The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-25
SHORTS WERE ALARMED
RUSHED TO COVER IN STOCKS AND
SENT PRICES UPWARD.
Heavy Volume of Trading I'm Amer
ens-LocaI Trade Active.

At New York yesterday money on call
was at 17sd21s per cent.
Prime mercantile paper, 1868 per cent.
Sterling exchange was easier, with actual
business in bankers bills at S4.S6A@4 S61a
for demand and $4.S4Q4S4A for sixty days;
posted rates. $4S411 and $4.S712; commercial
bills, &.S5Q4.S514.
Silver certificates, 5714@5Sc: bar silver.
571sc; Mexican dollars, 45Ac. At London bar
silver closed quiet a 261zdl an ounce.
Total sales Of stock, 41S200 shares, in
Guiding: 1880 Atchison preferred, 1888
Chesapeake & Ohio, 1903 Chicago, Burling-
ton & Quincy, 49, $50 Louisville & Nashville.
$50 Manhattan, u.s. 4S0 Metropolitan, 81 1920
Missouri Pacific, 5,460 New York Central
7720 Northern Pacific, 1888 Northern Pa
cifc preferred, 1920 Rock Island, So, 1877 st.
Paul, 1923 Southern preferred, 19, $50 Union
Pacific preferred, $40 Union Pacific, Den
yer & Gulf, 6,584 Wabash preferred, 16,425
Tobacco, 1850 Chicago Great Western, Il, $50
Peoples Gas, 1910 Sugar, 9,S45 Tennessee
Coal and Iron, $3.50 Leather preferred, APO
Western Union.
The New York stock market continued
more professional yesterday and there was
palpable evidence of manipulation. The
success of the campaign for the rise, as
invited an extending interest and induced
broadening tendency in the speculation.
The advance was primarily due to the ru-
mors, subsequently discredted, that the
United States fleet had won a victory over
the SpaniardS in West Indian waters. The
final strength of the market cannot be at
tributed to these rumors. The final upward
rush of prices was largely due to covering
of shorts, who bad become alarmed at the
easy advance OF prices and the persistent
contradiction of the reports of a successful
naval battle. This covering of shorts made
final prices the best of the day. Net gains
were well over a point in the International
and granger groups of the railway list and
ranged up nearly six points for Metropoli-
tan Street-railway in the specialties The
widely difused effect of the rumors of the
naval victory was shown by the advance in
AAmericans neIore the opening mere In Lon
don and on the continent and the coinci-
dent decline in Spanish tours. Weakness
IN some of the specialties unsettled the mar
ket after the opening, but, the upward
movement was in full force before the end
OF the hour on strong London buying, es-
peciaily of St. Paul, and was only inter-
rupted by slight reactions during the re-
mainder of the day. The stocks Of iron
companies continued to show strength, and
showed some strength and activity. Deal
lngs in odd lots were still largely in evil
dence and were not small factor in the
undertone of strength of the market.
The money market continued in a condi-
ton of extreme ease and sterling exchange
reacted a fraction under the influence of
buying. of securities for London account and
a further decline in the London discount
rate, which is now below the New York
rate. The weeks exports of merchandise
from New York, which were valued at
S12. .857, the largest total on record, indi-
cate that the recent rise in exchange was
in no wise due to lack of supply. With the
continued tendency towards ease in London
discount rate the demand for sterling for
collateral is likely to cease. 1t is evident
that this country can command further sup
plies of gold If they prove desirable to have.
The bond market developed increased &C
tivity as the day advanced and shows net
gains throughout. Total sales, $3, 225, 900.
United States bonds were steady without
changes.
The following table, prepared by L. w.
Louis, Room II, Board of Trade, shows the
range of quotations: