The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-04
REACTION IN STOCKS
CONSIDERABLE PROFIT TAKING
AFTER MONDAYS ADVANCE.
Foreigners Not So Sanguine as New
York Over Naval Victory
Local Trade Active.

At New York yesterday money on call
was firm at 2l5as1s per cent. last loan. 21a.
Prime mercantile paper, a per cent.
Sterling exchange was firm, with actual
business in bankers bills at S4.S4A04S41k for
demand and at $4S1@4S1A for sixty days;
posted rates, s4.S112G4.S2 and $4S5; CONNER
ciaI bills, $4SO@4. Se15.
Silver certificates. 55AG562c; bar silver,
55%c, Mexican dollars, 45Ac. There was a
decline of Bc an ounce in the price of bar
silver to-day in sympathy with weakness in
London, which was due to the Indian gov
ernments proposal to establish the gold
standard in the Indian empire. Bar silver
closed in London at 257d an ounce and fiat.
Total sales of stocks, $50. 700 shares, includ-
ing 1854 Atchison preferred, 28,597 c., B. &
c., 10,950 L. & N, 4,647 Manhattan, 11,573
Metropolitan, 4,6O5 Missouri Pacific, 6,955
New York Central, $3.50 Northern Pacific,
1850 Northern Pacific preferred, q, 164 Rock
Island, 2s,S47 st. Paul, 4,1s3 Southern pre-
ferred, 81, POI Union Pacific, 1926 Tobacco,
$3.50 Chicago Great Western, 6.175 Peoples
Gas, 46, $50 Sugar, 300 Tennessee Coal and
Iron, and 1897 Western Union.
After Mondays violent advance in prices
of stocks some reduction was to be expected
yesterday. The market opened, as was the
1880 "ttAA ASoN SAAA OANNA0
by large operators, who were DESTROYS of
taking profits. The resumption of trading
after the holiday in London brought in an
element which made it more difficult to
manipulate the market for a rise. London
refused to accept to the full extent the san
guine view taken Monday by Wall street of
the benefits to accrue from Commodore
Dewey'S victory at Manila. American Sc
curitfes. with one or two exceptions, showed
declines on the London exchange before
the opening in New York. Mondays events
in Wall street had so far awakened outside
interest in the market that commission
houses found their books filled with buying
orders. The heaviness in London affected
opening quotations, but they were not down
TO the LONDON parity. and they were sus-
buying during the first hour. This invited
arbitrage selling, and the shares of diff
ferent stocks sold for London account were
estimated as high as 10000. The market
showed remarkable resistance to the pres
sure of this selling, as well as to the heavy
realizing by large operators. who believed
that the rapid advance of the last three or
four days had gone as far as was safe. The
failure of the market to advance served to
discourage the outside interest. and buying
orders were withdrawn. the market grad
ually sagging to a lower level. There was
rather az inviting field presented for a bear
raid. But the fact that to-day will be a hol-
iday. made the professionals timid about
putting out short contracts, just as It in
fluenced those of them who were long of
the market to TAX their profits. The firm
ness of the market and the strength shown
by special stocks turned the professional
sentiment in the fina. hour to the bull side.
There was quite a heavy buying movement
which carried the prices of the market
nearly back to Monday nights level and es-
tablished numerous noteworthy net gains
through the list. A feature of the day was
the lifting of a number of inactive stocks
to the higher market level established by
the rise of the last few days. The scope
of the trading was broad and embraced q
large number of stocks. The money market
showed some tendency to harden in the
commercial paper department and for call
loans. A further engagement of 81, 900. 600 of
gold for import was the result. The rise OF
2 cents in the actual rate for sterling ex.
change in face of these developments was
explained.
The bond market was active and strong in
the esrly dealings. but there were later
realizAtions in the speculative issues which
carried their prices below Monday nights
level. Total sales, 81, 49, 900. United States
new tours, registered, advanced 11s, United
States tours, new coupons, 13s. the old
tours, 1, and the fves Ia per cent. in the
bid prices.
The following table. prepared by L. w.
Louis, Room II. Board of Trade, shows the
range of quotations.: