The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-28
STRONG DEMAND EARLY
STOCKS THREATENED BIG AD-
VANCE, BUT SOON FELL OFF.
Sugar Was a Favorite for n Bear As
pathy-LOcal Trade Quiet.

At New York yesterday money on call was
steady at 114Q112 per cent; last loan, 11a per
cent.
Prime mercantile paper, 3l5Q4 per cent.
Sterling exchange was firm with actual
business in bankers bills at $4.S5Gl4. S512 for
demand; at S4.S334@4S4 for sixty days;
posted rates, $4.S41z04.S5 and S4.S6G4S61s;
commercial bills, s4.S215 Silver certificates,
5S24Q591hc; bar silver, 5Sa4c Mexican dol
lars, 4515c. AT London yesterday bar silver
closed easy at 271kd an ounce.
Total sales of stocks $4,000 shares, in
Guiding: Atchison preferred 1900; 3. &, o.,
1881; c., B. &c O., 20, S82; Louisville & Nash
vile, 4,465; Manhattan, $3.50; Missouri Pa
cific 3,551 Northern Pacific, Ass; Northern
Pacific preferred, 13,143; Rock Island, 1854;
st. Paul, 1910; Southern preferred, 1902;
Union Pacific preferred, 17,427; Tobacco. g.,
$50; Chicago Great Western, 7,45; Peoples
Gas, 6.S10; Sugar, 1O1, 425; Tennessee Coal
and Iron, 4,2S7; Rubber, 1886; Western
Union, AHA
Nearly all the strength and activity in
yesterdays New York stock market was
confined to the first hour. At the opening
there was a rush to buy as a result of
orders placed with commission houses on
the announcement that Spain had adj
dressed the United States with a request
for peace. This early announcement caused
realizing sales which held prices back a
small fraction above Tuesday night and
even dragged them below on active profit
taking. But these orders to realize were
quite aggressively absorbed and the de-
mand was still unsatisfied The market has
apparently embarked on a sustained up
ward movement When Sugar began to
pause after an advance of nearly points,
which resulted in disodging heavy covering
orders very large blocks of the stock, many
of them of 1000 shares and upward, were
taken. After touching IA support seemed
to be withdrawn and steady stream was
day. Several times the prices steadied and
rallied slightly, only to make a renewed
downward plunge, each successive decline
diSlOdging heavy stop loss orders The price
dropped over points from the top and rail-
lied only feebly at the close. The slump was
accompanied by rumors of unload for in
side interest with a view to retirement. The
decentralization in Sugar unsettled the whole
list and put a stop to the upward move
ment for the. rest of the day. The decline
in the general market was not accompanied
by heavy offerings. 1t was very obvious,
however, that professional traders realized
a large amount at the opening on the peace
news and they probably viewed with COM
placency the subsequent reaction offering
opportunity to buy back stocks at a lower
level. Declines from the best reached
point or over in most of the prominent
stocks and net losses in some cases are as
much as a point
The announcement during the day of the
engagement of a small amount of gold in
London for import had no effect. The trans
action was regarded as a speculation, ex-
change not yet being considered at the gold
import point. Sterling exchange, in fact, raj
lied half cent in the actual rate Condi-
tons In the money market remained I'M
changed.
Railroad bonds continue to be absorbed on
large scale, recent issues of 4 per cents
for REPRESENTATIONS purposes being the favor
ties. Total sales, S., 49,, 000 There was con-
tinued large demand for new government
threes when issued. very large individual
blocks being taken above 104. United States
new fours, coupon, advanced l per cent;
new fours, registered, and the old tours,
coupon, u; the fives, coupon, a, and the
threes, when issued, Is per cent in the bid
price.
The following table, prepared by L. W.
Louis, Room II, Board of Trade shows the
range of quotations: