The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-11
SCALPERS IN STOCKS
HEAVY DISPOSAL OF HOLDINGS RE-
SUITS IN A REACTION.
Foreigners Had Big Ia tches of Amer
Jean Securities for Sale-Local
Trade Firm and Active.

At New York. yesterday, money on call
was firm at 2Q3 per cent; last loan, 3 per
cent.
Prime mercantile paper, sac per cent.
Sterling exchange was easier with actual
business in bankers bills at $4S41sG4. S4s4 for
demand, and $4S114@4s11a for sixty days;
posted rates, $4S2 and s4S512; commercial
bills, $4.S011Q4.81.
Silver certificates, 56a4c; bar silver, $3.50;
Mexican dollars, 45c.
Total sales of stocks, 400, 500 shares, in
GLIDING: $3.50 Atchison preferred, 1887
Chesapeake & Ohio. 1880 Chicago, Burling-
ton & Quincy, Is, $50 Louisville & Nashville,
1900 Manhattan. 3,43O Metropolitan, 4,61O
Reading preferred, 6,260 Missouri, Pacific,
1870 Missouri, Kansas & Texas preferred,
4,77O New York Central $40 Northern Pa
cific. $3.50 Northern Pacific preferred, 37,0S7
ST. Paul, 1855 Southern preferred, A,SSO
Union Pacific, 4,275 Union Pacific Den
yer & Gulf 1880 Wabash preferred, 3,546
American spirits At 500 Tobacco, 1875 Chi
cago Great Western, 1880 Peoples Gas,
81, no Sugar, 6, 3S7 Tennessee Coal and Iron,
1876 Rubber and 4269 Western Union.
The stock market was largely Influenced
yesterday by the wheat market the move
ment of which unsettled the tone in all
speculative markets. No doubt the success
full spectators of Monday in wheat immedi-
ately placed a part of their profits in the
stock market This kind of support had no
small part in the undertone Of strength in
stocks. The wiping out of paper profits and
the tunbling of prices in wheat resulting in
the uncovering of margins induced liquida-
ton in the stock market. This was particu-
larly noticeable in the late dealings after
the plunge in the price of July wheat at
Chicago from slips to $106 The stock mar
ket during the early part of the day alb
sorbed very large line of offerings to liqui-
date profits and the selling for London ac-
cout was also heavy again, total sales for
that account being estimated at over $4,000
shares The general demand for stocks
through commission houses was sufficient
to take up these offerings at a well-sus-
tanned level of prices. There was evidence,
also, of the operation of bull pools here and
there in the list notably in some of the
low-priced stocks, which are usually almost
inactive and immovable. The strength inn
parted to these stocks helped to sustain the
market and with the rally from the open
ing weakness in the wheat market there
came a period of aggressive strength in
stocks which lifted prices substantially
above last nights level. The late decline
was effected on a much smaller volume of
offerings than was we'll absorbed in the
morning dealings. Short selling by the bears
was conspicuous. A slump of over four
points in Tobacco also had its effect in the
late weakness. There were fractional recov-
cries before the close, which was firm at
net losses Of over a point in some cases.
Time loans were offered to-day at per
cent up to four months and prime mer-
camille paper was also quoted lower at to
S per cent. There was, nevertheless, de-
cline in the rates for sterling exchange,
amounting to about half of yesterdays gain.
This development in sterling exchange in
face of the easier tendency Of money, the
large selling of securities here for foreign
account and the announcement of the ship
ment from Australia, Monday, of $2,5O0,000
in gold for San Francisco is highly signifi-
cant of the continued strength of the coun-
try in the worlds international exchanges.
reactionary tendency, in sympathy with
stocks, but the business was not large To-
tai sales 81, 800 0O0
The following table. prepared by L. w.
Louis, Room IL, Board of Trade, shows the
range of quotations: