The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-16
STOCK MARKET SAGGING
SPECTATORS LETTING PRICES
DRIFT AT WILL FOR A TIME.
Some Fears of Tighter Money ns a Re-
suit of the New Bond Issue
LEGAL Trade Increasing.

At New York, yesterday, money on call
was steady at 114q11a per cent; last loan,
IL per cent.
Prime mercantile paper, 3Q4 per cent.
Sterling exchange was easier, with actual
business in bankers bills at S4.S3G4.S3A for
demand and at A.S3s4@4.A for sixty days;
posted rates. $4S5G4S51a and $4S61aQ4S7;
commercial bills, $4.s21k64S3
Silver certificates, 5SG5Sa4c; bar silver,
5S14c; Mexican dollars, 454c. AT London, bar
silver was uncertain.
The total sales of stock at New York yes
terday were 1861, 400 shares, including: 1860
Atehison preferred, S,175 Chesapeake &
Ohio, SO,361 Chicago, Burlington g. Quincy,
5000 Cleveland, Cincinnati, Chicago & st.
Louis, 6,355 Louisville & Nashville, 1885
Manhattan. 4,490 Metropolitan, 4315 Ha-
waiian Sugar, SASS Missouri Pacific 5,210
New York Central 1910 Northern Pacific,
$3.50 Northern Pacific preferred 30,S20 st.
Paul. 21,25O Union Pacific preferred, 1925
Tobacco, 1850 Chicago Great Western, II, $50
Peoples Gas, 1890 Sugar.
New York speculative observers who
argued that the two days reaction in the
stock market has been due to apprehension
of the effects of liquidation consequent upon
the collapse of the wheat deal were disap-
pointed yesterday. The pressure on the mar
kets from that source was practically re-
moved by the announcement that the enor-
nous holdings of cash wheat owned by the
defeated wheat speculator had been taken
over by powerful financial interests which
would be able to save it from being sacri-
feed at forced sale. The course of the wheat
market very plainly indicates the termina-
ton of the crisis, but there was no move
ment to advance prices of stocks. Appar-
leaders have
rived at a mutual consent to let the mar
ket take its course for the present without
further manipulation for rise. The course
of prices was, consequently, downward in
a rather dull market. Extreme declines of
point or over were registered in most of the
active stocks during the day. Sugar was the
center Of interest and dropped persstentIy
until the last closing only Is above the
lowest, at a net decline of over points The
expectation of a favorable vote on the I1a-
waiian annexation bill was the motive as
signed for the selling. The stock was traded
army of invasion for Cuba, added to the
possibilities of a setback in the campaign,
which would also hurt the stock market if
it were to occur. This and the approach Of
the critical period for the crops served to
emphasize the waiting disposition of specu-
latiOn.
Fears of tighter money as a result of the
bond issue were also advanced by the bears
But it is probable that the banks and large
which they expect to put into the new
bonds. 1t is evident that the banks and cap
ltallStS are preparing to take all of these
bonds they can get; that is, all that are left
after the smaller subscriptions are allotted.
If they get what they expect, the bonds
they secure will be used for circulation and
thus supply the money market. If the pop
ular subscriptions, on the other hand, are
larger. than expected, the funds accumu-
lated by bankers and capitalists to buy the
bonds will be released TO the money market
Railroad bonds were heavy, in sympathy
with stocks. Total sales, 81 800 900. United
States old tours. coupon, advanced 13s, and
United States old tours. registered, g. in
bid price. There were sales of the tours,
registered, at an advance of rs over the
preceding SALE
The following table. prepared by L. w.
Louis, Room II. Board of Trade, shows the
range of quota tons: