The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-16
In CONTROL OF BEARS
NEW YORK STOCK MARKET HEAVY
AND DEPRESSED YESTERDAY.
Several of the Leading shares Ham
mered DOwn-LOcal Grain Market
in Better Tone.

At New York yesterday money on call
was firm at 5G7 per cent the last loan be-
ing made at 5; closing offered at sac per
cent.
Prime mercantile paper nominally "a
per cent
Sterling exchange steady. with actual
business in bankers bills al $4S404.S414 for
demand and $4.S1Ma4S2 for sixty days;
posted rates $4.S2a4.S31A and $4.S41aM4. S512 /;
commercial bills, $3.50
Bar silver, CSC; silver certificates. 64$46
65lac: $45 600 sold at Csc. At London bar
silver closed at sod per ounce.
The total sales of stocks at New York
yesterday were 1850 shares, including the
following American Tobacco, Is, 6OO Amer
lean Sugar, 2S,200; Burlington & Quincy.
$4,000; Chicago Gas, 3,4Oo; Louisville &
Nashville. 1050O; Manhattan, $780, Reading
5,40O; St. Paul. 2S,60O Tennessee Coal and
Iron, 1900; Western Union, AGO.
The market justified by it's movement
theories of the more experienced dealers.
This contingent had expected a reaction
airy tendency based upon a probable gem
eral desire to take profits and the fore
casts were realized to the letter. The vol
ume of business, though moderate, was
fairly well distributed. An early show of
strength was made, partly due to higher
OF the international favorites in this mar
ket. The initial gains extended to IA per
cent in Burlington. The grangers and in
dustrials led in point of activity and, to-
gether with some of the sDecialties, after
wards bore the brunt of the reactionary
movement. The bear leaders were active
and succeeded in taking the market from a
great many of the traders who wished to
realize profits. The upward movement soon
matted, and a bear demonstration enSued.
which was effective in depressing prices to
the extent OF AS per cent. in Tobacco from
speciality was attended by reports of in
creased cutting a result of the long
continued savage fight between the trust
and its competitors in the plug tobacco
business. Many of the other losses, were
quite severe. Burlington dropped on ex-
IRENE 25s, Rock Island 21A New Jersey
Central, Leather preferred and Chicago
Gas 17s, Consolidated Gas and Sugar IA
per cent. Other declines extended to 1%
per cent. Western Union sold the
announcement of the loss of important
railway business to a competitor, and Chi
litigation. The attacks on the general list
We're facilitated by a firm money market,
call loans averaging the top figures of
yesterday-607 per cent few transac-
lions were made at 5 per cent. Rumors
were also current of impending trouble in
circles in New York city. The
story had not been confirmed uD to the
close of business In addition to the fore
going. some selling was attributed to ex-
pectation of an advance to per cent. in
the Bank of England rate on Thursday
next. At the low level supporting orders
were met IN some SHARES ana IneSe were
by demand from the
shorts. The effect was to impart a degree
of steadiness. and trifiing rallies occurred.
This afternoon speculation was marked by
dullness and a nervous temper. The clos
ing was weak at about the lowest
Railway bonds receded in sympa thy with
the depression in stock prices, but, except
in a few instances, the losses not
significant. Louisville & New Albany con-
sol fveS figured for per cent. decline, to
75 and Union Elevated firsts dropped IL
per cent. Cincinnati, Dayton & Ironton
fives exceptionally rose per cent. The
sa les were 1888 900.
Governments ruled a shade higher for the
new tours the first call, but later lost
the Improvement. The transactions were
$40. SEQ.
Silver certificates were weak and lower
at Csc for $45, 600.
The following table, prepai ed by L. W. Louis
Room 10, Board of Trade, shows the range of
luotations