The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-21
THE BEARS HAD A TIP
Carlisle's Stand OH a Whisky Tax
Was Known of i'm Advance.
Heavy Raid on a Number of Weak
Stocks Worked Successfully-Indi-
annapolis Grain Stronger.

was easy at 1a1Is per cent, the last loan
being made at 1. closing at 1qllz per cent.
Prime mercantile paper, 31zq5I5 per cent.
Sterling exchange was steady. with actual
business in bankers bills at $tS79l4S7Z for
demand and at 81 s4AG4S4ai for sixty days;
posted rates, Si5Q4SS; commercial bills,
s4s3h@4 SS1k
Silver certificates, 693sc bid. Bar silver
closed at zoe per ounce; at London. 80 5-1ed.
Total sales of stocks amounted to 29S.OOO
shares, with Whisky Trust and st. Paul
the most active; the dealings in those two
reach $500 and $500 shares respectively.
Increased activity marked the dealings on
the Stock Exchange yesterday. Judging
by manipulation of the Distilling the oper-
ators in that stock were aware of the
ture of Secretary Carlise's report some
time before the document was given to the
general public. A heavy pressure to sell
noticeable during the latter part of the
first hour Of business, for which there was
no apparent reason until it was learned
that the Secretary of the Treasury had rec
commended an increase in the spirits tax,
suggesting also that it apply to the exist
ing stock as well as TO the future supply.
As the American DistillinS Company has
been banking on obtaining the benefit of
the increased tax on some 100000 gallons
of spirits I'm bond, without counting
on what it expects to manufacture before
the increase went into effect, Carlisle's
proposition was i'm the nature of a decided
attack. and holders of this stock sought in
large numbers to lsIidate their holdings
on the best terms possible. The insiders
who first obtained the news had the best of
the market, for when the intelligence
reached the street a sharp break ensued.
and sellers We're at the mercy of the profess
+. sional traders. who hammered the stock
down with accustomed energy. An ad-
vance of "A was made in the opening deal
ings. and before the downward movement
was checked, shortly before noon, q decline
OF IA per cent. had been recorded. Then
followed recovery OF IL, reaction of ~
and rally Of Is the final sale being
on the day being Us per cent
and the sales reaching nearly $1,000 shares.
New England was almost as largely dealt
in on yesterday. but was much less
mercurial. fluctuating within margin of
cent. on the day. Mr.. Mcleod denied that
there were any grounds for an application
for a receiver. He stated that ne has not
sold any New England stock since he be-
came officially connected with the road,
and he had not changed his plans to secure
any connection. After early decline of
/ per cent the shares sold UP 22s reacted
a. rallying - at the close.
The general market was firm at the
opening, and a fraction higher, except for
New York, Chicago * ST. Louis ana Lake
Erie x Western, which opened 1d11z lower.
caused sympathetic weakness in the
rest of the list and the bear traders made
demonstration against the most active
shares. but succeeded only in causing frac-
tiOnal reaction. Then followed a period of
strength. during which an advance of 1.
To les per cent was recorded, Sugar. Cen
eral Electric and the CHANGERS leading
the buying being largely, it is said. for the
account OF prominent bear operator who
desired to cover his short contracts. Short
ly before IL O'Clock the break began to be
made in Distillng and this again depressed
the market from Il TO lis i'm the general
list. the latter COrCiage. During the morn
ing Chicago Gas had been strongly held.
early in the day and advanced ia on the
election OF Hopkins as Mayor. he being
opposed. IL was said, 10 the granting OF
franchises to new gas companies. but I'm
the afternoon IL was sold freely, dropping
2is per cent. and recovering s. in the late
dealings. General Electric and Sugar re-
ceded ~ and there a general decline
of fraction. The speculation very
irregular. Between o'clock and the close
Pullman fell off rs. recovering *: Canada
Southern, Ia. Tallying =. and there were
otftr changes OF less Importance, the tend
ket closed weak at a decline in a majority
or cases. which ranged from a TO l per
cent, excepting Distilling, which is down
Us. and Rio Grande Western, which lost
per cent.
The railway and miscellaneous bond
market was in the main weak and lower
Government bonds were steady and State
bonds were dull.
The following table prepared by James E
Berry, Room 10. Board OF Trade shows the
range OF quotations: