The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-06
STOCKS ARE DEPRESSLD
WALL STREET FEARS ANTI-CORPOR-
ALTON BILLS IN CONGRESS.
Ignorance of Presidents Message Also
Retarded Speculation Local
Trade Fairly Active.

At New York yesterday money call was
steady at 2@21s per cent; last loan 2lk per cent
Prime mercantile paper, 3Aa4 per cent.
Sterling exchange was easier, with actual bust
ness in bankers bills at $4s4494.S41k for demand
and at 4s11z@4.s1% for sixty days; posted rates
A.s25 and A.s5la; commercial bills, s4.s0ls.
Silver certificates sOlkGs1hc; bar silver
50 11-16c; Mexican dollars. $3.50. At London bar
silver closed at 27ssd an ounce
Sales Of stocks were sss. 700 shares. including
Atchison, $3.50; Chesapeake Ohio, q, 200; Chi
cago, Burlington & Quincy, Abs; Louisville &
Nashville 21.S00; Manhattan, 1900; Metropolitan
Street-raway, 1850; Missouri Pacific. $3.50; Mis-
souri,. Kansas & Texas preferred 9,2S5; Northern
Pacific. $3.50; Union Pacific, 1854; ST. Paul, 1215o
Southern, $500; Southern preferred $500; Texas
Pacific, 1900; Union Pacific preferred, 1900;
Wheeling & Lake Erie s,735; Tobacco, 400; Steel,
3.7S4 Steel preferred, S669; Peoples Cas- $500;
Linseed 1856; Pacific Mail, 90 300; Sugar 19, $780,
Tennessee Coal and Iron, 800; Chicago Gas, 4546
There was much interest and curiosity mani
tested in Wall street yesterday regarding the
Presidents message. When it published it
was seen to be so free of matter calculated to
affect the value of securities that the course of
prices was left to the influence Of technical
causes The recent view of professional traders
has been that the message would prove to be a
bull document and they have bought stocks re-
Gently under that conviction. On the publication
Of the message it was natural therefore, that
this element should sell to take profits. But the
chief effect of the anticipation of the message
was to clrtail operations in the stock market.
This tendency was emphasized by the absence of
Geographic communication with many points in
the country owing to the storm. There was not
entirely lacking also the proverbial disposition of
Stock Exchange traders to a feeling of timidity
Of n If There
is something of prejudice in Wall street against
some of the measures which representatives and
senators assembled at Washington design for the
public welfare and a desire to be let alone In
methods for the profitable employment of capital
against which congressional legislation is at times
directed. The prevailing of the market there
fore became increasingly heavy as the day wore
There period of comparative strength
in the morning especially in of the stocks
which showed strength last week. Metropolitan
Street-railway mounted strongly ~ points and
then reacted 3h realizing, the increase in
the quarterly dividend to annual per cent
rate from per cent. rate. Pacific Mail and
the Iron and Steel stocks continued moving up
ward but reacted sharply before the close, par
ticularly Federal Steel. Sugar 1uctuated quite
irregularly on the varying rumors concerning the
status of the competition in the trade. There was
rather notable advance in group of the Gould
stocks and some of the lower-priced railway
shares were also strong. United States Express
rose to 57% at time, but reacted to s., and
American Express dropped points. The majority
of the standard stocks were, however, notably
dull and for the most part heavy. This es-
pecially true of the grangers and the Pacifcs
There some frmness manifest in the coalers
on the strength of the cold weather.
The bond market decidedly more active
than stocks and prices were better maintained
though there was reaction from best prices In
the late dealings. A number of lately dormant
issues were brought into activity and moved
sharply upwards Total sales, $5305 Co., United
States twos advanced u in the bid price.
The following table, prepared by l.. ". LOUIS
Room IL, Board of Trade, shows the range Of
quotations: