The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-15
STOCKS WERE UNLOADED
IRREGULAR MARKET ALL DAY, BE-
COMING WEAK NEAR THE CLOSE.
Money Rates Promise to Become Eas-
Ter a.d Securities Reacted--LOcaI
Markets Depressed.

At New York yesterday money on call
was easy at 2lza2$i per cent; last loan,
~ per ceni.
Prime mercantile paper, 3d4 per cent.
Sterling exchange was heavy, with actual
business in bankers bills at $4.s4s4@4.s5 for
demand and $4.s215N4.s2a4 for sixty days:
posted rates. M.S3a4.s3,4 and a.S514a4SS;
commercial bills. 1882.
Silver certificates, 5715Skc; bar silver,
5S1sc; Mexican dollars, 46ssc. At London
bar silver closed at 26s4d an ounce; Ameri-
can eagles were quoted at 76s Sad.
Total sales of stocks. 4S7 500 shares, in
Guiding: Atchison preferred, 4.635 Can
ada Southern, 1850; Chesapeake & Ohio,
3l5O; Chicago, Burlington & Quincy 21,9OO;
Louisville & Nashville. 1925: Manhattan,
1920; Michigan Central 1885, Hawaiian
Commercial Company. $500; Reading pre-
ferred, 4,16O; Missouri Pacific, $3.50; New
York Central, 2.231; Northern Pacific. 81
$40; Northern Pacific preferred. 2O,197; Rock
Island, 1880; st. Paul, 3505; Union Pacific,
1850; Chicago Great Western II $50; Peo-
pies Gas, 23,7O0 Sugar, Lilo; Western
Union, 1850.
The course of yesterdays stock market
was decidedly irregular and some perplex-
ing, so far as a perception of the general
tone of speculation was concerned. AS the
day progressed the lack Of sustaining power
in the strength of special stocks which has
been the marked characteristic of the
market for several days past came to be
more and more felt. The disposition to
watch closely for signs of a reaction be-
came more marked and the final hour saw
very general throwing over of holdings
by professional traders. There was no spe-
cial news to account for the break and it
was probably due for the most part to
technical conditions. Stocks which have
hpQp rpparflV nr0rniunnf for CT uofb
conspicuous ia the break by reason of
profit taking. There was a feeling of more
or less uneasiness also over the tone of the
news from Havana in regard to what is
expected rather than what has happened.
The fact that the Spanish governments
scneme or reform is on the point of break
ing down is coupled with the apprehension
that the time is imminent when interview
ton by the United States to save the island
from anarchy will be imperative The per-
sistent weakness of Sugar, a more or less
dominent factor by reason of the volume
of trading in it, also helped break the mar
ket Inc opening strength was due to the
somewhat feVerish demand for local trac-
tion stocks, due to special causes and to the
execution OF large volume of buying
orders for London account. Quotations
came higher from London before the OPEN
ing and probably % COO shares of the inter-
national stocks were bought in this market
Tor London account. There were also COM
mission house orders, especially for invest
ment demand in the gilt-edged railroad
stocks. The Vanderbilts, Union Pacific and
the Northern Pacific stocks were not lack
ms III COitiilutu SlIenSln. 1n6Te were also
sharp advances in New Jersey Central and
Peoples Gas. But the profit-taking invited
By the advances in special cases only served
to increase the late weakness of stocks
which had failed to benefit from the early
strength. AS consequence there was a
very general break of about a point rang
ing up TO over points in Manhattan and
over points in Third-avenue. Covering of
shorts served to retrieve part of the decline
but net losses of point over are fire.
quent all through the list.
Money tended to become somewhat easier
to-day without any actual change being
made in the quoted rates for call loans
There was brisk demand, however for
commercial paper, which drove the rates
down to a range of 3lI4 per cent for the
choice grades. To-day's bank statement
ings.
The bond market, was active early in the
DAY, but became less active and reacted
slightly in later dealings. Union Pacific
and connecting line issues were strong Sc
attic, Lake Shore & Eastern firsts trust
receipts, rose ~ per cent, but lost part
OF that. Other active issues showed gains
Total sales, $4.260G10. United States new
Tours, registered, were Is lower bid United
states new tours coupon and the old tours
registered Il lower and the twos y higher
The following table prepared by L. W
Louis Room II, Board of Trade shows the
range of quotations: