The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-15
WEAKER STOCK MARKET
AT THE CLOSE NEARLY EVERY ACT
I'VE SECURITY WAS LOWER.
The Few Advances Made Were of an
EphemeraI Character Local
Trade Active and Promising.

At New York yesterday money on call
closed easy at 1A@112 per cent; last loan,
III per cent
Prime mercantile paper 3n4 per cent.
Sterling exchange was easier, with
tual business in bankers bills at $4S5& for
demand and at 81. .S3l4 for sixty days;
posted rates. $l.S and $LS6is; commercial
bills. $S2ls
Silver certificates, 56Izd57Isc; bar silver,
56ilc; Mexican dollars. Sac. AT London bar
silver closed fiat at % l5-l6d per ounce.
Total sales of stocks 10000 shares, in
Guiding: Atchison preferred, 1894; Chesa-
peakc & Ohio. 3,41l c., r. & O., SOSs5;
Lake Shore $3.50; Louisville & Nashville,
1910; Manhattan, 1896; Metropolitan, 49,,
6SS Michigan Central, 1926 Reading pre-
ferred, 400; Minneapolis & St. Louis, 5000;
Missouri Pacific, $685.; Missouri, Kansas
d Texas preferred 59S6; New York Cen
trail, 1913; Northern Pacific, $3.50; North
ern Pacific preferred. 1920: Rock Island,
IL .s96; st. Paul 23 49,. Southern preferred,
59f2; Texas q Pacific, $500; Union Pacific,
1,SS7; Tobacco, 6,512; Peoples Gas, 1880;
General Electric, 1856; Sugar. 12.O20: Leath-
er preferred, 3,I00; Rubber s. 1870; Leather
preferred, $780, Western Union. 1870
The weakness of stocks on New York
Change was pronounced yesterday and
pernleated every department of the market.
Isne decline was quite uniform in the gen.
eral list and a few of the highly specula-
tive speciaIties broke severely. There was
Nttle support in the way of buying orders
at any point, and prices went off easily and
rapidly. The market steadied at intervals
and rallied rather feebly, but pronounced
dullness followed every symptom of re-
coVery Few of the active stocks have es-
a q al
many prominent securities are over two
points lower. The higher prices at the open
ing were caused by the confidence with
which prices of Americans should be sus-
tained on the London exchange during Sat
urdays holiday in New York. This conf
denee was still in evidence in London be-
fore the opening in New York and the in
ternat1onal stocks showed sharp advance in
sympathy reaching nearly a point in the
case of Union Pacific These advances were
of the most epheme~al character, some of
them being almost wiped out in the run
nlng sales at tho opening. This was par
ticularly the case with Union Pacific stocks
In which the reorganization committees
agreement with the government over the
Kansas Pacific sale seemed to bring realiz-
ing. The days movement in Metropolitan
Street-railway covered a range of 14i5
points, the slump from the high point to
the lowest being continuous and very vio-
lent, the prices giving way several points
at a time. There was quick rally of Slh.
but the stock fluctuated widely and closed
with u net loss of over five points Third
avenue was at one time ga points above
last Fridays close and though it reacted
sharply in sympathy with Metropolitan
Street-railway it retained substantial
gain. Much talk was heard of the Cuban
question during the day. but there was no
specific developments that offered a new
motive for the selling. The bears took adj
vantage of the overbought condition of the
market and the rather long-sustained effort
TO support prices to make aggressive
raid The stock dislodged by uncovered
margins induced quite heavy liquidation.
The bears had no difficulty in covering at
the decline without any marked rally in
prices. Special weakness was shown by
northwestern, Kansas & Texas preferred,
New York Central and Pullman. The Rub
Der stocks and Third-avenue We're prac-
ucally the only prominent securities in the
list to resist the weakness.
The reactionary tendency in stocks af-
rected the bond list throughout for the first
time since the recent advance was checked
Prices of bonds did not yield at once some
issues showing strength in the early part
OF the day, but declines were general be-
fore the close. Dealings continued on a
very heavy scale. Total sales, $4,540OOO.
United States new fours, coupon, We're Il
lower bid, and United States regular and
the old fours, regular We're Il lower bid
The following table. prepared by L. w.
Louis, Room IL, Board of Trade shows the
range or quotations: