The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-07-17
VANDERBILT'S ILLNESS
UTILIZED BY .wALL-sTREETERs TO
BEAR THE STOCK MARKET.
Lively Trading and Many on the List
show Better Prospects.

Al New York yesterday money on call
was steady at 2d21s per cent; last loan
"a per cent: closed at 2l5 per cent.
Prime mercantile paper. 4G5k per cent.
Sterling exchange was steady, with ac-
tual business in bankers bills at S4sss4 u
4.se for demand and s4.s7sz04.sS for sixty
days; posted rates, $4SSizQ4 s91z: CONNER
cial bills, $4-ss1SG4.s7-
Silver certificates. s9Ac. At London bar
silver closed at 81 s-1sd per ounce.
Total sales of stocks were 437 .552 shares,
including: American Tobacco. $500;
American Sugar. $4,000; Burlington &
Quincy. 17.10o; Chicago Gas. 12.4oO; Distil-
lers and Cattle Feeding, 1850; General
Electric. 6.7oo; Louisville & Nashville, 2),OO);
Manhattan. 1920; Missouri Pacific, 6.20O;
Northwest, 6.lO0; Reading. 5000: Rock
Island. II 800: St. Paul. "a 800: Tennessee
Coal and Iron, 1900: Western Union. $500:
Southern Railroad. 5000; Southern Railroad
preferred. 1000; New Jersey Central. 400;
silver certificates $4,000
The unfavorable influences which had
dominated Wednesdays stock market were
again operative yesterday and the specula-
ton was feverish on a decided increase in
the volume of business. The grangers. in
dustrials. coalers and vanderbilts were
most uninterrupted decline in the general
market leading to breaks OF la per cent
I'm the leading active shares. recoveries
were generally made in the last hour
figures The depressing factors included
Mr.. Vanderbilt's illness. the decreasing
government gold reserve further weakness
in government bonds. Increased strength in
the foreign exchange market and estimates
or aggregate engagements of gold for Sat
urdays and Tuesdays steamers from
y NM 40 A n n
bearing on the general situation aside from
the considerations above noted and the
rally in the last hour was on extensive
covering OF shorts based on unverifisd
rumors of the completion of d syndicate
for the purpose of purchasing 500. 600 0 o
block of government bonds. There was
also evidence of support at the extreme
low points by powerful financial interests.
Moderate buying of the leading interna-
ucnal shares for foreign account Was also
noted. The market opened unsettled and
fairly active and after brief interval
prices began TO sag under liqudatin Or
ders and heavy bear selling. The Wander
bits and coalers were attacked for obvious
reasons and the downward movement in
the industrialS was accelerated by rumors
severe declines. Continued weakness in
the government bond market particularly
in the new tours. coupon. of 1928. was part
~ attributed to the same cause. The ag-
gregate OF dealings made larger total
than has been reached for long time.
exceeding 10000 shares. and the business
and ST Paul a long way in advance of
the other shares in point of activity. The
first named was prominent in the early
depression which was eventually shared'by
the general market. After advance at the
outset TO 115i2. il broke to 1928 and left off
with n slight fractional net loss. Lake
Shore made an extreme decline of IA
points from the opening TO 1874. but rallied
TO 1f at the close. Burlington and Rock
Island sold off pa per cent. each and ma
terial losses were also scored in all of the
active shares. In the inactive stocks
Pacific Mail, Consolidated Gas, Pullman
and Delaware & Hudson were the chief
sufferers. but also shared in the rally. The
closing was strong III tone.
Railroad bonds We're active and weak on
sales of s1,56S. 900. The more important
losses at the low points included Atchison
tours. 1ss; Atchison adjustment tours. 2
Kansas q Texas firsts. IL; Kansas <
Texas seconds, IL: Northern Pacific fives
and Southern fives. pa. The last men
toned failed to respond to the final rally
Government bonds were quiet and weak
for the new tours and nves. Net losses in
each case were slight after an early break
of a per cent in the new fours, coupon
TO 1928.
Silver certificates were slightly higher on
sales OF $4,000 al 6S7sc.
The following table. prepared by l.. w. Louis
Room Is, Board Of Trade shows the range o
quotations.