The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-08
HEAVY SHORT INTEREST
NEW YORK STOCK MARKET SAID TO
BE LARGELY OvERsOLD.
Sugar Receivers from the Selling
the Dividend-LOcal Trade.

At New York yesterday money on call was
steady at 2d2is per cent. last loan. per cent.
Prime mercantile paper. 3hG4 per cent.
Sterling exchange was steady. with actual bust
ness In bankers bills at Sass for demand and at
s4s5%@4ss for sixty days; posted rates. s4.ss.sg
4s7 and s.ss; commercial bills. A.s5A@4s51.
Silver certificates. s19s2c: bar silver. s0Hc;
Mexican dollars. as2H. At London bar silver
closed at q 1l-l6d an ounce.
Total sales of stocks. 3s5 s2s shares. including:
American Steel. 4.oco; American Sugar. 1880;
Anaconda. l0.lo0: Atchison preferred 46.l00:
Brooklyn Transit. lO.20O Burlington. p. 1oo Con-
tiDental Tobacco 4.5e0: Federal Steel 800; Fed
eral Steel preferred. 500: Louisville Nashville.
400; Manhattan. ESQ; Metropolitan street-rail-
way. 800; Missouri Pacific. 400: New York Gen.
trail. 300; Northern Pacific. $500: Pennsylvania.
400; Peoples Gas. 5Ooo: Rock Island. $500; ST.
Paul. 1890; Union Pacific 800; Tennessee Coal
and Iron. s.4cO.
midsummer lasstude hung over the stock
market through tho greater part of the day and
the trading drfted aimlessly. Wall street will
take advantage OF a hot day 20 curtail its labors
when there is that doubt about the outlook which
composes what Is called waiting market. but
the hot weather does not deter the watchful
eye Of capital from availing itself of offered op-
portunities. The burst of animation in the last
hour Of yesterdays stock market indicated that
Wall street was not so dead as all the early ap-
pearances give reason to suppose. Speculation
was almost at standstill during the morning
session. even the professional traders waiting for
action on the Sugar dividend and also on that Of
Atchison preferred. The aimless drifting of Sugar
certificates prior to the announcement OF the
dividend and the smallness of the transactions
seemed to indicate that the speculative COM
munity wholly at sea as to what the action
of the directors would be- The price dropped
below Tuesday night after the opening advance.
bur recovered sharply some three points before
the news became known. The announcement OF
the regular dividend caused realizing sales ana
drop of two points. The shorts were so eager
to cover that the decline checked almost i'm
mediately and a subsequent recovery amounted
to about five points. The drop after the dividend
announcement seemed to give the shorts some
degree Of confidence and the pressure to buy was
not urgent at the advance. Considering the
length Of the bear campaign based on an implied
doubt of the regular dividend. 1t can scarcely be
that the short interest has succeeded in anywhere
near covering the lines put out during the cam
paign- The declaration of the regular dividend
has by no means converted all OF the bears who
still argue dire effects from the trade war; The
declaration of Ia per cent. on Atchison preferred
was the most potent influence in putting up prices
In the latter part of the day. though the effect
must be regarded as surprisingly small, consider
ing the recent activity OF the bears on the doubts
they expressed that dividend would be forth
coming on this stock The dividend Is callei
regular. semi-annual. and comes out of the earn
ings for the last fiscal year. with the statement
by the directors that sufficient remains for an
other similar dividend in January next. There
was large demand for the grangers which ad-
vanced prices in the group from 1 to 3ls points,
which spread to other points in the railroad list
Fort Worth & Rio Grande was marked I'D four
points and the New York municipal stocks rose
sharply. Stocks which have been active recently
in London. such Anaconda and the Southern
Railroad stocks, hung back under the influence
of depression in London on account of the un-
conciliatory attitude OF President Kruger The
iron and steel stocks also hung back Steel and
Wire dropping at one time three points on pub
lished doubts of forthcoming dividend The
obstinate resistance OF railroad stocks to decline
the present and prospective easy conditions in
money and the more cheerful view OF the crop
prospects all contributed to the greatest strength
in the stock market.
Railroad bonds hardened in price In sympathy
with stocks. but business was not on a large
scale. Total sales, par value 81, 100 600. United
States threes declined Il in the bid price
The following table, prepared by l.. w. Louis
Room IL. Board OF Trade, shows the range of