The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-12
STOCKS STILL FOR SALE
ATTEMPT TO BOLSTER UP THE MAR
KET A DECIDED FAILURE.
Spanish Securities Down and Amer
lean Up on Foreign Exchanges
Local business More Active.

At New York, yesterday, money on call
was steady at 11kQ2 per cent; last loan.
per cent.
Prime mercantile paper, 4Q41s per cent.
Sterling exchange was weak with actual
business in bankers bills at $4s3s4 for de-
mand and at s4.SO4 for sixty days; posted
rates. $S2Q4.SS and s4S5G4s5lk; commercial
bills, $3.50.
Silver certificates, 54AQ55c; bar silver,
Gkc: Mexican dollars, 4424c. At London bar
silver closed weak at % 3-1ed ounce.
Total sales Of stock SS5,OOO shares, includ-
ing: Atchison preferred, $3.50; Chicago.
Burlington & Quincy, 4O,O1S; Louisville &
Nashville, 9O75; Manhattan, 1880; Metro
politan, 6.725; Reading preferred, 1890; Mis-
souri, Pacific, 1906; Missouri, Kansas &
Texas preferred 4,645; New York Central.
1920; North American. $780, Northern Pa
cifc, 1920; Northern Pacific preferred, 49,
525; Reading, $500; Rock Island, 1880; st.
Paul, 42,377; Union Pacific, 1920; Tobacco,
1880; Peoples Gas, 1885; Sugar, So 1923;
Leather preferred 1920: Western Union,
672O.
There was a brief show of strength by
some stocks in the early trading yesterday
morning. due to prices having been adj
vanced on the London exchange above the
New York parity of Thursday night. The
advance did not reach the London level,
so that there was considerable arbitrage
buying for London account. There were
some buying orders also which were exec
cuted through the channel usually employed
by Washington operators. This buying soon
came to an end and gave color to the sup
position that the orders were merely placed
for effect. The whole list soon yielded to
depression and the decline was only occa-
sionally arrested by unimportant rallies dur
ing the rest of the day. The strength dis
played by American securities in the early
dealings in London was in strong contrast
bonds, which were poorly supported either
In London or Paris. The only rational ex-
PLANTATION that seems available for this
movement is that London felt that there
was prospect of avoiding hostilties between
the United States and Spain, but was
alarmed by the Spanish governments acute
financial straits, Sentiment on the local
New York Exchange with regard to values
was not in accord with that of London as
is shown by the net declines which ran
between 1 and 2 points all throughout the
list and over that in exceptional cases. The
fall Of prices was at no time violent, but
the offerings of securities were constant and
there was no support apparent at any point
in the list. There was indeed less acute
depression shown by St. Paul than by other
grangers. the price having crossed Burling-
ton during the day and closing above. Kan
sas & Texas preferred was exceptionally
extraordinary weakness Of exchange made
it possible for the great importers to with.
draw gold from the Bank of England in
spite of the virtual premium asked by that
institution, The demand in Paris for gold
was reflected also in a stiffening of the dis
count rate in Paris.
Thursdays late decline in New York call
money rates proved to have been manpu-
lated and the rate steadied TO ~ per cent.
again yesterday. The banks continue to
lose money to the interior and how far this
movement is offset by the receipts of I'M
ported gold will not be definitely known I'M
til to-day's bank statement. The decline
yesterday in the exchanges of the New York
clearing house banks to less than $109 000. coo
indicates the decreased use of money. The
banks are contracting their loans, but quite
a large part of this contracting goes to re-
lease sterling exchange which was used as
collateral and which is being liquidated for
the importation of gold.
The weakness in the bond market was
rather more marked than hitherto, but bust
ness was not on large SCALE
Total sales, 81. 220 O00 United States new
fours are per cent. lower, the old coupons
u per cent. and the regular Il per cent.
lower bid.
The following table. prepared by L. w.
Louis, Room IL. Board of Trade, shows the
range of quotations.: