The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-04-28
PRICES UNDER PRESSURE
WHEN MONEY RATES STIFFENED
STOCKS BEGAN To DECLINE.
The Trade Was Almost Entirely Pro-
fessionaI. with Little London Buy
ing-LocaI Markets Firm.

At New York yesterday money on call was
steady at sac per cent; last loan, 3 per cent
Prime mercantile paper. slk94H per cent
Sterling exchange was strong, with actual busi-
ness in bankers bills at s4.s71z@4.s7ls for demand
and at S4.S5HG4.s51 for sixty days; posted rates.
sAs5lkG4ss and $AS71za4ss: commercial bills.
~$LS4i.G4s4A.
Silver certificates, e3ss q bar silver. 63ic;
Mexican dollars. 4s1zQ5oc. At London bar silver
closed quiet at 29d an ounce. Silver certificates
representing 40, eco ounces were sold on the Stock
Exchange at from 6Sl4c to SIC. The price of
commercial bar silver was CSC. The last time
ec was reached for silver was in August. 1897.
Bullion dealers call the advance in the certificates
speculative. pointing out that increase in com
merclal demand has not appeared from any quar-
ter and that China sold on yesterdays advance.
While a difference OF opinion exists as 70 whether
the movement is being engineered here or In Eng
land. it is conceded it must be powerful interests,
as they are obliged TO take large amounts. Before
the recent movement silver certificates were for
months without a transaction, the quotation being
nominal.
Total sales of stocks were 500, 513 shares. includ-
ing: American steel and Wire, 1890: American
Sugar. 26.s0O; Anaconda. 1900; Atchison pre-
ferred. 1890: Brooklyn Rapid Transit, 61.7O0;
Brooklyn Rapid Transit rights. II. 100; Burlington.
4 S,JUOs chicago COnSOIludleu 1IdCllOh ',SV' Soh
tinental Tobacco. 10. 100: Denver & Rio Grande.
II, 100; Denver & Rio Grande preferred, $500;
Federal Steel. IS. 500; Federal Steel preferred.
5000; international Paper. $500; International
| Paper preferred. $50: Louisville & Nashville.
| u. 600: Mexican Central. II. 900; Missouri Pacific,
IL, 400; National Steel. 9.4O0; North American,
$500; Pennsylvania, l.. 200; Peoria. Decatur &
Eastern, COO; Peoples Gas, 500; Reading first
preferred. $500; Reading second preferred. $500:
st. Louis & ~uthwest 6,OOO; St. Paul. $500:
Southern Railway preferred. $500: Silver. 100. 600
ounces.
Stocks opened up yesterday morning and after
moderate fluctuations either way slid off below
Wednesdays prices. There We're advices of crop
damage. sterling exchange was strong at higher
figures and call money was at the legal rate. 8 per
cent, in the afternoon, all of which combined TO
send prices off with a rush and the market closed
weak under pressure. The demand for money
was incidental to the preparations OF corporations
to meet May disbursements, and then there was
a disposition among traders to anticipate a pos
sible squeeze in call money to-day, when loans
carry over to Monday. There was moderate
a~rbitrage buying for London account early and the
traders also were prominent buyers. but the
diminishing commission-hous business prompted
them to switch their position and sell for a turn.
The trading in a half million shares was prac-
ttcally all Tor professional operators. silver GER
tihcates representing 100, 900 ounces changed hands
at from SIZE to 64Ac. the latter being the highest
figure in over two years. The bull speculation in
silver as well as dividend gossip impaired
strength to Denver & Rio Grande issues. Ana
conda Mining had over three points knocked off
from its recent advance on liquidation induced by
the denial OF a large interest that the proposed
copper trust had control Of the property. Man
haitian Beach dropped seven points, with little
recovery on ~stop-loss orders being reached. New
York Air-brake sold up fourteen points, the great
er part Of which II held on the approach OF the
judicial decision. which friends OF the property
hope will be favorable. Delaware, Lackawanna
G. Western recovered from Wednesdays depres-
sion. which was connected with rumors of i'm
pending labor difficulties. The heaviness Of the
market was accentuatcd by free selling of Brook
Ign Transit and Sugar, although an earlier rise
in Sugar was on an intangible rumor that the
company would offer rights to subscribe for a
new issue Of stock at par TO be used In connec-
ton with some deal with rival interests.
Further improvements were made in all the
standard railway mortgages and some new
fotations were also taken at improved figures.
Total sales. s455. 600. United States registered
threes declined u and United States threes,
coupon. the new fours. coupon, and the fves u
in the bid price.
The following table, prepared by L. W. Louis.
Room II. Board of Trade. shows the range of
ouotatiOns: