The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-26
NERVOUS STOCK MARKET
EARLY WEAKNESS FOLLOWED LAT
Err BY STRENGTH FROM LONDON.
Most Shares Recovered Their Declines
and Closed Near Top Figures
Local Trade Quiet.

AT New YORK yesterday money on call
was steady at 1s4@2 per cent; last loan.
per cent.
Prime mercantile paper. sAa4 per cent
Sterling exchange was weak, with actual
business in bankers bills at$4S514Q4S6 for
demand, and at a. s2ll 04.s2s4 for sixty days;
posted rates, $4.S3 and 81 1904 S61s: CONNER
cial bills, s4.SOs4Q4s1.
Silver certificates, 6Oq61c; bar silver, Gle:
| Mexican dollars, 4714c. At London silver
closed steady at % 1-16d an ounce.
| Total sales of stocks were 04S5 shares
including: Atchison preferred, 34O76; Bur-
| lington, 1887 Denver & Rio Grande pre-
| ferred, 1885, Louisville & Nashville, 3,O7O
| Manhattan, S175: Northern Pacific, 1850:
Rock Island, SIG; Union Pacific, $3.50;
Union Pacific preferred, $780, St. Paul 20
$685. Union Pacific. Denver & Gulf. 1880;
| Peoples Gas, 3160; Sugar, 1859; Rubber
| $780,
| The periodical settlement on the London
| Stock Exchange developed a very nervous
| state of affairs in the financial markets
| yesterday, due both to the stringent condi-
tons Of the money market and the threat
| ening political outlook. The very high loan
ing rates for carrying over stocks precip-
| itated quite an active liquidation and
squeeze in the money rates. The uneasi-
ness in London was reflected on other
markets In Europe and there was a general
! rise in the rates of exchange on London and
| in the discount rates at all continental CEN
| ters British consos dropped a full point
and government securities and all other
| classes of securities, including American
railroads, showed violent declines. The
| announcement of the postponement of the
| British Cabinet meeting brought some re-
| lief and the bears were actively covering
| in London about the time the stock market
| in New York opened. There were very
large and aggressive supporting orders in
| the market at the opening and a decline in
prices at that time on account of selling in
the London market was trifing and soon
| overcome. Selling for London account was,
| in fact, small factor, and before the ar
bitrage trading was conducted for the
| day London turned buyer and took a fair
amount of stocks in the New York market
| Consols there scored almost a full recov-
cry, and the upward movement in other
| departments was almost as violent Re-
| lieved from that depressing influence prices
| on this side mounted upwards quite easily,
| the short contracts put out in Mondays
market being generally covered, and the
| large bull operators, who led last weeks
buying resuming the movement with great
| in the latter part of the day, but prices
| were quite firmly held and closed at about
1 the best. Net gains in many instances
| reached point or over and prices on the
| average entirely retrieved Mondays sharp
| decline. Tobacco was furiously active all
| day and covered extreme range of over
| seven points. The price was lowered in
| the morning on the announcement of the
| incorporation of a new tobacco company
| with a large capital. Sugar was held firm
| ly, in sympathy with Tobacco. Pullman
| sold off six points on the Illinois judicial
| decision, holding that the company's large
| real estate ownership involved a violation
| Of the charter, and then recovered nearly
| four points.
| The sterling exchange market was an ac-
curate barometer of the course of affairs
| in London. Demand sterling made an up
| ward bound of 12c during the early excite
| ment in London, and while stocks were
| still being sold for London account but
| with the latter relief of the nervous tension
| in London and with some buying for Lon
don account. demand sterling suddenly
! dropped a full cent, closing weak. Not
! withstanding this violent oscillation in the
price of credits in London, there was not
| ripple in the local New York money mar
4 ket. which continued quiet and easy.
There was a yielding in the early price
\ for bonds, but an upward movement fol-
| lowed later on active demand Total sales
! were S. 100000. United States fives, coupon
| advanced 3s and the old fours, coupons, "A
| In the bid price.
| The following table. prepared by l.. w.
| Louis Room II, Board of Trade, shows the
| range of quotations: