The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-13
BONDS ARE FAvORITES
WALL STREET TRADING LARGELY
DEFLECTED FROM STOCK LIST.
Tax on Deals in Stocks Partly Respon-
sibIe-Depression in PriceS-Lo-
cal Trade Inactive.

At New York yesterday money on call
was steady at 114G1k per cent; last loan,
11z.
Prime mercantile paper, 314Q4 per cent.
Sterling exchange was steady with
tua1 business in bankers bills at 81. S5slG4.S6
for demand ard at $4S412G4S4a4 for sixty
days; posted ra ties, $4.s504.S5l5 and $4.S612Q
4.S7 commercial bills, $4.S3k.
Silver certificate, $4,000; bar silver, 591sc;
Mexican dollars. 45lzc. At London bar silver
closed steady at 2714d an ounce
The total sales of stocks were 24S,0O0
shares, including $500 Atchison; $50 Atch-
son preferred; 5.305 c., B. & O.; 4.SS5 Illinois
Central; 1880 Manhattan; 1910 Reading
preferred; $3.50 Missouri Pacific; 4.49O
Northern Pacific preferred; 3,577 Rock ISL
and; 1915 st. Paul; $500 ST. Paul & Omaha;
1920 Southern preferred; 5000 Union Pacific
preferred; 1850 Union Pacific D. & c.; 19, 900
Tobacco; 26,17O Sugar; 4,S70 Leather pre-
ferred; 5572 Rubber.
There was a notable disparity again yes
terday in the activity of the bond and stock
market, the volume of transactions in the
bond market continuing on a very large
scale, while the stock market was dull
throughout. In the early trading Atchison
preferred continued conspicuous. The buy
ing was attributed to the same interest
which took this stock Monday. There was
no purpose apparent to advance the price of
the stock but all offerings were well abb
sorbed. London sold quite heavily of this
stock, and a few others bought other in
ternational stocks. The buying of the At
Gibson adjustments continued as conf
IDENTIFY and aggressively as on Monday, and
led the very notable movement in the bond
market. The price sold off q per cent.
from the top on traders realizing, but the
buying movement maintained it's force at
the decline. The demand for Atchison pre-
ferred diminished before the close, thus re-
moving the only movement of positive
strength in the stock market, which
dropped on small volume of business. The
declines were most conspicuous in the
stocks which were advanced under
manipulation last week, notably Oma-
ha and Northwest. There is an
effort to explain the diversion of
speculative activity from the stock mar
ket to bonds on the ground that the new
revenue law provides no tax on the sale of
bonds. although stock sales are taxed at
the rate of 81 hundred shares. This al
most infinitesimal cost does not, in fact,
look large, in the eyes, of professional trad
fractional turn on the. floor of the
exchange. But this, class of trans
actions makes up out a small pro-
portion of the total in an active
market. a movement in bonds upon
which interest payments are contingent
on earnings ia not unusual as preliminary
to movement in stocks ahead of which
they have claims. A large proportion of
the dealings was in this class of bonds,
variously designated as income and adjust
ment bonds. There was also an active de-
mand for newly issued bonds of reorganized
companies. which are still held in large
amounts by underwriting syndicates and
still unabsorbed by small investors There
was some profit taking in these speculative
issues invoking slight recessions from top
prices. but net gains of from one to over
four points were left in a number of issues.
Total sales, IS. 780 600. There was no change
in the quotations for government bonds
The following table. prepared by L. w.
Louis, Room H. Board of Trade, shows the
range of quotations: