The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-29
STOCK MARKET QUIET
BIG BULL MANIPULATORS HAVE
TEMPORARILY RETIRED.
Little Opposition to the Bears Who
Have Started I'm to Sell short
Local Business Satisfactory.

was steady at 219Q3 per cent; last loan at
3 per cent, closing at 21163 per cent.
Prime mercantile paper, 215G5 per cent.
Sterling exchange was steady, with &C
tual business in bankers bills at $4.S594. S514
for demand and at $4.s2AQ4.sS for sixty
days; posted rates, $4SS19Q4S4 and $l.S6q
1861; commercial bills, S4.Sl1z.
Silver scored sharp decline to-day of
VI of a penny to 251zd in London and 11ac to
54lzc in New Yors The high price the
rally was reached IN Sept 20, on which
date the price was 211zd in London and $3.50
in New York. The low price of Sept. was
232ad in London and 51Ac in New York.
Silver certificates were 541zGl5615c. Mexican
dollars, 4215c. Commenting on the decline in
silver the Evening POST, of New York, says:
'"Tne chief reason for the renewed decline
in silver since last week Tuesday is the
growing belief that the Bank of England s
offer to water it's reserve with silver was
made on the belief that the condition i'm
posed would render such action impossible.
The price had been advanced on the publi-
cation of the bank directors letter and was
forced up further by shortage of silver
in London for immediate delivery. But this
weeks mail advices show that in the Sec
ond week of September imports of silver at
London exceeded exports by $4,000. More
over, exports of silver from New York,
which fell from $74s.OOO in the last week of
August to $4,000 in the second week of
September, rose again to $745,o0O for the
week ending Sept is and to $4,000 last
week.
Total sales of stocks were 37O5OO shares, in
Guiding: Atchison, 1,S70; Atchison preferred.
1885; Chesapeake & Ohio. 1,165; Chicago.
Burlington Quincy. 2s423; Manhattan L.
4.240; Louisville & Nashville $780, Missouri
Pacific, 7,775 Missouri, kansas & Texas
preferred SOP; New York Central, GIL;
Northern Pacific preferred, n,94S; Ontario
& Western. S,495; Reading, s.O55; Rock ISL
and, $40; st. Paul, 40 7O5; st. Paul & Omaha.
5,525; Southern Railway preferred, $3.50;
Texas & Pacific, 1890: Union Pacific. 1884;
Union Pacific, Denver & Gulf 444; Wabash
preferred $3.50; Wheeling & Lake Erie, 4,156;
Chicago Gas, 3,525; Laclede Gas, g. 239; Gen
eral Electric, $500; Toledo, Cincinnati & In
dlanapolls, 3,SOO; United States Leather pre-
ferred, 352l; Western Union, 1873; Chicago
Great Western, 10.245.
Yesterdays New York market for stocks
was astonishingly dun at times and
the total volume of transactions almost as
low as that of Monday which was smaller
than for many months, the total sales
numbering only 10000 shares. 1t became
evident that Mondays dizziness could not be
ascribed to the Jewish New Year holiday
1t is in fact obvious that the large buying
interest, which has been so powerful a
factor in the recent bull movement, has
retired from the field for time and orders
through commission houses, the medium
through which the public at large operates
nave shown corresponding falling Off
There are some who believe that the
large bull operators have already Iiqui-
dated their holdings and taken their profits
Certain it is that there was no evidence
OF long stock. The recent conspicuous
bulls nevertheless seemed to acquiesce and
offered little opposition to the bears. Prac-
t1cally all of the professional room traders
have turned bears and their selling is
called short selling. Their most vigorous
attack to-day was directed against the
coalers on the assertion that the anthracite
companies have been exceeding the allotted
output and that there was no increase in
demand that made any advance in the
price of coal likely Some of the prominent
industrials and the grangers were also I'M
DER pressure. Whatever spurts of activity
were shown during the day were on a
downward course of prices and any steady
ing of the market or recovery brought in
tense dullness, indicating the weak under
tone. Conditions nevertheless all continued
favorable as pointing to a further increase
IN real values of property. Railroad earn
lngS all continued to show Improvement
For the third week in September Norfolk
d western reported an increase of sos, 59l
and Baltimore & OHIO Southeastern for the
same period reported an increase of $l9,-
2SS. The August statement of the Atchison
company showed an increase of the total
income from operation of S213 5S3 London
sent higher prices at the opening and was
a buyer of stocks all day, presumably to
meet the settlement which was in progress
there. The report that the government
had asSented to the foreclosure sale Of the
Union Pacific on the ter.as proposed by the
reorganization committee with only slight
modification created a demand for the. stock
of that company and served to steady the
list generally to some extent. The develop
ment of interest in the money situation was
hardening tendency Of domestic exchange
on New York at some Western centers in
dlcating some relaxation of the drain on
New York money reserve. Local money
rates. however, continued firm and foreign
exchange steady. The steadiness of for
eisn exchange Is attributed to the covering
OF recent gold importations at San Fran
cisco. The net losses on the day extended
from a fraction up to two points. the high
priced induStriais, the coalers and the
grangerS, Omaha ard Rock Island being
the most conspicuous sufferers. Consols-
dated Gas lost four points net, Sugar 2s4
and Chicago Gas pc Laclede Gas Cot
ton Oil preferred and Pittshurg, Cincinnati
Chicago < st Louis preferred show gains
of point or over.
Bonds moved in sympathy with stocks
Total sales were only $500. 600 Govern
ment bonds were firm, state bonds duh and
railroad bonds weak
The following table, prepared by I. w
Louis Room II, Board of Trade shows the
range of quotations: