tours, coupon, and twos were - higher hid
Inc following table, prepared by l.. w.
Louis, Room II, Board of Trade, shows the
range of quotations. ~