The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-08
About the Only Purchases Were for
Washington People who Sold
Largely Last Week.
MONEY RATES ARE ADVANCED
INDUCING FURTHER LIQUIDATION
TO THE DELIGHT OF BEARS.
Spanish Securities on London ET-
change and Continental BOurses
DecIine-LOcaI Trade Active.

At New York yesterday money on call
was steady at 1903 per cent, the last loan
being made at 8 per cent.
Prime mercantile paper, iQ4h per cent
Sterling exchange was steady, with actual
business in bankers bills dr $4.Ass for de-
mand and $4S11a@4S1A for sixty days: post
ed rates, $4.S3@4S513; commercIll bills, S4.M.
Silver certificates, 54Q55c; bar silver, 4l4c;
Mexican dollars, 44a4c. At London bar sill
yer closed weak at % 3-16d an ounce.
Total sales of stocks, G0t,9C) shares, IT,
Guiding: Atchison preferred, 1908; Ches-
apeake & Ohio, 1920; Chicago, Burlington x
Quincy, 54,92S; Louisville & Nashville, 1926;
Manhattan 1856; Metropolitan, 1896;
Reading preferred, 994O; Missouri Pacific,
6,225; Missouri, Kansas 81 Texas preferred.
4,47O; New Jersey Central, 3,215; New York
Central, 21,S40; Northern Pacific, 1890;
Northern Pacific preferred, $500; Ontario
& Western, 3,549; Reading, 1925; Rock ISL
and, 10 $3.50; st. Paul, So 20; Southern pre-
ferred, 1884; Union Pacific, 1920; Union
Pacific, Denver & Gulf, 1890; Tobacco H.
125; Peoples Gas, 21,65O; Sugar, $3.50; West
ern Union, 1924.
The relations between the United States
and Spain caused apprehension in all cir
cles in Wall street yesterday. That there
were large sales of securities by timid hold
ers for the purpose of converting them into
actual money was doubtless true, but d
larger portion of the selling was due to the
liquidation of speculative holdings, which
have been strongly held through previous
declines, but which were thrown over to
realize what they would bring There were
very palpable maneuvers also by the bears
to force the lowest possible range of quota
lions at the opening, and ,ir, offerings to
force down prices and tlllr purchases at
the decline to cover made up no small por-
ton of the days bushes IN this connec-
ton it is interesting to note that the open
ing sales of Burlington were reported at
from 3015 to S91a, and this quotation was
not corrected until the close of the market,
when it was Cancelled, with the explanation
that the sales reported were of St. Paul
at those quotations, and not of BurIing-
ton. Instead of break in Burlington of
AZ at the opening, that stocks extreme
cline from Saturdays close was q. Louis
vile was points off, it's weakness de, ell
oping later in the day. New York Central
showed a loss of 33s at the opening. Other
wise the extreme declines in the railroad
list were restricted between l and points.
Losses in specialties were great Metrop)l-
itan falling points, Sugar 512 and Mammal
| the decline. and a rally of 1 to points
was almost instantaneous The buying to
cover short contracts was attributed to
Washington sources, which We're aggressive
sellers in the latter part of last week. LJr
don was a heavy seller of stocks dt. Ing
the morning, the sales for that account Ee-
ing estimated at 10000 shares Lon Ions
pessimistic view of values was as much in
f1uenced by the threatening outlook in
China and the dispute in the Niger region
as by the Cuban question. New York OPP
orators were quick to decide that no dam
age was threatened to American securities
by these complications, and this encouraged
the absorption of London offerings. Later
in the day the Introduction of Mr.. Cannon $
bill to appropriate $4,000, 900 for national de-
Tense and the passage Of the Hawley bill
providing for two new artillery regiments
renewed the early weakness and forced
prices again to the lowest. The later break
was freer from bear manipulation, and rep
resented more liquidation than the earlier
one; The decision favoring the railroads
in the Nebraska maximum freight-rate case
was almost ignored, and the news that
Spain had withdrawn its request for Con-
sui General Lees recall, although some
what more efficacious in rallying the mar
ket, had but temporary effect, the other
threatening aspects of the situation being
regarded as more important Money was
marked up to per cent. in the carry trans
actions, an influence inducing liquidation
which must not be overlooked. The furry
il money was caused by the calling Of loans
by q number of banks whose re serves had
fallen below the 25-per-c cent. limit The rate
StsSSu Ou " LIZ per CVIlt. again bSIDTC me
close of the day. Closing prices in stocks
were considerably above the Lowest, but net
declines in the standard shares are still
from to over per cent. Prices of bonds
yielded almost as sharply as those of stocks,
but the smaller liquidation. by comparison
with stocks, indicated greater underlying
strength. Total sales, So, 900. United
States new tours and old tours declined ~;
old tours, coupon, and the fiyes and firsts
and twos, II bid. The ffves, coupon, sold
at 111%.
The following table, prepared by L. w.
Louis, Room IL, Board of Trade, shows the
range of quotations.: