The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-28
SLUMP in STOCK LIST
CLEyERLY MANIPULATED DECLINE
BY BEARS ON 'CHANGE.
Stringent Money Market, the Rate
Touching IL Per Cent.-LOcaI Mar
kets Quiet and Dull.

At New York yesterday money on call
was stringent at 6Q12 per cent; last loan,
per cent; closed, sac per cent.
Prime mercantile paper nominally, 7Q9
per cent.
Sterling exchange firm and higher, with
actual business in bankers bills at $4.8412ll
4.s4s4 for demand, and $4.S11z@4.S1A for sixty
days; posted rates. $4.S2Q4.S212 and $4S5l2;
commercial bills, $i.S0l4.
Bar silver, 64Tsc silver certificates, 6434@
65Ac AT London bar silver closed al
20 15-16d per ounce.
Total sales of stocks We're S04,677 shares.
including the following: American Sugar,
$4,000; Burlington & Quincy, %, 100; Chicago
Gas, 1880; General Electric, 1920; Louis
Vile & Nashville, II, 700; Manhattan consol-
idated, $500; Missouri Pacific. 1900; Read
ing, 63400; Rock Island, $500; St Paul,
19, 300; Tennessee Coal and Iron, 1900; West
ern Union, $780, Southern, preferred, 3,100;
silver certificates, $4,000.
The speculation in stocks on New York
Change yesterday exceeded any recent rec
ord, and despite exceptionally heavy deal
ings in Sugar and Reading, the market
could be fairly termed broad, number
of the prominent shares attracting atten-
ton by fair-sized totals. The operations
were signalized by a scoop against values
known, presumably interested on the short
side, and the combined effectiveness anc
simplicity of the tactics employed once
more illustrated the snort-sightedness and
gulibility of the average Wall-street trader.
The scheme which purported to forecast
political complications between this country
and SPAIN together with rise in cali
money to extreme IL per cent, caused
recessions in prices of l@lA per cent In
the general list while Sugar lost 27s per
cent. The stratagem enabled many shorts
who were being ''gunned'' for by lead
ing operator to either escape a dite.r
trregularity in the initial dealings, but the
changes were slight, aside from Chicago
Gas, which sold down rs per cent "A 1lfni
tone soon developed and on heavy pur-
chases for both accounts prices rose ali
along the line, with an eSreclai INQUIRY ioa
115kc and Chicago Gas has recovered prac-
tically all of the, loss. Foreign sales We're
noted to a fairly large extent, but the o1er-
ings were we'll taken. Commission houses
were also large purchasers. Soon after the
first hour the raids referred TO at the pc
ginning of this article were 1nauSurated,
and the speculative temper temporarily
underwent radical change. The strln-
gancy in money impaired q feverish tone to
Cured in the early AFTERNOON, based on Gov
ering. Sugar recovered lac, ana the re; 1
lions in Reading and Chicago Gas We're also
material. Strength in the exchange mar
ket, in the face of the tightness OF money,
was variously attributed TO the temporary
indisposition of bankers to extend their OPP
erationS by drawing, to sales or our Secuf-
tiles for foreign account, buying or eX-
change for hedging purposes and nnally TO
scarcity of ocean freight room. The mar
ct was again raided in the last hour, al
Saonz.i. -.oney reacted to 6 per cent and
r-.aa.- z--scks touched the lowest points
The closing was weak, with net changes
sharp fractional losses generally.
Railroad bonds We're moderately active,
but without special feature. aside from
firmness in tone The sales were Sl,24l ,Oe0
Government bonds were quiet and without
change aside from slight concession in the
fxes The sales were SIS, 900. Silver certin-
Gates worked slightly lower On dealings or
$4,000.
The following table prepared by L. w. Louis
Room IL Board of Trade, shows the range of