The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-28
TAX ON CERTIFICATES
WALL STREET WILL ATTEMPT TO
ILLEGALLY AVOID WAR TAXES.
Small Demand for Railroad Shares
and Prices Sag-SpeciaIties Bid
Up-LOcal Trade Active.

At New York, yesterday, money on call
was steady at 14112 per cent; last loan, IL
per cent.
Prime mercantile paper, 3a4 per cent
Sterling exchange was firm, with actual
business in bankers bills at $4.S51a@4S5%
for demand and at $4.S4A094 S41a for sixty
days; rosted rates, $4S5 and $4.s61s COM
mercial bills $4.S3GJ4. S312.
Silver certificates, 59@60c; bar silver. 59Ac;
Mexican dollars, 45a4c. At London bar silver
was steady at 275sd an ounce.
Total sales of stocks were 275, 100 shares,
including: Atchison preferred 1885; Chica-
go, Burlington & Quincy, 1911 Manhattan,
4.644; Northern Pacific, 6,155; Northern Pa
cific preferred, 9755; Rock Island, 51,114
St. Paul, 10,?15; Union Pacific preferred
1854; American Spirits, 1900; Tobacco
Sc, $50; Peoples Gas, 1885; Pullman Palace,
3O14; Sugar, 22,S5; Tennessee Coal and Iron,
7215; Leather preferred $50; Rubber, II, $780,
Rubber preferred, 4,721; Western Union
81 ,119
The character of the New York market
for securities was very little changed yes
terday from that recently prevailing. Rail-
road stocks were neglected, and, with a few
exceptions, drifted to a lower price level,
the demand being insufficient to absorb even
small offerings. Meantime individual spe-
cialties We're taken up and pushed forward
independently to higher level without re-
gard to the general tendency of the market
and without influence on it. There was a
sharp drive against Sugar and Peoples
Gas in the opening transactions, which re-
duced their price nearly 81 share. This
was evidently with a purpose on the part
of the bears to put a stop to the upward
tendency of some of the speciatieS But the
| &c n hn in
entirely by individual causes and both Sugar
and Peoples Gas were allowed to recover.
fiobaSecot the rubber stocks, spirits pre- pre-
| Ign Transit all showed marked strength at
one time or another, the latter advancing
to near 55 on very heavy buying in the final
hour There were a few exceptions to the
heavineSs in the railroad list, the Wander
| bits and Rio Grande Western showing some
an active demand for Atchison preferred at
a small advance in price, which was eX-
planned by the latter publication of the May
| traffic statement showing an increase in
the gross earnings of $4S5,844 and in the net
earnings of $23329 Part of the dullness in
the market is attributed to the doubt of the
effect of the new war tax to go into effect
on July l on stock sales, loans and eX-
changes, especially on the TWO first named.
The decision of the Internal Revenue Of
flee that all reissues of stock certificates,
whether for transfers or merely for an ac-
emulation of certificates into one certiti-
cate are to be taxed as fresh issues is con-
sidered rather onerous, and measures for
legally avoiding this tax quite frank
ly discussed in Wall street. One measure
proposed is to deposit stock certificates with
trust companies and deal in the company's
certificates. The effect of propagations for
the July disbursements and also the use
of money in interior points for subscriptions
for the governments loan had some slight
effect on the tone of the money market
yesterday.
The collection by the treasury of checks
for subscriptions to the bonds of small de-
nominations is also having the effect of re-
ducing the subtreasury debit balance at the
clearing house. Rates for money are not,
however. appreciably changed. There was
good degree of activity in bonds and prices
of railroad mortgages were generally high
er. Sales. $3,37S,S73.
United States new tours advanced "A and
United States old tours declined "a in the
bid price.
The following table, prepared by l.. w.
Louis, Room II. Board of Trade, shows the
range of quotations: