The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-24
HEAVY STOCK MARKET
CUBAN SITUATION A DEPRESSING IN
FLUENCE ON CHANGE.
Optimistic Bull Clique Furnished
Support at Times with Steady Pur-
chases--LocaI Trade OF.

At New York yesterday money on call
was easy at 1l5d2 per cent; last loan, 2
per cent.
Prime mercantile paper, 41sM51a per cent.
Sterling exchange was weak, with actual
business in bankers bills at 81. S31b64 1891
for demand and at AS1d4S1A for sixty
days: posted rates $4S2@4.S215 and $4S5q
4S51s commercial bills $4.S912.
Silver certificates 5eG565sc; bar silver,
SIC; Mexican dollars. 45c At London bar
silver closed steady at 26d an ounce
Total sales of stocks, 29S,OOO shares. in
Guiding: c., 3. & O., 1880; Louisville e.
Nashville, 4,3O5; Manhattan, 21,525: Metro
politan, 1865; New York Central 9705;
Northern Pacific, 3.5O5; Northern Pacific
preferred, 1885; Rock Island, 1920; st.
Paul, $3.50; Union Pacific, 1880; Tobacco,
1876; Peoples Gas, 1885; Sugar, s., 295
The doubt over the outcome of the Gu
ban controversy between the United States
and Spain was depressing influence in
the New York stock market yesterday, as
it was in every market for securities in
the world. In Paris the weakness of Span
ish tours affected all other securities by
sympathy and the same influence weakened
the markets in London and Berlin, the
heaviness of American railroad securities
being an additional factor at the latter two
c csafers On fbare the New York aoee ex;
bull party, whose operations were
attended with more or less success,
thus subtracting very materially from the
sum of the depression. The motive public
ly avowed by this bull party for it's atti-
tude is that prices are lower than are war
ranted by intrinsic values and by the polit-
ical outlook. Bat it is doubtless influenced
also by the technical condition of the mar
ket, which is full of short contracts wait
ing to be covered on the expected slump
on anticipated decisive developments in the
Cuban situation. There is a temptation for
bull clique to mark up prices in such
market and force the bears to cover The
success of the bulls was only moderate in
inducing covering, but they did discourage
further short selling and twice rallied prices
from declines, running up to a point or
over in many prominent stocks. The mar
ket closed with one of these rallies in
force, so that the net changes are for the
most part insignificant and there is fair
Sprinklipg of gains. The industrial special
ties continued to be sufferers from depres-
sion, Manhattan, Metropolitan Street Rail-
way and Sugar being especially marked for
selling pressure. The railroad was pretty
well sustained and the Northern Pacific
stocks and Union Pacific preferred showed
not a little firmnesS. The resistance to the
threatening news developments of the day
can only be attributed to what is regarded
by the bull faction as it's oversold condi-
ton.
The money market seems to be waiting
on the Cuban question equally with stocks.
loans, although the available supply with
the replenishment of the gold imports is
said to be quite large. The fall in exchange
and the renewed engagements of gold may
be put down to the apprehension over the
future rather than to present actual de-
mands for money.
The bond market continued to lack anima-
ton, trading being confined to a few spec
ulative issues. The tone was weak Total
sales, 81, ASS, 600 United States new tours,
registered, declined 112; United States new
fours, coupon. IA. and the old tours and
the fives, " bid There were sales of new
tours. coupon, at 120, the bid price
The following table, prepared by L. w.
Louis Room IL, Board of Trade, shows the
range of quotations: