The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-16
QUICK TURN IN STOCKS
HEAVY BUYING ON LESS APPREHEN-
SION OF WAR WITH SPAIN.
Realizing Sales Later Caused n Reac-
tion-MOney Rates stiR-LocaI
Trade Continues Active.

At New York yesterday money on call
was steady at 2a21z per cent; last loan. 2
per cent
Prime mercantile paper, 41kG51A per cent.
Sterling exchange was weak, with actual
business in bankers bills at a. S315Q4. 1874 for
demand and at s4.SOA@4sO1z for sixty days;
posted rates. $4S11z04S3 and $4S41sG4.S5
commercial bills, $4SOA94.SO12
Silver certificates, 55Q55&c; bar silver,
Boise; Mexican dollars, 45c. At London bar
silver was steady at 2515d an ounce.
Total sales of stocks, 42S, 100 shares, in
Guiding: Atchison preferred, 1928; Chesa-
peake & Ohio, $3.50; Chicago, Burlington s.
Quincy, 4S,773; Erie preferred, 3,16; Louis
vile & Nashville. 1O.1O; Manhattan, $3.50;
Metropolitan, 9,513; Reading preferred 3433;
Missouri Pacific, $3.50; Missouri Kansas &c
Texas preferred, $500; New York Central,
1910; Northern Pacific, 1920; Northern Pa
cifc preferred, 1870; Rock Island 1880;
st. Paul, $3.50; Union Pacific, 500; Tobac-
CO. 1880; Peoples Gas, 1920; General Elec-
tric. $40; Sugar. 1850; Western Union,
40.
The movement of stock prices yesterday
was confused and the market very puzzling.
Decidedly lower quotations for Americans
in London caused an unsettled tone at the
opening. Prices partly responded to the
London initiative, but did not fall fully to
the London parity. A furious buying move
ment quickly developed which lifted the
level Of the whole market strongly above
Monday nights closing. The buying was
most conspicuous in the local and industrial
speciaties, but there was no lack Of
strength in the railway list either. the de-
mand for the grangers being especially
and wiped out a large part of 1t before the
first hour had expired. This was the most
active period of the days trading. There
then ensued a slow and laborious recovery,
which developed higher prices than the first
squirt. And yet this second advance also
was wiped out in practically all cases eX-
cept some of the specialties, and the day
shows net losses IN most or the standard
stocks, extending to point or over IN some
cases. Thus almost the extreme range or
the market was traversed four times dur
ing the day. There was very little in the
news to explain these conflicting move
ments. Wall-street opinion of the political
outlook was, on the surface, less apprehen-
sive. The movement of Spanish fourS in
London and Paris. which partly recovered
after an early decline, reflected growth
of similar opinion there. But this was
probably derived in part from the strength OF
New York Monday and yesterday morning
London sold freely on the morning advance
and there was heavy realizing besides, at
tributed to very powerful New York mar
ket interests. The character OF this realiz-
ing suggested that the advance might have
been manipulated, but the usual procedure
for such a maneuvre by a powerful combi-
nation is to bid up the prices of Americans
in London by cable orders, the supply or
stocks being limited there and the results
more easily attained. But London prices
were lower yesterday morning. The early
advance was materially helped by the ag-
gressive strength of the New York trac-
ton stocks on account of theN bellef IN an
tagonism to rapid transit plans in influen-
tial quarters Metropolitan street-railWay
was at one time up six points and Manhat-
tan ga A number of industrial stocks also
rose over two points and a number of the
railroad stocks at one time showed net ad-
vances of over point The retrograde
movement of prices seemed to be as dis
ISOLATED from any news of the day as were
the advances. Realizing of profits offers the
only explanation. Prices for foreign eX-
change moved to lower level IN spite OF
additional engagements of gold Tor import:
Actual rates for demand sterling declined
Kc and the actual rate for sixty-day billS,
as well as the posted rates for both long
and short sterling fell 1Ac. Besides the en-
gagements of gold for import from Europe
to New York a shipment of 2,OOOOO was
announced from Australia to San Francisco.
There was no easing of the local money
rate in response to these movements.
The bond market was strong up to the
closing. when prices eased off in sympathy
with stocks Total sales, 81, 1900 United
States new tours advanced ~, and the hveS
u and the old tours. registered, a bid
The following table, prepared by Il. ".
Louis Room IL, Board of Trade, SHOWS the
range of quotations: