The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-08-18

Bears Seize Upon Stocks.
NEW YORK. Aug. H-Money on call loaned
ct from to 20 per cent, closing at ID to 20 per
cent
Prime mercantile paper 405 per cent.
Sterling exchange steady and unchanged.
The total sales of sticks, to-day, were 267. sci
shares, including the following: Canada South
ern, g. 650 Delaware, Lackawanna & Western,
%, 900; Erie, 1890; Kansas s. Texas, 7,90G
Lake Shore; 26,950; Louisville g. Nashville,
3,6I5; Northwestern, IL, 10; New Jersey Cen;
trial, 1866; New York Central. 1857; Pacific
Mail $3.50; St Paul. 27,100; Union Pacific,
16, 40; Western Union, 7, 795; Northern Pacific
preferred, 19,055; Oregon g Transcontinental,
$500.
Government bonds were dull and steady
State bonds were quiet and steady.
Railroad bonds were quiet and rather heavy.
The total sales to-day amounted to 81. 337, 300.
Dealings in Erie seconds were the feature of the
market, and they close tonight Il per cent
lower, at 99s with sales Of 1921, 900. The only
other active issue was West Shore firsts in
which the sales aggregated 1924. geo. Prices ruled
heavy throughout the day, and final quotations
almost invariably show Declines the only nota-
BILE exception being an advance of II in Burling-
ton q Quincy debentures, at 1919, but Atlantic
81 Pacific irsts are down 2. at 83i; Chesapeake
& Ohio. series B coupon off, Il, at 77s; Omaha
c0usols Al, at 120; Denver g. Rio Grande frsts
81, at 119, and the Western frsts Il, at 70.
recently formed 'bear' clique began opera
tons in earnest in the stock market to-day
The principal point of attack was the trunk
lines, and the most was made of the trouble be-
tween the Baltimore & Ohio and Pennsylvania
railroads. Great stress was laid upon the cut in
passenger rates by the former. The Wander
bits were the principal sufferers by the days
raid, the grangers sympathizing to a certain ex-
tent. while the coal stocks displayed considera-
bic frmness. Money ruled comparatively easy
throughout the day until after delivery hour,
when the price was run up to ~, In which
neighborhood there were more transactions than
on any previous day in which there was such
manipulation. At the same time vigorous
and combined attack was made upon the stock
market and the entire list yielded rapidly, the
market closing weak at the lowest figures
reached. The operations by the clears" to-day
exhibited more system than has been noticed for
long time, and the CLIQUE was aided materially
by the room traders, who are generally bearish
at present There was considerable dsappont-
ment in some quarters at the statement OF New
York Central earnings for the quarter, which
was an element in the weakness of the market
to-day. Prices at the opening this morning
were generally lower, although differences were
for ! to per cent only, with the exception of
Omaha, which was off 4, and New Yerk Central
hours, during which the market, although ex-
hibiting weak undertone, did not yield to
any considerable extent After noon, however,
Union Pacific was broken over l per cent, and
other active stocks fractional amounts. slight
recovery followed, on comparatively dull trad
Ing, but after o'clock the attack was renewed
with double force, and the entire list yielded, in
unison, until just before the close, when the
pressure was removed. The market closed quiet
but weak. at about the lowest figures reached.
Everything is lower on the active list tonight.
Omaha showing the largest decline-l5-but
Union Pacific and Lake Shore are each down II,
Louisville 6 Nashville, L.; Missouri, Kansas &
Texas New York Central and New York s. New
England each II; Peoria, Decatur & Evansville,
Erie, Delaware & Hudson and Consolidated Gas,
each LII Oregon Transcontinental and Canada
Southern, each per cent, and others fractions.
Some of the specialties, however, exhibited
marked declines. Oregon & Navigation being
down q; Richmond g. Danville per cent and
San Francisco preferred, II. Closing quotations
were: