The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-03

At New York, yesterday, money on call
was easy at 112q1A per cent; last loan 1$a
per cent
Prime mercantile paper, Sal per cent.
Sterling exchange was strong, with actual
business in bankers bills at $4S47sa4.S5 for,
demand and at $4.S2s4@4S27s for sixty days;
posted rates, $4ss1z@4S6 commercials bills.
$482.
Silver certificates 56A@57hc; bar silver,
56ssc; Mexican dollars. Size At London bar
silver closed easy at 26 1-f6d an ounce.
Total sales of stocks were 100000 shares
including: Atchison preferred 1885; Balti-
more Il Ohio. 1900; Chesapeake & Ohio
s710; Chicago, Burlington & Quincy s,S12;
Denver & Flo Grande preferred $3.50; Louis
vile & Nashville, 1906; Manhattan, 2,71S;
Reading preferred. 27,130 Missouri Pacific,
4,75O; New York Central, 37,50S; Northern
Pacific, $500; Northern Pacific preferred,
1885; Ontario & Western, 1925; Reading,
$685.; Rock Island, 1887; st. Paul. 1920; To-
bacco. II, 5z0; Chicago Great Western, ALSO;
Peoples Gas, 6,94O; General Electric, 3,I3S;
Sugar. ESQ; Western Union, 1900
The New York stock market under
liquidating pressure to-day, but the
strength of some special stoc2s and manip-
ulated advances of others made the mar
ket exceedingly uneven. There were num-
erous halts in the liquidation during the
day and partly successful attempts to
achieve rallies, so that the day was one of
constant changes some stocks mounting
upward strongly while the market was tend
ing downward. There was every evidence
OF continued heavy selling TO take profits
in some of the most prominent favorites in
the recent speculation. notably Northern
Pacific, Union Pacific and the vanderbilts.
Ie1o oil rkf NO
traders sold the market with good deal
of Vigor and confidence Nevertheless offer
ings We're very we'll absorbed and most of
the net losses of the day are confined to
fractions. The early transactions showed
positive strength under combination of in
fiuenees. Among these was considerable
buying for London, especially of Ontario
& Western. There was quite a large volume
of buying orders from commission houses
also during the day. The new securities of
the Union Pacific Company in the unlisted
department of the exchange advanced with
something of a rush over the opening prices
and impaired strength TO the whole mar
ket. Baltimore & Ohio advanced IL over
yesterdays high point. With the execu-
tion of accumulated buying orders the bear
ish tendency of traders grew and obtained
the ascendancy. There were various rea-
sons given TO account lot the u6cllHt
Among them were the cutting of rates be-
tween Minneapolis and Chicago and the APP
pareat hopelessness of agreement as to
rates on the expected Klondike business.
The grangerS showed themselves especially
sensitive and were hurt also by a growing
apprehension over the outcome OF the Ne
braska maximum freight-rate case which is
awaiting decision by the Supreme Court
Great Northern preferred added 8 more
points to It's advance of Tuesday and it's
subsidiary company. Manitoba, and num-
Der of other inactive stocks showed marked
advances. The Reading stocks We're strong
on rumors of the sale in London Of about
So 600 600 of the companyS bonds. Norfolk
!. g. Western preferred gained sharply OF the
dividend declaration. Notwtthst aild.ng
these exceptional elements of strength. the
general tendency of the market was to-
wards weakness. RumorS Of losses sus-
tanned by a local bank through injudicious
loans encouraged the reactionlstS. The
rates for exchange hardened q shade on in
vestment demand induced by the low rates
for money which continued to work to an
easier basis. The days exchanges at the
total of $204 221 1925. ref citing some very
heavy financial operations. The details OF
these could not be ascertained.
The bond market continued strong on q
large volume of dealings. The Kansas Pa
cifc consols were decidedly unsettled, first
advancing q fraction. then reactng TO 100
and later recovering TO 1903. a net loss Of
fours declined Is bid, but there was an
actual sale of the coupons at an advance
OF a.
The following table prepared by L. w
Louis, Room II. Board of Trade shows the
range of quotations: