The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-04
BULL RALLY ON CHANGE
EFFORTS NOT BACKED UP. IRON
OUTSIDE, AND REACTION SET IN.
Business Almost Stagnnnt ut Times
and Market WeaI1-LOcaI Trade
More Promising.

At New York yesterday money Oh call
was steady at 2d21z per cent; last loan, 2.
Prime mercantile paper, S9sd4la per cent.
Sterling exchange was easier with ac-
tual business in bankers bills at s4.S414 for
demand and at $s2q4S21s for sixty days;
posted rates, S4.SS and aS5la; commercial
bills. $4a1a.
Silver certificates. 551zG56l2; bar silver,
sic; Mexican dollars, 45c. At London bar
silver cosed weak at Esd an ounce.
Total sales of stocks, 294, 100 shares. in
GLIDING: Atchison preferred. 3,519: Balti-
more 4 Ohio, 3055; c., b. & O., 11,94S; Man
haitian, 1912; Metropolitan, 1O,S4O; Mime
sofa IL ST. Louis, 800; New York Central,
1896; Northern Pacific preferred, $3.50;
Rock Island, S.S13; st. Paul, 2l,S71; Union
Pacific, 7,27O; Tobacco, 1880 Peoples Gas,
6,595; Sugar. 1880; Western Union, 6,445.
Some of the bull traders bid up prices of
New York stock market specialties yester-
day morning and carried the general list
with them in an effort to renew the bull
campaign. But there was no outside inter
est and the efforts of the leaders were not
seconded. The market drifted listessly for
the rest Of the day, some times up and
sometimes down and had some part of
the early gains remaining for most stocks
at the close Buying of New York Central
in the last half hour on receipt of the
news from Albany that the Assembly had
passed a measure assuring the legality of
the bond issue necessary for the consolida-
ton with the Lake Shore, caused a stiffen-
ing of the market in the closing dealing.
There We're long periods during the day
when business was almost stagnant and
prices moved very sluggishly The market
xguG n ho han de Of fra nd
fieeted no condition OF general business
beyond the feeling of uncertainty regarding
the Cuban question. Leading operators
and the general public were evidently out
of the market by reason of this same On
certainty and the room traders sought to
move prices by all sorts of runors and sur
misses, many of which originated in the
board room and were denied before they
got beyond its doors. There was a serene
disregard of attempts to precipitate a new
phase Of the Cuban question in advance of
the formal report of the Maine board of in
curry. which is looked to definitely fix the
status of the question. Most of the days
trading was in Sugar, New York Central,
Tobacco and the ,grangers. Each of these
had some special cause assigned for it's
strength. There was talk OF an agreement
over threatened competition in Sugar of
largely increased earnings in Tobacco and
of buying for large corporate interests in
st. Paul Rock Island and st. Paul We're
both helped by the stated estimate of
earnings for February.
The exchange market continues dull. q
weakening of the rate on Paris being the
that further gold NAV be shipped from
Paris before the end of the week. Condi-
fions in the money market remained un-
changed Prices were pretty we'll main
tanned In the bond market, but the voIume
OF dealings showed Il very marked decrease
from the recent average. Total sales, 81
tives We're u lower bid.
The following table, prepared by J.. W.
Louis, Room II, Board of Trade, shows the
range of limitations.