The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-08
STOCK MARKET HEAVY
STRONG BEAR PRESSURE ON RE-
NEWAL OF THE CUBAN SCARE.
Dealings in Bonds Absorbed u Large
Share of the Business-LocaI
Trade More Active.

At New York yesterday money on call
was easy at IL per cent; last loan, IL per
cent.
Prime mercantile paper. 9G4 per cent.
Sterling exchange was strong, with &C
tual business in bankers bills at $4S54@
4S5A for demand and $4sSQ4S31s for sixty
days; posted rates, $4S311 and $4S6; COM
mercial bills, S4.S2Q4.S2l6.
Silver certificates, 56l5a571sc: bar silver,
5sl9c; Mexican dollars, 1880. AT London
bar silver closed quiet at 26lsd an ounce.
Total sales of stocks, 421 900 shares, in
cluding Atchison preferred % ,020; Chesa-
peake & Ohio S,O25 Chicago, Burlington &
Quincy, 29,620; Erie preferred, 5,410; Lake
Erie & Western, $500; Louisville & Nash
vile, 5,491; Manhattan, 1850; Metropolitan,
1880; Michigan Central 1921; Hawaiian,
3,2l0; Missouri Pacific. 1875: New York Cen
trail, 1925; Northwestern, Sl22; Northern
+, Pacific. 1899; Northern Pacific preferred.
15125; Rock Island. 1856; St Paul, % 900:
Southern preferred, 1870; Union Pacific, 49,
$40; Tobacco, $3.50; Chicago Great Western,
5000; General Electric 1885, Sugar, q. SOL :.
Leather preferred, 1880; Western Union,
$3.50
Yesterdays New York market for stocks
suffered from the burden of realizing sales
and from bear pressure, due to the recru-
desence of the Cuban scare. There were
special elements of weakness in addition.
The Union Pacific securities were heavy
on account of the announced determination
of the government to operate the Kansas
Pacific under receivership and to seek to
postpone the sale of that property The
Kansas Pacific consols opened off 3 per
cent. on the strength OF this, but the buy
Ing at the decline was very heavy and ag-
gressive, and reassuring reports We're given
out that this security was not likely to be
deprived OF its right of exchange with the
reorganized Union Pacific securities. This
apparently failed to rally the stocks of the
company, and they were heavy all day, the
preferred going. off at one time 15s and the
common a point Missouri Pacific showed
q recurrence of its recent weakness and
declined at one time a point below Satur-
days close. Lake Shore, New York Cen
trail, Northern Pacific preferred and other
recent favortteS showed the effects of q
continuation of profit taking. The coalers
and the grangers were in the main heavy
Northwest being an exception. Northwest
preferred showed a gain of 3la over the last
transaction. Quite a number of stocks
showed gains at the opening, but as a rule
subsequent declines wiped them all out. A
Few stocks We're conspicuous for very Wig
orous movements. This was notably the
case with Metropolitan Street-railway,
which was at one time 81 above Saturdays
close put which reacted rs. Norfolk ~
Western preferred was quite strong all day.
and advanced at one time 3Ss, reacting
fraction on profit taking Michigan Central
also renewed its interrupted advance, and
IS ia higher for the day. There were some
sharp gains also in the usually inactive
high-priced securities. The feverish and I'M
settled condition of the local New York cor
porations was noticeable in the closing deal
ings.
Although the stock market was not lack
ing in activity and interest, the bond de-
partment continued to absorb large share
of attention and to show great strength
There We're some five separate single trans
actions in books of a par value of $780, 900
or over. Three of these were in the Atchi-
frretf faFTa 4t,a ff.fp
which footef up for the day s1,O970O The
recovery ii Kansas Pacific consols to 1902
brought out a block of 100000 which was
taken by one dealer. There was $125. 900
block of the new Union Pacific tours sold
during the day. Norfolk * WesterH con-
sol tours were active and strong. Numer-
Gus sharp gains are recorded all through
the bond list. Total sales $3.50 600. United
States hves were Il higher and the tours,
both old and new, were X higher bid.
Following were the closing quotations stocks
and bonds: