The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-11
STOCK TRADES LIGHTER
SELLING ON WASHINGTON ORDERS
CAUSES MORE UNEAsINEss.
All the Gains of Two Previous Days
Wiped Out on 'Change-LOcaI
Trade Improving Daily.

At New York yesterday money on call
was easy at 1Q1i5 per cent; last loan, per
cent
Prime mercantile paper, 40414 per cent.
Sterling exchange was weak with actual
business in bankers bills at S4SS% for de-
nand and at s4S0s4Q4.H for sixty days;
posted rates, $4S234.S3 and $4S5Q4.S 51s; COM
mercial bills, $4.S004.S015.
Silver certificates, 5414@55c; bar silver.
54azc; Mexican dollars, 4424c. At London
bar silver closed quiet at % S-16d an ounce.
Total sales Of stocks, 2S3, 400 shares, in
Guiding: c., B. & O., 26,275: Louisville e.
Nashville, 5,957; Manhattan, 1925; Metro
politan, 1910; Missouri Pacific, 4,063; New
York Central, 6257; Northern Pacific, s,775;
Northern Pacific preferred, 15,O1S; Rock
Island, $685.; st. Paul, 25, us; Union Pacific,
400; Tobacco, $3.50; Peoples Gas, S.675;
General Electric, S,195; Sugar 1855.
Yesterdays New York stock market
showed further contraction in the volume
of dealings and an apathetic tone to the
trading, which indicated the prevailing dis
position to refrain from speculative activity
until conditions become more settled. There
is continued uneasiness regarding the
Cuban situation, which finds its reflection
in the large offerings OF securities on any
substantial advance. II is the evident senti-
ment also, that the present conditions so
far as they are known, do not warrant
further violent decline in prices. There was
q strenuous attempt in the early dealings
to mark up prices, with the purpose of
pinching small bear traders, and probably
also for the purpose of realizing at the
higher level This maneuver, which proved
so successful on Wednesday and Tuesday,
brought out such abundant offerings that
it was soon abandoned and the bears re-
tanned control of the field for the rest of the
day.. small amount of arbitrage buying
for London account aided in the early re-
sistance to the decline, and the strength of
st. Paul was well supported, in anticipation
Of the dividend declared, which was at the
rate of per cent. per annum though the
extra dividend. The strength in st. Paul,
as compared with the other grangers, drew
1t and Burlington together and their prices
crossed during the day. st. Paul yielded in
the final dealings and fell to the lowest of
the day. Tobacco was also a strong feature
and helped to sustain the. specialties. It's
Pittsburg, Cincinnati, Chicago & st. Louis
underwent a remarkable series of fluctua-
tons, as low as Az and as high as A. ap-
parently due to contest between rival
spectators to uncover each others margin.
The stock closed unchanged. The unsettled
and easy tone on foreign exchanges, eSpe-
cially the weakness of Spanish tours in
London and Paris, helped materially to de-
feat the efforts to advance prices. The
continued influx of gold failed to have any
effect in sustaining the market. Neither
did it save the foreign exchange market
from falling an additional fraction. There
was a perceptibly easier tone in the rates
for call money. and loans at the close were
made at IL per cent. Lenders were still
loath to make time loans. A large part of
the selling was attributed to Washington
account There is no doubt that the bears
employed the usual channels for Washing
ton selling for the sake of the effect, and
they accompanied it by the circulation of
sensational rumors regarding developments
IN the Cuban situation. Because of last
weeks Washington selling, previous to the
publication of the news of Consul General
Lees requested recall, the market is ex-
tremely sensitive to any sensation from
that quarter The net declines are about a
point or over throughout the list, and eff
fectively wipes out the advance Of Wednes-
day and the day before.
Bonds were weak throughout the day in
sympathy with stocks, the speculative is
sues leading the decline. Total sales 81
$4,000. United States new tours and the old
Tours, coupon, advanced y and the hves u
bid. "a
The following table. prepared by L. w.
Louis Room IL, Board of Trade, shows the
range of quotations: