The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-15
BEAR POOL IN STOCKS
THE CLIQUE PREPARING TO RAID
ALL SHARES ON THE LIST.
Prices, However, Were Strong Yester-
dag, and Good Advances Scored
Local Business Active.

At New York yesterday money on call was
firm at 11sQ2 per cent; last loan at 2; closed,
1azQ2 per cent.
Prime mercantile paper. S74@41s per cent.
Sterling exchange weak, with actual busi-
ness in bankers bills at $4s41sQ4.S5 for de-
mand and at S4.S2sQ4.S2A for sixty days;
posted rates, $4S5laQ4s6ls and $4.S6q4S6l2;
commercial bills, $4.s11@Q4S2.
Silver certificates, 5512Q57c; bar silver, Sc;
Mexican dollars 43c. AT London bar silver
closed steady at 26lsd per ounce.
Sales of stocks yesterday amounted to
$4,000 shares, and included the following:
Atchison preferred, $3.50; Canada Southern,
1920; Chesapeake g. Ohio 1865; Chicago,
Burlington & Quincy. 5000; Cleveland, Gin
cinnati, Chicago & st. Louis, $500; Louisville
& Nashville, IL $50; Manhattan, $3.50; Metro
poltan Traction. 1880; Missouri Pacific,
1885, Missouri, Kansas & Texas, $500; Mis-
souri,, Kansas & Texas preferred, IA, 440; New
York Central, 1890; Northern Pacific, 5,lI5;
Northern Pacific preferred, 23,02S; North
western, a. $50; Reading, $3.50; Rock Island,
1851; st. Paul, 52,155; st. Paul & Omaha,
13,400; Wabash preferred, 3,140; Wheeling q
Lake Erie, 1924; American Spirits preferred,
1850; American Tobacco preferred, 1885;
Chicago Gas, 1850; Consolidated Gas, $500;
General Electric, 1850; Laclede Gas, 500;
Lead, APO; Pacific Mail, apo; Sugar, H.
800; Tennessee Coal and Iron, 5,7S5; Western
Union, $50; Chicago Great Western, $3.50.
Yesterdays New York stock operations
resulted in another substantial advance in
the level of prices. There was some talk
during the morning of the existence of d
powerful bear pool which was prepared for
extensive operations for a decline The sup
posed prestige of this combination, coupled
with the fact that London prices came lower
in the morning, apparently because of
doubts raised by Mondays reaction on this
side, led to the early success of the bear
contingent The arguments they used were
the same as on Monday-the likelihood Of
ENHANCEMENT over the Cuban question, the
danger of yellow fever, and in addition the
damage done by storm on the Gulf of Mex
leo. The latter showed it's effect on KAN
sas City, Pittsburg q Gulf, ST. Paul and
Burlington, which were driven below par,
and all the grangers declined an average of
about ", while Louisville, Southern pre-
ferred and Kansas & Texas preferred were
off nearly a point, the latter on profit-tak-
ing. which continued all day. The whole list
receded a fraction. Later came denials
from Washington on authority quite as
like measures were projected on the Cuban
question. The first reports of heavy dam
age by the gulf storm were also denied. At
the same time the marked weakness in the
exchange market came into notice actual
rates for both long and short sterling and
for cables receding Is to u per cent. London
was also buying quite freely of favorite
stocks. The official reports of wheat short
age in France and Italy added to the assur-
ance of continued heavy exports of grain to
be paid for. The advance in cotton at Ldv-
erpool tended to the same end. These indi-
cations of prospective increase of the ball
ance of trade in our favor led to express
sions by foreign bankers that a heavy gold
was likely soon to commence. As
the general news bearing the
business outlook all continued favor
able, the prospect of gold imports
prove an available means to turn the tide
in favor of the bulls. At the same time it
was reported from Washington that the Diff
ferences between the government and the
syndicate organized to purchase the Union
Pacific had been arranged and that approval
would be given at the Cabinet meeting in
the afternoon. 1t was on this account that
Union Pacific became so prominent in the
afternoon rise, its extreme advance being
3ls and it's net gain "a. Northwest and
Omaha were also notably strong and led
to buying movement, on former oc-
casions, in all the Vanderbilt stocks. ST.
sion, advancing ia. Northern Pacific pre-
ferred rose points. The market reacted
to some extent before the close, and this
coupled with the early decline, makes the
net gains considerably smaller than the ex-
IRENE advances.
Among the industrials, General Electric
Sugar and the gas stocks were all notably
strong. Net gains of over 4 points We're
shown by Consolidated Gas, Edison Elec-
trio of New York and Erie Telephone Oma-
has net advance was 2, and Sugar the
same, Chicago and Eastern Illinois pre-
ferred showing an equal gain. Cotton Oil.
Sugar preferred, Brooklyn Union Cas- Can
ada Southern, Chicago Great Western pre-
ferred Delaware q Hudson, Erie first pre-
ferred, General Electric, Laclede Gas, Lake
Shore, Metropolitan Traction, New York
Central, New York, Chicago & St Louis
second preferred. Northern Pacific pre-
ferred, Northwestern, Pennsylvania, Pull
man, st. Paul and st. Joe & Grand Island
first preferred showed net gains of a point
or over.
The price of bonds fell off at the opening
but the market became strong later. Total
sales were 100000. United States old tours
regular sold at III.
The following table, prepared by l.. w.
Louis. Room H. Board of Trade, shows the
range of quotations:
Onan Tow