The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-14
A PROFIT TAKING
STOCKS SOLD OFF LIVELY AFTER
SUGAR SHOWED WEAKNESS.
Some Anticipation of Disappointing
Bank Statement Assisted I'm the LIZ
quidation-Local Trade Good.

At New York. yesterday, money on call
was steady at 1893 per cent. last loan. 1z
per cent.
Prime mercantile paper. Shd4 per cent.
Sterling exchange was steady, with actual
business in bankers bills at S4.s7494$ for
demand and at s4.SSAdIS6 for sixty days:
posted rates, As612Q4.S7 and A.S9; CONNER
cial bills, s4.ssk.
Silver certificates, 60kd62c; bar silver.
60kc; Mexican dollars. 4s1ac. At London bar
silver closed easy at q 11-16d an ounce.
Total sales of stocks amounted to 5SO.fS7
shares, including: American Smelling. 300;
American Smelling preferred. $500; Steel
and Wire. 81. 200; Sugar. $500; Tin Plate.
400; Anaconda, 200 Atchison preferred,
I.SOO; Brooklyn Transit, $1,000; Chicago,
Burlington & Quincy, 1880; Chicago Great
Western, 800: Rock Island. $500; Console
dated Gas, $500; Continental Tobacco. 1920;
Denver & Rio Grande. 5000; Denver & Rio
Grande preferred. 400; Des Moines & Fort
Dodge, 5000; Federal Steel. 1890 Federal
Steel preferred. 1900; Manhattan. 1920;
Metropolitan Street-railway. n.S00; Missouri
Pacific, 300; National Steel, 300 North
American, 4.5O0; Ontario & Western, 400;
Pennsylvania, $500; Peoples Gas, $500;
Pittsburg, Cincinnati, Chicago & St Louis,
500: Reading first preferred, 800: Tonnes
see Coal and Iron. $500; Union Pacific, 800;
United States Rubber. 1890.
There was a marked disposition from an
early period in yesterdays stock trading 10
take profits in many of the stocks which
have enjoyed a large advance recently. This
was evident in all of the standard stocks
and made itself increasingly obvious In the
Industrial specialties. The very decided
strength manifested by a small group of the
industrials served to stay the market for a
time, and acted as a sort of cover to the
profit-taking sales which were fed to the
market. The recent strength of Federal
Steel showed no abatement during the early
hours of the day and other members of the
Flower groups, notably Brooklyn Transit
and Peoples GaS. were strong in sympathy,
an advance in Metropolitan. Manhattan and
Sugar helped to keep up prices. The leader
ship of these stocks gave place In the course
Hoop, American Smelling and Tin Plate. the
first named rising ) points. The awakening
activity in this group, which was more
prominent in trading than at any time since
they have been dealt in on the local ex-
change. seemed to invite realizing elsewhere
In the list and an early break in Console
dated Gas. followed by pronounced weakness
in Sugar. emphasized this tendency. There
was a late rally in Consolidated Gas. and
to So. an advance of over 4 points. But no
effect was apparent on the general list,
which closed active and weak at the west
point generally. Net losses in the standard
railroads are for the most part between 1
and 2 points. Sugar, which was traded in
Elk. dividend of 3 per cent, lost nearly 8
points on the day There is an element
among the professional operators, which
habitually buys Sugar to realize the divi-
dend and get rid Of the holdings between
dividend periods. The selling from this
source was an influential element in the
weakness of that stock, and by sympathy
of the whole market Manhattan suffered
from realizing on the declaration Of the reg-
ular dividend and on the continued effect
Of the adverse judicial decision on tax
claims against the company. The strength
OF the steel stocks, which came to the front,
was coincident with the lively demand for
cinnait. Chicago & St. Louis continued
strong, but this was practically the only
exception to the weakness in the railroad
list.
1t is probable that the prospects Of a poor
bank statement on the coming Saturday,
when a large part Of the Withdrawals Of
gold already made for export will figure.
had its influence in prompting the hquida-
ton. No effect was apparent, however, in
the money market, which continued easy,
sterling exchange, while there was a sharp
fall In the money and discount rates In Lon
don. The pressure of liquidation was not
heavy at any time. but prices went down
lied support. The. bears helped the late
break with rumors Of reverses in the Phil
ippines. There was a large demand and
some strength for Reading fours. Colorado
& Southern fours. and the Wisconsin Cen
trail issues. both Of old and new; Total
sales, par value. So, 260,O00. United States
twos declined 4 and the new fours h in the
bid price.
The following table, prepared by L. w.
Louis. Room IL, Board of Trade. shows the
T0nOa M nIInr0f1nnGs