The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-09
STOCKS ARE OVERSOLD
BETTER FEELING ENABLED BULLS
TO SQUEEZE OUT THE SHORTS.
Less Apprehension of War, at Least
Between United States and Spain
Local Trade Active.

At New York yesterday money on call
was firm at 2Q3 per cent; last loan, per
cent
Prime mercantile paper, 46412 per cent.
Sterling exchange was weak, with actual
business in bankers bills at s4.4 for de-
mand and at $4.S1A for sixty days; posted
rates, $4S2h64S3 and $4S515; commercial
bills, $4.S0k@4.s.
Silver certificates, 54Q55c; bar silver, 54lsc;
Mexican dollars, 44a4c. At London bar silver
closed dull at 251sd an ounce.
Total sales of stocks, $50, 100 shares, in
Guiding: $500 Atchison, 7,460 Atchison pre-
ferred, $3.50 Chesapeake & Ohio, 26,82O Chi
cago, Burlington & Quincy, $3.50 Louisville
& Nashville. N,175 Manhattan, S,562 Metro
politan, 6160 Reading preferred, 4,340 MS
souri, Pacific, 1,050 New York Central 9,720
Northern Pacific, 1860 Northern Pacific
preferred, 1923 Rock Island. "a ,12O st. Paul,
4.04S Southern preferred, 1905 Union Pacific,
1900 Union Pacific, Denver & Gulf, 1850 To-
bacco 5,S05 Chicago Gas, 9,120 Sugar, 4,358
Western Union
The tone of the stock market was much
improved yesterday, as compared with that
of Monday, the ground for the greater con-
fidence in values being the apparent desire
of the Spanish government to deprecate any
idea that they desired rupture with the
United States on their own initiative, or
that they sought to irritate the United
States government into assuming the Of
fensive. The effect of this was most clearly
defined in a sharp recovery in the price Of
Spanish fours both in London and Paris.
Americans, also, were much steadier on the
foreign exchanges, but there was nothing in
the early quotations from there to give
foretaste of the sharp advances in the OPEN
ing here. The market was quite aggressive
ly strong during the whole of the earlier
part of the day, but it is questionable
whether this was due to any large amount
of buying for new accounts. That the short
interest was largely increased Monday was
easily to be seem and shrewd professional
manipulators were able to discern yester-
day morning that the market was in an
oversold condition. The better outlook in
the relations between Spain and the United
States made the shorts nervous and there
was something of a scramble to cover at the
opening. The manipulation for the rise was
designed to uncover bear margins and the
keen demand at the advance proved the
maneuver to have been successful. 1t did
not require a very large advance to invite
further liquidation and the last hour saw
prices fall almost to Monday nights point.
stiffening again in the final dealings. Out
side of the professional manipulation there
was little doing in the market. Some buy
ing was reported for London and Wash
ington account. The continued movement of
gold, the easier tone of money, Mondays
furry being apparently ended, a number of
dividend announcements and the statement
that no bond issue would be made neces-
sary by the proposed appropriation OF $780,
900 900 for national defense, were all factors
towards the more confident views of the
situation. Operations, nevertheless, were
pursued with caution and disposition was
apparent to adopt waiting policy. Net
gains, except in few of the specialties,
were confined to fractions. The prices OF
Northwestern railway stocks were rather
conspicuously strong in spite of the con-
tinuance of the transcontinental rate war.
The Pittsburg, Cincinnati, Chicago & st.
Louis stocks were weak, the common losing
points and the preferred pa
Bonds showed strength, in sympathy With
stocks but resisted the late weakness in
the market, except Kansas Pacific consols,
which lost all of the earlier advance,
amounting to nearly points. Total sales,
So, AGO, 000 United States new fours, regis
tered were u lower. and United States new
fours, coupon p lower, bid
The following table. prepared by L. W.
Louis Room IL. Board of Trade, shows the
range of quotations.