The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-07
SMALL STOCK TRADING
STRONG ATTEMPTS TO HAMMER
PRICES NET WITH ILL SUCCESS.
Cent. for q Time-LocaI Markets
Quiet and Steady.

At New York yesterday money on call
was firm at 3G4 per cent; last loan. 4;
closing offered at s.
Prime mercantile paper 70JS per cent
Sterling exchange was heavy, with actual
business in bankers bills at $f.S4G4.S41a for
demand and $4.S204.S21z for sixty days;
posted rates. s4.S212Gl4.4 and $4.S544.S 61a
commercial bills, $4.s1.
Silver certificates 651sm66c; bar silver,
65ssc At London bar silver closed at 3o1sd
per ounce.
The total of stocks We're 111.527 shares,
including the following: American To-
bacco, Il, 700; American Sugar. 14,O0o;
Burlington & Quincy. 11,00o; Louisville &,
Nashville, 400: Manhattan Consolidated,
1osoo; Reading, 10000; ST. Paul, 1890; silver
certificates, 5000.
The speculation in stocks was of the
scantiest proportions yesterday and the
movement from more than one point Of
view appeared to indicate that the bears
Were attempting to force prices down. with
considerable care as to extending their out
standing contracts Some of the bull lead
ers expressed willingness to permit a fur
Their reaction of few points but say that
holders of securities displaying great
tenacity. One sample of bear strategy wa5
the circulation of a report that u
leading stock commission house had re-
fused TO carry stocks on margin over the
next thirty days, but the report was quick
~ denied by a member of the firm An
other adroit move was played in the last
hour when money on call was bid up to
an extreme IL per cent. Very large offers
almost Immediately forced the rate down to
3 per cent and the closing quotation was
legitimately causing slight firmness in
money Is the payment of taxes on con-
h.aar Ia tc Es,xxr
ever, redeposited each day by New York
city. This week the municipality will begin
bursements this month and next will run
UP considerably into the millions. An i'm
portant favorable development was fur
Their weakening in foreign exchange rates.
actual demand falling to $4S4. Several
leading houses are understood to be figur-
ing on gold imports, but no actual new
arrangements have been yet reported
Aside from the factors referred to there
was no news of Importance bearing on
distinct professional imprint. The failure
of London to respond to the Improvement
that had prevailed at the closing of Monday
excited chilling influence at the outset.
The bears were encouraged TO test the mar
ket. and prices receded fractionally all
around. Supporting orders appeared at the
low points. and a slightly higher range
resulted. Manhattan and Sugar were in
the greatest request, chiefly by the bears
and gained rs and per cent, respect
lively. Covering induced fractional i'm
provementS in other shares. Renewed de-
PleSSloIl SOON occurred, however, although
the firmness of some OF the high-priced
shares excited comment Tobacco, in par
ticular, advanced per cent. to 671a. The
list as a whole sagged in the afternoon
but the losses did not exceed fractions ex-
cept in Manhattan. which sold off ~ and
Tobacco IA per cent: from the respective
high points The closing weak at gem
eral fractional net declines.
Railroad bonds We're fairly active, but
were without especial feature, aside from
Hooking Valley skies, which jumped 5 per
cent. to 49, The sales were 81 ,52S, 900.
Government bonds ruled firm on pur-
chases of $4,000. Silver certificates were
shade easier, on sales of $1,000.
The following table. prepared by L. W. Louis.
Room IL. Board of Trade, shows the range of
quotations: