The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-04
NET LOSSES IN STOCKS
LATE BEAR MOVEMENT SENT THE
LEADERS TO THE BOTTOM.
Both Foreign and Local Spectators
Sold American Securities-LO-
cal Trade Improving.

At New York. yesterday, money on call
was steady at 1AQ11z 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.S61404 S61s for
demand and at $4.S4A@4.S415 for sixty days;
posted rates. As5 and $4.S7 commercial bills,
s4s3Q4S6A.
Silver certificates, 5sk@595sc; bar silver,
5S9sc; Mexican dollars, 4515c. At London,
bar silver closed steady at 271ad an ounce.
Total sales of stocks, $4,000 shares, in
cluding 6,305 Atchison, 34S50 Atchison pre-
ferred, 8407 Baltimore & Ohio, &c, 200 Chesa-
peake & Ohio, 1887 Chicago. Burlington &
Quincy, $3.50 Cleveland, Cincinnati, Chicago
& st. Louis, $3.50 Denver & Rio Grande pre-
ferred, $3.50 Louisville & Nashville, 1921
Manhattan $685. Metropolitan, 14,115 Read
ing preferred 1866 Missouri Pacific, .OO5
Missouri Kansas & Texas preferred, 4,635
New York Central, 24,225 Northern Pacific,
A,7SO Northern Pacific preferred, 1850
Reading, $3.50 Rock Island, 1856 st. Louis
San Francisco second preferred, 34,25O st.
Paul, 5,O25 Southern, 14497 Southern pre-
ferred, 3.4OO Texas & Pacific, 5S,6S4 Union
Pacific preferred, 1890 Wabash preferred,
5000 Tobacco, 1910 Chicago Great West
gill, G1,IVN SOple 0dS, OO1u 1SISl al lAiCC-
trio, 1850 Sugar, 4,O65 Tennessee Coal and
Iron. 1906 Leather preferred
Professional spectators on the bear side
were very alert and active yesterday on
New York Change, attacking first one point
and then another in the list and keeping the
stock market decidedly unsettled. In the
final hour there was a move all along the
line, which effectually broke prices, leaving
only few small net gains in some of the
low-priced stocks that had been pushed up
in the earlier trading. In all the prominent
stocks, even Sugar, which was the leader
of the market, gains were practically wiped
out and, in some cases, net losses amount
to over points. The bear drive was accom-
panied by a considerable beating of tom
toms and diffusion of alarmist rumors,
and ostentatious fears of the effects of the
Senates vote for the coinage of treasury
silver The days trading opened with the
conditions in Thursdays market rather en-
phasized; that is to say, with the high
priced dividend-paying stocks showing some
and lower-grade stocks we'll supported by
new buying. The profit-taking leaders were
pretty well absorbed, and it was evident that
funds realized by selling these stocks. in
stead Of being taken out of the market,
were were simply being diverted into other
spicuously in price. The realizing in the
grangers and some of the higher-priced
specialties, however, caused them to recoup
tack London followed the New York lead
and sold the high-priced stocks and bought
some of the low-priced internatonals The
preferred stocks of reorganized roads were
in especial favor, Union Pacific preferred
and Northern Pacific preferred being con-
spicuous examples. Sugar was a strong sus-
tanning force and rose at one time 212 points,
but saved only the fraction. The local trac-
ton stocks were markedly weak all day.
Money continues in supera bundant supply
and rates continue to decline New York
exchange has gone to a sharp premium at
Chicago, indicating a current of funds to
New York. and the New York banks con-
tinue to gain largely, also. from the sub
treasury. Silver sold at $3.50, the highest
price of the year. the demand coming from
Spain.
Bonds were strong in the early dealings,
but the speculative issues yieldeds in SYM
.pathy with stocks. Total sales. $4,700.
United States registered. both of 1907 and
1905, advanced II, while the fives registered
declined Il in the bid price.
The following table. prepared by L. W.
Louis,> Room H. Board of Trade shows the
range of quotations: