The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-20
A SUCCESSFUL RAID
Wall-Street Bears Make an At
tack OH Vanderbilt Stocks.
Few Shares Able to Stand the Well
Conducted Assault-SOme Signs of
Activity at indianapolis.

AT New York. yesterday. money on call
was easy at 1Q1H per cent, the last loan
being made at IL, closing offered at ~.
Prime mercantile paper 31za51z per cent.
Sterling exchange was quiet with actual
business in bankers bills at s4.s7G4S7A for
demand and $4S41z@4s4A for sixty days;
posted rates. AS5kQ4.SS; commercial bills,
aSsA94ssA.
Silver certificates. 69Hsc bid. Bar silver
closed at zoe per ounce: at London. S2Ad.
Total sales of stocks amounted to 263, 500
shares, including: American Sugar. IS. 100:
Burlington 6 Quincy, 1920; Chicago Gas.
1850; Distillers' and Cattle Feeders, 6,1OO;
General Electric. 1900; Lake Shore. 1000;
New York Central. $500; New York & New
England. 1850; Reading, 900: Rock Island,
$500; st. Paul, $1,000; Western Union, 1880.
The feature of the speculation on the
Stock Exchange was a pronounced and fair
ly successful bear raid on the Vanderbilts
which. perhaps. was not entirely premedi-
tated. but was largely the result of a trans
action on the London Exchange. 1t seems
that a block of 1900 Of New York Central
was offered for sale in London, which was
purchased by a well-known house having
connections in this city. There was a profit
In disposing of IL on New York Exchange
and the transaction attracted attention to
the stock. 1t being a bear market the pro-
fessiOnals thought If one Vanderbilt stock
was a good sale, why not another and Lake
Shore was selected as the chief victim. To
help bring out stock it was suggested that
the earnings of the road were decreasing
and the general business depression was
made to serve as confirmation of rumors
that the present rate OF dividends could not
be kept up. Michigan Central, Canada
Southern and Cleveland, Cincinnati, Chicago
d St. Louis were touched upon very slight
~. but still suffered in the general attack
on the sister shares. The lowest point was
reached shortly before noon, at which time
Lake Shore was down 3h; Michigan Cen
trail, a; g., C., G. * St. L., /; New York
Central, -. and Canada Southern, x. Lake
Shore subsequently rallied 22, but reacted
]. closing at a loss of ia per cent. The
loss before closing, New York Central being
off only "a. and Michigan Central, 1. Canada
Southern showed an advance of y. New
pressure to sell. for which no satisfactory
reason was given beyond a theory that the
bears were engaged in a concerted move
ment to bring out a block Of long stock
for which they had been cunning for days
past The shares were very feverfsh and
made frequent upward movements during
the process OF depreciation, but each rally
brought on increased -hammering. and the
bottom was not reached until late In the
afternoon. when the decline from the high
est OF morning was 5s per cent. and the
final sale was only = per cent. above the
lowest. The sales were on "A very large
scale. and developments are looked for to
explain the slump in the stock. The
granger shares came IN for a share of the
attention of the shorts. but were fairly well
held. The coal stocks suffered somewhat
IN the general decline. notably Delaware,
* Western, which broke 36s
per cent, recovering ia.
The induStrialS were not drawn into the
selling movement 10 any great extent, and
In only one case lost more than a fraction
on the day. while Tobacco preferred rose L
and Sugar preferred y per cent. Rubber
common shows q decline Of "a per cent. In
the specialtics declines were recorded OF
tx in Illinois Central. IL in New York &
Northern and Northern Pacific preferred.
and 1e in New York, Chicago * st. Louis
seconds preferred.
The railway and miscellaneous bond mar
ket was generally weak and lower. the
principal changes being nes-Ni
Midland stamped and Reading second pref
erence incomes. 3 per cent each: Chicago,
st. Louis * New Orleans frves, IL: L.ehigh
* Wilkesbarre asSented, Ia: Union Pacific
gold skies. Hooking Valley fves, Iron
Mountain fives, Iron Mountain seconds and
Pennsylvania fOur-and-a-halfs registered.
each l Der cent. Government bonds were
steady. State bonds were inactive.
Inc following table. prepared Dy James z.
Berry, Room l6. Eoard OF Trade, shows ths
range Of quotations: