The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-01
STOCK MARKET RIGGERS
STARTED SELLING MOVEMENT IN
LONDON BEFORE THE OPENING.
Heavy Declines ON New York Change
Afterwards Recovered - Local
Trade More Active Again.

At New York. yesterday. money on call
was firm at 2Qslk per cent; last loan. 2
per cent.
Prime mercantile paper. 5G615 per cent.
Sterling exchange was firmer, with actual
business in bankers bills at SASS "a for
demand, and $4.SO%@4S1 for sixty days;
posted rates, $4.S1lz@4s2 and $4s41kQ4.S 5;
commercial bills. $4.sOAG4sOs4.
Silver certificates, 55sl95611c bar silver,
551sc; Mexican dollars. 45lkc. At London
bar silver closed steady at Is 11-1ed an
ounce.
Total sales of stocks, S4,62O shares, in
Guiding: Atchison preferred, 1O,715; Chesa-
peake & Ohio. $40; Chicago, Burlington &
Quincy, 4S,01S; Louisville G. Nashville, H.
25; Manhattan, 23,0S5; Metropolitan Trac-
ton, 11,120; Missouri Pacific, 3,O21; New York
Central 9,425; Northern Pacific, 1856;
Northern Pacific preferred 2O,27O; Rock
Island, 1880; st. Paul, $3.50; Southern pre-
ferred, $3.50; Union Pacific, 44,2OS; Union
Pacific, Denver & Gulf, 6,S75: Tobacco. H.
9S9; Peoples Gas, 1880; Sugar, 121, 800;
Western Union, 1920.
There were rather mysterious undercur-
rents all day in the New York stock mar
ket yesterday, which nothing in the public
news served to explain and for which the
gossip in Wall street found numerous and
contradictory explanations. The opening
slump, in which losses ranged from l to 2
points and upwards, seemed to be in SYM
pathy with an earlier decline in London,
the more so as the selling of Americans in
London was said to be for New York ac-
count of operators who were too eager to
take their profits on Wednesdays rise to
wait for the opening in New York. But the
opening prices proved to be the lowest for
the time being and there was an eager de-
mand Immediately manifest for stocks all
through the list. This demand continued
with only short periods of cessation
throughout the morning session and rallied
prices almost, or quite to Wednesday
nights closing level The natural inference
from this would be that if the earlier sell
ing in London was for New York account,
it was for manipulative purposes. The
strength in the New York market found
response in a rally on the foreign exchange
in the price of American securities and
also of Spanish securities, which were also
depressed early in the day on pessmistic
reports from Madrid The latter portion of
the day saw a persistent decline in prices
in New York, with only occasional periods
of steadiness, most stocks falling below the
opening prices and closing at or near the
lowest. The appropriation by the New York
Legislature of a million-dollar emer-
gency fund, for defense. was the nominal
motive of the later decline. Although nearly
the whole of the days business was done
prices below Wednesday nights level and
although the net changes are all on the side
of losses, extending between ! and points
for most stocks. and over that in special
cases, it was very obvious that large and
rather eager demand for stocks was salts
fled during the day and it was the prevail
ing impression In the street that the open
ing decline was manipulated to give oppor-
the bullsh sentiment created among the
room traders by TIL undertone of strength
and the belief that the demand for stocks
was due to some hidden motive or undis-
closed information regarding SPANS inten-
tions, the general outlook was not consid-
cred promising. The money market reflected
the uncertainty in the outlook more accu-
rately than did the stock market. Lenders
are holding out for stiff rates for time
money and borrowers are not disposed to
pay the rates asked, as it is certain that
any prospect of peace would Immediately
result In an abundance of money. The gem
eral neglect of the time money market and
the resort of borrowers to call loans, re-
suited in stiffening call dates to-day. The
exchange market was dull and neglected,
ly dependent on the outcome of the contro-
versy between the United States and spain
The bond market was less active ulan
stocks and prices showed tendency to sag
throughout the day. Total sales, $775,OOO.
United States new fours, REGISTERED and
the old tours, registered, were ~ nlgner,
and the fives " higher, bid.
The following table,\ prepared by u. ".
Louis Room II, Board >ef Trade, shows the
range of quotations;