The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-08
STOCKS ARE HAMMERED
BEAR NEWS INDUSTRIOUsLY CIRCU-
LATED IN WALL STREET.
Operators Engineered Recent Upward
Moyement-LocaI Markets Hardly
Any More than Steady.

At New York yesterday money on call
was firm at 607 per cent; last loan, z;
closed, .6tM7 per cent.
Prime mercantile paper nominalIy 79S per
cent.
Sterling exchange was steady. with actu-
al business in bankers bills at $4.84 for de-
nand and $4S2 for sixty days; posted rates,
s4.S2lsQ4.4 and s4.S5Q4s6; commercial bills,
s4s1
Silver certificates, 651a0655sc; bar silver,
Csc. At London bar silver closed at sod per
ounce.
Total sales of stocks were 162, 1855 shares,
including the following: American Tobac-
CO, 10000; American Sugar, A 900; Burling-
ton, $4,000; Chicago Gas, 1920; Louisville,
7,400; Manhattan, 1860; Reading, II, 100; ST.
Paul. 3, 400; Tennessee Coal and Iron, 400;
Southern Railway preferred, 1900; silver
certificates, 100000
The New York stock market again re-
fected effective manipulation yesterday by
powerful interests that originated the re-
cent upward movement In prices. Having
sold out their lines, these operators have
In the last day or two, favored and con-
trfbuted toward a reaction with q view,
presumably, to establishing level for
further movement. The tactics employed
included the circulation of a variety of dis
tressing reports in the last hour of trading
and further manipulation of the call money
market. The average operator, having no
immediate opportunity of testing the truth
or faisity of the reports, was naturally dis
turbed, and some liquidation of long hold
few notable changes ia the specialties,
We're not particularly interesting. The
parative steadiness on light volume of
business. In the afternoon break consider
able activity developed. The reports at
tending the decline were sensational in the
extreme and as far as can be learned, in
most cases lacked foundation in fact Su-
gar was hammered on continued unfavora-
Bile trade forecasts and finally on the APP
parent plausible report of impending COM
petition with the American Sugar Refining
Company by powerful commercial inter-
ests, the stock yielded an extreme ~ per
cent: to 1919. Manhattan suffered from ex-
reached figures approximating the bull
forecasts made early IN the upward move
ment. The ne, full H. decline scored was 2zs per
sympathy with the reactionary tendency in
London prices for American securities, but
the losses were unimportant. A rally fol-
lowed on the announcement of engage
ment of $500 600 in gold for import. Tobac-
co was exceptionally strong and jumped IA
per cent. to 6S on rumors, afterward denied
that the directors would meet to act on a
dividend, on the common stock. Leather
preferred gained IL per cent, the bulls lay
ing stress on the more favorable trade con-
ditions. The pressure against Sugar be-
extreme weakness sympathetica1ly de-
pressed the list. owing to me reputation of
INSIDERS Tor gellerat speculation ACTIVITY. In
the late dealings Tobacco conspicuous
by a drop to Go, and the grangers, Leather
preferred and Southwesterns receded 1G1A
per cent. The annual report Of the Louis
vile d Nashville came to hand and was
favorably received, but failed to affect the
price of the stock. The report of the check
TO the recent savage rate cutting in the
South foreshadowcd by the purchase of the
Seaboard & Roanoke railroad by conserva-
tive interests also tell fiat The closing
was weak at the lowest point
The bond market. displayed pronounced
weakness in sympathy with the depression
In stocks Dealings We're in fair volume,
and net concessions of liz per cent We're
made by the principal speculative issues.
The sales were 81 ,069, zoo.
Government bonds were weak the de-
clines extending to q per cent. in the new
tours. The sales were So. 900.
Silver certificates werG slightly easier
sales of $4,000.
The following table, prepared by /. w. Louis.
Room 49, Board of Trade. shows the range OF
quotations.: