The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-19
A REACTION IN STOCKS
THE BULL CAMPAIGN SUDDENLY
CHECKED AND PRICES DECLINE.
Wall Street Unable to Get News from
the Navy and Traders Are More
CarefuI-LOca1 Trade Active.

At New York yesterday money on call was
steady at 11SQ1A per cent; last loan, ~
per cent.
Prime mercantile paper, 1906 per cent.
Sterling exchange was strong with actual
business in bankers bills at $4.S6hG4 s61s for
demand and at $4.S314q4S31k for sixty days;
posted rates, $4S31a and $4S7; commercial
bills, $4.S21a.
Silver certificates, 57A@5Sc; bar silver,
size; Mexican dollars, 4514c At London bar
silver closed steady at 26 7-16d an ounce.
Total sales stocks, S35, 100 shares, includ-
ing: Atchison preferred, 9,470 Chesapeake
& Ohio, S,72O; c., B. & O., 17,715 Louisville
&, Nashville 81, 200; Manhattan, 1880; Mis-
souri, Pacific. 4500; Northern Pacific pre-
ferred, 4,670; Rock Island, 2S,054; st. Paul,
80, 525 Union Pacific preferred, 1920; To-
bacco, 1854; Chicago Great Western, 4,4O5;
Peoples Gas, 1885; Sugar, 51,965; Rubber,
9,246; Rubber preferred, 1926.
The bull campaign inaugurated Tuesday
on the New York Stock Exchange prom
Used we'll during the early part of the day
yesterday but before the close the advan-
tage gained earlier had all been lost and
prices as d rule were lower than the
previous night, not only in the specialties
whose weakness stopped the advance, but
in the standard stocks and those which
had led the advance as we'll AT the opening
the bull contingent had to face a series
of declines for Americans in London, but
the tendency of the London market was up
ward after it's opening and the declines
there were ignored, prices, here opening
higher all along the line. There was fair
volume of orders to buy, which had come
to commission houses over night as a re-
suit of the strength displayed Tuesday and
INT n
amount to anything. The early advance was
continued with vigor and confidence, led
by Peoples Gas and Rock Island which
gained about ~ per cent. each. The grang
ers all showed strength, but Rock Island
which crossed Burlington temporarily on
Tuesday and ruled above the latter stock all
day. The unsettled tone of Tobacco and the
large volume Of transactions in it gave the
ilrst check to the advance. When very
those OF Tobacco the bull campaign re-
celVed an effectual check for the day and
was not renewed. There was a conspicu-
Gus movement of Rubber preferred on the
strength Of the good statement of the COM
pany,S business made at Tuesdays annual
meeting; The price rose at one time SIS per
cent. The weakness in Sugar and Tobacco
became more pronounced as the day pro-
crossed, the extreme decline in both stocks
reaching to within a small fraction of four
points. This proved too heavy burden for
the market to carry and prices fell away
IN a very dull market until near the close
when there was some animation on realiz-
ing. The stringent measures adopted by the
government to stop the publication of news
or naval operations has proved highly eff
ficacious and information seemed to be en-
tirely lacking in Wall street. This tended to
beget some feeling of nervousness and
doubt which helped on the reaction.
The money market was quotably lower
and sterling exchange u cent higher all
around, but the easier money conditions had
no effect on speculation. The weakness of
wheat doubtless had some sympathetic eff
feet. Bonds, were duh all day and prices
moved very narrowly, but were we'll held
Total sales $1,S00O00. United States new
tours, coupon, were y lower in the bid
sales of the old fours, regular, at 1885,. a
DECLINE of Is from the preceding sale
The following table, prepared by L. w.
range of quotations.