The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-17
BEAR PANIC IN STOCKS
BRIEF EXCITEMENT ON NEW YORK
STOCK EXCHANGE THURSDAY.
Industrials and Granger Shares in
Demand and Prices Jumped-LO-
cal Trade Above Last Year.
At New York yesterday money on cali I

/ At New York yesterday money call
was 1d112 per cent; last loan. IL
| Prime mercantile paper. 3d4 per cent.
| Sterling exchange was firmer, with actual
business in bankers bills at $4.S5AG4.S513 for
demand and at s4.sSs4 az. 841z for sixty days;
posted rates, $4.S5d4S514 and $4.s617G4S7;
| commercial bills $4S2a4
| Silver certificates, 1000 ounces at 5Sc;
range, 5SG5Sssc; bar silver, 5S1sc; Mexican
| dollars, 4514c At London bar silver closed
steady at 26 1850 an ounce
| The total sales of stocks were 1893 800
shares including: Atchison preferred, 1885,
ia; B. & o.. S.430; C. 6, o., 9,42O; c. B. & G.,
q $50; c., c., c. & St. L., 25,43O; Louisville
& Nashville, 1870; Manhattan, 1921; Mis-
soul Pacific, 1855; North American 1900;
Northern Pacific, 4,525; Northern Pacific
| preferred, 6.455; Rock Island 9143; st. Paul,
1920; Union Pacific preferred, 1873; Tobac-
| co, 81 263; Chicago Great Western, 5 730; Peo-
pies Gas, 1881; Sugar, 74.445.
| There was small bear panic in New York
| stocks yesterday, which caused an upward
rush of prices in the first hour such as has
not been seen on the Stock Exchange for
| days. Blocks of 1000 shares and upwards
of leading stocks were snapped up with
avidity The prominent specalties and the
| grangers had the most conspicuous ad-
| vances, but the strength was quite well dis
tributed in the list and gains in the rail-
roads were nearly uniform. After the open
ing rush the market fell into dullness and
drifted rather aimlessly behind the high
point, but not falling to the opening level.
Later trading was limited in volume and
closing was almost inanimate but firm at
the top The absence of any general de-
mand after the rush of shorts, considered
in connection with Wednesdays downward
movement. indicates that the market is near
the point OF stability. Wednesdays decline
failed to dislodge any large offerings, ind-
eating that the supply is firmly and strong
~ nela e But there was equally an absence
| 70 advance prices, except in special cases,
| The demand from shorts was very pro-
and the grangers. There was also a morn
! ing demand for London account which lifted
prices of the internationals. During the day
& st: L., Chesapeake & Ohio and Baltimore
| q Ohio developed carrying the prices up
| from IL to points The demand for the
| Wal! street to be connected with a far
| reaching project for the consolidation of the
ONO Soft-coal interests under the control
| ling influence of the dominating interest in
| these roads Baltimore & Ohio may have
| felt some sympathetic effect, but there were
also rumors of the approaching issue of the
| reorganization PLAN Hooking Valley com
mon stock rose on small transactions;
| The increase in the semi-annual dividend
! rate of Denver preferred from l to 11a per
cent. and a quartely dividend the pre-
ferred stock of c., c., c. & st. L. at the full
5 per cent rate were favoring influences on
| the market Rates for time money were
| quotably higher ranging from to 212 per
| cent. for sixty days and per cent. for six
| to eight months. New York exchange at
| Chicago also fell to 10c discount.
Business was not large in the bond mar
| ket, but the tendency of prices was up
wards. Total sales, 81, 200 COO. United States
new tours advanced, q; the filyes Y and the
| The old tours. coupon. declined Is.
| The following table. prepared by l.. w.
Louis. Room IL. Board of Trade, shows the
| range of quotations.