The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-15
STOCK MARKET TESTS
SPECTATORS FIGURE ON A NUMBER
TO BE TRIED SHORTLY.
Money Expected to Become Dearer
without any Actual Stringency-
Local Trade Satisfactory.

At New York, yesterday. money on call
was steady at 1A@1h per cent; last loan,
1l2
Prime mercantile paper, 3d4 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $.65@46514
for demand and at $4S3&4@4S4 for sixty
days; posted rates. $4.s504. s51s and $4ss1z@
4S7: commercial bills, $4.S3@4s34
Silver certificates, 57s4@5S1ac; bar silver.
5Sc. Mexican dollars. SAC. At London
b.; TNer closed quiet at 26s4d an ounce.
7. total sales of stocks were All 400
shares, including 1876 Atchison preferred.
1855 Chesapeake & Ohio, 49, 1875 c., B. G. O.,
$50 c., c., c. & st. L., 7840 Louisville e.
Nashville, $3.50 Manhattan S,751 Missouri
Pacific, S,S95sNew York Central, 5,4S3 North
erD Pacific, 9,405 Northern Pacific preferred,
1895 Rocks Island, a. 455 st. Paul, %, S55
Union Pacific, 9,750 Tobacco, 1890 Chicago
& Great Western, Al 107 Peoples Gas, SO, S4S
Sugar.
There was disposition in New York
speculative circles yesterday to await the
furthaG progress of the events after a series
of testing by the professional element.
There was evidently an expectation at the
opening that there might be renewed press
ure of forced liquidation on account of the
collapse of the wheat deal. The bears were
prepared for such development and sold
with considerable confidence, bringing
about declines of point in some cases.
Heavy offerings were encountered on the
decline, however and prices had come back
about to the opening level before the end
of the first hour. Later in the day there
was renewed selling on quite large scale.
which was attributed to Chicago account,
and this served n Ua<pn
hension as to the extent of the damage
done to the financial fabric by the collapse
in wheat. This feverish tendency of prices
unsettled the tone of the speculation and
resulted in rather dull market for the
rest of the day!
The strength of Manhattan and the Cleve-
land, Cincinnati. Chicago & ST. Louis
stocks and the firmness of Sugar and To-
bacco in the later dealings helped to sus
tain the market While the immediate in
f1uence of the wheat collapse is past, there
were several considerations which rather
served to keep alive the reactionary spirit.
For one thing, there is some anxiety to
find how the subscriptions to the new gov
eminent loan will progress. If large
effect on the money market may result
in an unsolved problem 1t is considered
probable at all events that money will be-
come dearer, though no actual stringency
is looked for by any competent observer.
The indications are, for another thing. that
the heavy grain movement over Western
railroads has passed its maximum, and some
falling off in earnings is to be expected in
consequence. The new revenue law, in
force yesterday has one or two features
whose effect on stock market values is a
a matter for consideration.
Prices of bonds yielded in sympathy with
stocks, but losses were not large. and there
was no pressure of liquidation. Total sales,
81, $40, 000 United States new tours, regis
tered. advanced "a; new fours, coupon, 1h;
the old tours, coupon, II; the old tours, reg
istered and the fves Il in the bid price.
The following table, prepared by l.. w.
Louis Room II, Board of Trade, shows the
range of quotations: