The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-03-22
ERRATIC SUGAR STOCKS
HEAVY SLUMP AT ONE TIME, WITH
PART OF THE LOSS RECOVERED.
Nearly Half the Trading Was in Sugar
and Brooklyn Transit-LOcaI Mar
kets More Promising.

At New York yesterday money call was
easier at sas per cent; last loan per cent
Prime mercantile paper. 3AG4A per cent.
Sterling exchange was steady. with actual bust
ness in bankers bills at A.s5Hd4S5lz for demand
and at a. s3G4 ssH for sixty days: posted rates,
S4S4iz and 81. s6Q4 S61z; commercial bills, AS21s.
Silver certificates. nominally. scG6Okc; bar sill
yer. sac; Mexican dollars 47%c. At London bar
silver closed quiet at 27Ikd an ounce.
Total sales OF stocks were GO 400 shares includ-
Ing the following Atchison preferred, II .o95; Cen
trail Pacific, 1885; Burlington. 1875; Manhattan
1885; Metropolitan, 1913; Reading first preferred
$500; New Jersey Central, 7.O45; New York Cen
trial. $3.50; Northern Pacific. 4,7SO; Ontario &
Western. 4,70; Rock Island, $40; Union Pacific,
Il. 1S0; ST. Paul. u,415: Southern Pacific pass;
Southern preferred, $500; Union Pacific preferred.
1885: American Steel and Wire. 25,45s: Tobacco,
1929; Federal Steel. $3.50; Fed>al Steel pre-
ferred $3.50; Peoples Gas. $780, Brooklyn Tran
sit. 1859; Sugar. 1860; Tennessee Coal and
Iron 19. S45 ST. Louis & Southwestern preferred,
1859.
The professional character OF the trading
Change yesterday was shown by the fact that
OF the $50. 900 shares traded in nearly half
in the two stocks which moved most erratically,
Sugar and Brooklyn Transit. Immediately after
the opening the leading industrials were pressed
for sale, alphabetically with the sudden declines
in Sugar and Brooklyn Transit. An idea of the
violence Of the movement in the specialties is
conveyed by the fact that Sugar dropped fourteen
points from the highest in the morning and Brook
Ign Transit AZ Subsequently they each recovered
seven points from the lowest leaving Sugar per
cent. off on the day and Brooklyn Transit Ia up.
Accompanying the decline in Sugar there was the
denial by anonymous official of the company
that any deal with competitive firms was in ex-
no carl in Trap cft
appeared to be realizing the announcement of
the companys absorption of Brooklyn Elevated.
The rally seemed to be buying on advance in
formation that the Brighton Beach Railway had
been bought in the interest OF the Transit COM
pany. The prospect that the Thrd-avenue line
might have to give up its Amsterdam privileges
resulted in break of l22. in Third-avenue. which
dipped to zoo. The general market showed mod
crate sympathetic movements with the leaders
and developed weakness when call money rates
reached per cent, and then rallied when money
worked easier to per cent. The bulk OF the
business was transacted around per cent. for
call money and time money was up y to per
cent for four TO six months railroad collateral
with industrial collateral accepted at higher rates
Besides the financing of industrial combinations
there several for the present stiff
money rates. One is the payment every ten days,
to the government in settlement OF Central Pacific
obligations Another reason is the preparation for
April dividend and interest disbursement and a
third Is a tendency to discount interior move
ment OF money, which is was calculated would
last about three weeks. London a seller OF
moderate amounts OF the Union Pacific, New
York Central and ST. Paul. which stocks how
ever. showed fractional advances American and
Continental Tobacco, after wild fluctuations.
closed with some improvement. The Pacifics, ex-
cept Northern Pacific preferred were up frac-
tionally, while Central Pacific and Southern
Pacific gained over point each The grangers
| moved slightly either way and the market closed
with an unsettled tone.
The bond market lacked a decisive tone and
gave alternative appearances OF weakness and
strength, with the upward tendency in vogue at
the end. United States fives advanced 4 and the
new fours, coupon. Is in the bid price. The old
fours. coupon, declined Is.
The following table. prepared by L. w. Louis,
Room IL. Board OF Trade, shows the range OF