The Indianapolis journal., 1896-11-12
TRICKS OF THE BEARS
wELL-DEFINED ATTEMPT TO HAM
MER PRICE OF STOCKS.
Market Active, Closing Weak, with
Concessions of Several Points
Local Markets Higher.

At New York yesterday money on call
was easy at 3q4 per cent; last loan, 31a:
closed at 31za4 per cent.
Prime mercantile paper. 51sd61a per cent
Sterling exchange was weak, with actual
business in bankers bills at 81 S514 "A. .S51h
for demand and s4.S1zd4S2 for. sixty days:
posted rates. $4s215ef4ss11 ana sf.s66l4s7;
commercial bills, A.a.
Commercial bar silver &c lower bid at
e5ae5ssc per ounce; government assay
bars. 65k@66Ac; silver certificates. 647s@
65hc: Mexican dollars. 505sc- At London
bar silver closed at 297sd per ounce
Total sales or stocks 305, 1893 shares
including the following: American Tobacco.
5000; Atchison. 500: American Sugar b.
100: Burlington, q, 500; Chicago Gas, $500;
Columbus. Hooking Valley & Toledo. 400;
General Electric $500; Louisville & Nash
Vile. 1850; Manhattan consolidated. 80 300;
Missouri Pacific, 1000; Northern Pacific
$500; Northern Pacific preferred, Is. 200; On
tario & Western, 500: Pacific Mail. 1900;
Reading. 2. 500; Rock Island, 800: St. Paul.
5000; Tennessee Coal and Iron, 400; Texas
Pacific. 400; Union Pacific. 1880; Western
Union, 500; Wheeling & Lake Erie, $500:
Southern railroad, 3,1O0: Southern railroad
preferred. $500: United States Cordage
45e0; silver certificates $9000
The volume of business in stocks yester-
day was somewhat below the recent aver
age, and the railroad list still maintained
Its leadership in point of activity as a
group, although the banner record was
made by American Spirits. The course o.
prices evidenced clearly a continued dispo-
sition on the part OF leading operators. un-
til recently prominent in the upward move
ment. to force reaction. Their argument
Is that the rise has progressed in fashion
49, a.. - l.
is technically termed '.pyramid'' buying by
operators on small margins. In other
words, spectators with little money have
used their profits as margins for further
purchases and have endeavored to protect
themselves by stop orders. Conservative
traders always regard this element i'm the
speculation as menace to the market, and
usually employ heroic treatment TO bring
out the weak holders. The gossip and news
furnished the street was conducive to "A
moderate reaction, and, in addition. the
market was depressed late in the day by
unfounded reports of the death, or, at
least, serious illness of Cornelius Wander
bit- London prices were lower. to the ex-
tent OF sharp fractions, and arbitrage
houses offered stocks on foreign account.
week in November were ufifavorable in
cluding that of the ST. Paul. showing a de-
crease in gross earnings Of $4,000. The an
nual report Of the Manhattan railroad was
fully as discouraging as had been expected,
and the stock was the weak feature of the
market. the publication of the report being
Some disappointment was also expressed
over the disproval of the recent circum-
stantial theories and rumors in connection
with the election. of a new board of direc-
tors. The stock subsequently rallied per
cent. but closed within "A fraction Of the
lowest price In view OF the temper of the
street, the declaration of the reeular quar-
terly dividend on Burlington. the formal
agreement of the representatives Of the
Ohio soft coal railroads TO form a new or
ganization for three years, and revived Ia,
definite rumors of settlement in the To-
bacco fight, failed to affect prices. On the
other hand. a sufficient number OF outside
buying orders appeared, especially in the
low-priced stocks. to moderate the down
ward movement In the general list. In
some stocks. notably American Spirits Chi
cago Gas and Northern Pacific preferred.
strength was displayed at intervals. Sugar
was the especial point of attack in the late
session. and yielded 1% per cent. despite
tivity in the specialties. with Flint * Pere
Marquette making the widest fluctuations
The closing was weak at about the lowest
prices. with net concessions of 1G1l5 per
cent In the active stocks.
Railroad bonds were fairly firm on less
eued dealings. rhe usually inactive issues
scored material gains. Peoria & Pekin
Union seconds. 10; International & Great
Northern seconds, 3: Chesapeake & Ohio
r. & A. second consols. AZ. and Louisville
& Nashville, New Orleans & Mobile firsts
and Louisville & New Albany firsts per
cent The sales were S2.3iS.O00
Government bonds We're dull but firm on
sales OF 5000.
The following table. prepared by L. W. Louis.
Room H. Board OF Trade. shows the range Of
quotations: