The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-16
SHORTS UNLOAD AGAIN
WALL-sTREET BEARS QUICKLY RE-
COVER FROM THEIR FIGHT.
Foreigners Have More Confidence in
American Securities and Send
Orders-L0caI Trade.

At New York yesterday money on call
was steady at 1Q1A per cent; last loan, IA
per cent.
Prime mercantile paper. 3s4q4 per cent.
Sterling exchange was steady, with ac-
tual business in bankers bills at $4S524G4S6
for demand and at $4.S4k@4.S4A for sixty
days; posted rates, 81. s512 and $4.S7; CONNER
cial bills, $4SSQ4. S312.
Silver certificates, 59zc; bar silver, 5SAc
Mexican dollars, 455sc. At London bar sill
yer closed steady at 81 5-16d an ounce.
Total sales of stocks 2197OO shares, in
Guiding: Atchison preferred, 1000; Balti-
more & Ohio, 1929; Chicago, Burlington &
Quincy, 1860; Louisville & Nashville 3,84O;
Manhattan, 10000 Metropolitan, 1900; Read
ing preferred, 1880; Missouri Pacific, 6,237;
New Jersey Central, 3,135; Northern Pacific,
4.335; Northern Pacific preferred $500; Rock
Island, $685. st. Paul, 10,515; Union Pacific
preferred, 5000; Spirits, 3340; Tobacco, 1900;
Chicago Great Western, 1855; Peoples
Gas, 11,55G; Linseed, 1900; Sugar, 1915;
Rubber, II, 700.
The bears who covered their short con-
tracts in haste Thursday afternoon on the
fall of Santiago sold stocks again yester-
day and raideC prices down, with no one to
say them nay. The bull element refrained
entirely from offering any support, and
prices Of the whole list dropped away easily
and without any important interruption.
There was an entire absence of any out
side interest and dealings were very small
and confined to narrow list. The sharp
break in Metropolitan Street-railway in the
afternoon accumulated the general weak
ness, and the bears were apparently con-
tent to leave their contracts open over
night, Tor there was no covering movement
manifest. The closing near the lowest,
with net losses In many cases a point or
more A break IN Metropolitan Street
railway accompanied by runOrS that
the additional stock issued would be $l5,0O,
600, instead of $10,000,O00, as heretofore re-
ported. Inc statement o1 earnlhas tlie
June quarter was also considered dlSap-
pointing. The stock went down easily 8
points and closed only l point above the
lowest. NO very large amount of stock was
dislodged by this sharp decline, business
being confined almost entirely to one-hun-
dreo-Share lots on the oil eak. The recent
offerings of Reading first preferred indicat-
ing some continued liquidation OF long
stocks. Peoples Gas was also prominent
for weakness. There is a growing feeling
in the stock market that the successful ter
mination of the war and peace with Spain
have been discounted. The reception both
and of the fall of Santiago points to this
conclusion. Wall street entirely ignored the
disposition of London to buy American
stocks on ToraPs surrender and the ad-
vancing tendency of Spanish tours on the
talk of peace.
The definite assurance that none but in
dividual bids for probably not more than
5000 would secure any portion of the gov
eminent loan had no appreciate effect in
the money market to-day The New York
banks have lost nearly 100000 to the sub
treasury during the week on account of the
loan, but there is no pressure for money
from interior points. There was a further
falling off in bond transactions and prices
Welded in the late dealings. Total sales.
81, 625. COO. United States old fours declined
"A in the bid price.
The following table, prepared by l.. W.
Louis Room II, Board of Trade, shows the
range of quotations: