The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-28
STOCKS CLOSED WEAK
EARLY STRENGTH AND ADVANCES
OVERCOME LATE IN SESSION.
shorts i'm Some of the Trust Special
ties Driven to COyer-LOcaI Trade
Firm and Prices Strong.

At New York yesterday money on call
was steady at 1d112 pei cent; last loan, 11s
per cent.
Prime mercantile paper, $685. per cent
Sterling exchange was firm, with actual
business in bankers bills at $4S6A G4S61a for
demand and at $4.S414d4s41k for sixty days;
posted rates &.S5 and $4.S115; commercial
bills. $4.s3d4S31a.
Silver certificates. 5SA@5Sa4c; bar silver,
57sc: Mexican dollars, 45Ac. AT London bar
silver closed firmer at 26 13-16d an ounce.
Total sales of stocks 500 shares. in
Guiding: Atchson preferred, 1J0S7; c., B. e
c., 1875; Louisville and Nashville 1880;
Manhattan, $3.50; Metropolitan, 1885; Mis-
souri, Pacific. 500; New York Central, 4,210;
Northern Pacific. 4,746; Northern Pacific
preferred. 5,733; Rock Island. 2SSO4; st. Paul,
344OO; Southern preferred, 1913; Union Pa
cifc preferred, 1889; Tobacco. 500; Peo-
pies Gas, 62,723; Sugar. 22,7S4: Tennessee
Coal and Iron, APPS; Leather preferred, g.,
742: Western Union 4O3O
The New York stock market enjoyed a
period of strength this morning, but the
early gains were practically all wiped out
before the day ended, except in the few
special stocks which had sustained the list
all day. Even some of these closed at prices
as low or lower than Thursday nights clos
ing. The late weakness was all the more
remarkable on account of the sustaining
force exerted by the buoyancy of Peoples
Gas. This stock made a remarkable display
of strength and absorbed large proportion
of the days total dealings. The extreme rise
was almost three points and the advance
was effected in the face of the pronounced
heaviness of the general market, which was
dropping under a persistent Gribble of re-
alizing sales. The advance in Peoples Gas
was due to very confident buying on the
part of inside interests. 1t may have been
directed against a short interest, which has
been put out in the last few days on the
strength of threatened litigation against
the combination of companies. After the
stock touched par very heavy blocks were
taken and there were prolonged periods
when it was practically the only stock APP
pearing on the tape. Its net gain is nearly
212 points. Rock Island. in which the pre-
dominant financial interest is the same as
in Peoples Gas, was the most conspicuous
figure in the railroad list and was advanced
almost points in the early trading but
saved only little over a point OF its net
gain. The grangers as group shared in
ing, also the Vanderbilts. London was a
buyer of the international stocks in this
market and there were conspicuous gains
in the case of several isolated stocks. Later
weakness in the market was undoubtedly
due to a growing doubt as to the where
abouts of the Spanish fleet But the sent1-
ment on the exchanges is by no means sat
isfed with the lethargy in the money mar
ket, the absence of demand for funds argu-
ing halt in business. Continued difficulties
over the adjustment of rate controversies
cast a shadow on the market and the st.
Paul statement of April traffic showed so
overwhelming a proportion of increased
earnings eaten up by operating expenses as
to emphasize this evil. The marked falling
off in the foreign demand for grain on ac-
count of the declining apprehension OF
fects on stocks. Activity was very largely
confined to the few stocks above indicated:
There was some awakened activity at
times in the bond market and a few heavy
individual transactions. Prices were well
held throughout. Total sales. $2,572OOo.
United States old tours, registered. were
IA higher and ditto coupon, per cent
lower and the new fours coupon. 70 lower
in the bid price. Others were unchanged.
The following table. prepared by l.. W.
Louis, Room II, Board of Trade SHOWS the
range of quotations: