The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-09
THE CUBAN WAR SCARE
CAUSED 4 DECIDED SLUMP IN THE
NEW YORK sToCIS MARKET.
London Demand for American securi-
tie. Prevented Utter Weakness
Local Trade More Active.


At New York. yesterday, money on call
YVES easy at 1G1k per cent; last loan. IL
per cent.
Prime mercantile paper, s@4 per cent.
Sterling exchange was strong, with ac-
tuaI business in bankers bills at S4.So14 for
demand and at $4.S3A for sixty days; posted
rates. Ss4 and $i.S6is; commercial bills,
$4S2hQ4s2i3.
Silver certificates, 56lz@5712c; bar silver,
56lhc; Mexican dollars. SIC. At London
bar silver closed dull at 26l4d an ounce.
Total sales of stocks were 3s3 400 shares,
including: Atchison preferred 25OSO; Balti-
more & Ohio, 1885; Chesapeake & Ohio,
5.OO5: Chicago, Burlington & Quincy S5Ol5;
Erie preferred $3.50. Louisville q Nashville,
500; Manhattan. 11720; Metropolitan, r.
SOS; Michigan Central 1903; Missouri Pa
cific, 3.OO5 Missouri, Kansas & Texas pre-
serred. 3527; New York Central, Y,O7O;
Northern Pacific, sos; Northern Pacific
preferred 2,15o Rock Island, 5,12O; st.
Louis & San Francisco second preferred
a.7SO; St. Paul, 1850; st. Paul & Omaha,
1855; Southern preferred 602S; Union Pa
oific, p ,720; Tobacco, 6,2l6; Peoples Gas,
a.7O0 General Electric. 1916: Sugar, IL, 1913;
Leather preferred, $500.
The New York stock market succumbed
10 the Cuban scare yesterday in spite OF
London's indifference to the fears reflected
by the New York exchange of rupture
between the United States and Spain. The
strength of American securities in London
was partly accounted for by the progress
of the periodical settlement of account on
that exchange. Prices were bid up there
sharply before the opening in New York,
and resulted in sympathetic rise in inter-
nf on
~ was this the case, but when heaviness
developed at New York London was lib
eral buyer at the decline and was a very
important factor in sustaining prices dur
ing-the forenoon session. Americans were
in demand in other foreign centers and
from Frankfort came the report that they
were the features and sustaining force of
the market. Denver & Rio Grande pre-
ferred was the favorite with London, and
it was able to hold a substantial gain to
the close, a conspicuous exception in this
respect Quite number of stocks devel-
oped aggressive strength at one time or
Otherrduring the day. Metropolitan Street
railway rose at one time points, but fluc-
tuated feverishly below that in the final
dealings. Michigan Central. Northwestern,
Omaha. Pullman Lake Erie & Western
preferred and few less conspicuous stocks
were at one time over a point above Mon
day Nights close, but the gains were prac-
tically eradicated. Early weakness devel-
oped i'm the Union Pacific stocks, and Nor
folk & Western preferred was keenly af
fected by protit-taking.. Manhattan also
broke ~ points early III the trading but
showed a better tone later General Elec-
tric and Pittsburg Cincinnati, Chicago q
st. Louis were also heavy. The earlier
weakness of the market had been to a large
extent overcome by the strength in special
stocks when the news was received of the
resolutions proposing Intervention in Cuba,
which were introduced in the Senate. This
broke the market in the final hour and re-
suited in the most severe shaking out since
the ordering of the Maine to Havana. The
covering of shorts made but feeble rally
ana there was a disposition to renewed liz
uidation before the close -...t.-..-.....-
TIE money market weakened very appre-
ciaby yesterday. call loans being made at
] per cent. Domestic exchange at some in
terror points has turned sharply against
New York and the withdrawal of an addi-
tlonat lc per cent installment of the gov
efnmert deposits OF the Union Pacific pay
D.ent is due to-day. But these factors were
unavaiiing TO hold the money rate. The
ssharp rise IN the sterling exchange of &c
IN the actual rates and of 12c in the posted
rates is probably TO be attributed directly
10 the weakness OF the money market. Elk
change bills are offered however at only
&c above the demand rate for delivery in
April and at l2c above the demand rate for
delivery in May This indicates that the
present stiffness of exchange rates is not
expected to hold.
Dealings in bonds continued very large
Yesterday, but there We're no individual
transactions of such magnitude as on Mon
day. There was some disposition TO real
lie IN the speculative issues, but the gem
eral tendency was upward in the early deal
ings Prices yielded 10 some extent with
the break in stocks. Total sales $5lP75. 900.
nlted states new f0urs advanced u bid.
The following table prepared by l.. w
Louis, Room IL, Board of Trade, shows the
range of quotations:
Open High Low Clos
Nainc. inA. est est. iEg.
Adanis Express ............. 161