The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-20
NO HEAVY LIQUIDATION
BEARS ATTEMPTED RAID ON THE
BREAK IN PULLMAN SHARES.
Undertonc Strong In the stock Mar
ket and shorts Driven to Cover
Local business Active.

At New York yesterday money call
was easy at 2a2la per cent; last loan, 2ls;
closed. 2A92A per cent.
Prime mercantile paper 494k per cent.
Sterling exchange was firm, with actual
business in bankers bills al s4s41z for de-
mand and at $4s2a4s2A for sixty days;
posted rates. $4.Szk@4.SS12 and $4.S51z; COM
mercial bills, $4.S1.
Silver certificates, 5s$4c; Mexican dollars.
44&c At London bar silver was steady at
q 3-1Gd an ounce.
Total sales of stocks were 2S1, 300 shares,
including the following: Atchson preferred,
4,676; c., b. & O., 1880; Louisville & Nash
vile, 1905; Missouri Pacific, 10715; New
York Central, 10,475; Northern Pacific pre-
ferred, 1872; Reading. $3.50; St. Paul, 29,910;
Southern Railway preferred, 1850; Union
Pacific, 1885; American Tobacco, 4,455; Bay
State gas, 4,450; Chicago Gas, 30,l65; Pull
man Palace, 1885; Sugar, &c 125; Western
Union, 1905: Chicago Greatwestern, 1850.
The undertone of yesterdays stock mar
ket was one of strength throughout. The
volume of transactions was not large and
there were prolonged periods of dulness
when trading was practically stagnant but
the operation of important interests which
was prominent in the late bull market were
manifest. The tone of Mondays market had
apparently determined large professional
operators to undertake a movement for a
rise yesterday. The break in the price of
Pullman, due to the news of the death Of
the head of the company halted the OPP
erations of this element for time, but the
firmness of the general list in face of the
brSak in Pullman and marked weakness in
Chicago Gas and the strong support which
was offered the Pullman stock encouraged
the bull operators to renew their campaign
in am aggressive way later in the afternoon.
,The result was that the shorts were driven
to cover and prices throughout the list
mounted strongly upward to point ma
terially" above Monday nights close. The
bears had made the most of the sympathet-
&c effect produced by the opening weakness
IN Pullman, but the moderate decline ef-
1ected in the general list failed to bring any
heavy liquidation or TO dslodge any
great amount OF stop-loss orders.
The manifest frmness of prices dis
Couraged them and their rush to cover at
tho close was precpitate The strength of
the market developed first in the Wander
bits. Michigan Central was the sensational
points. but nearly all of these properties,
including Northwest and Omaha, were
quite buoyant and closed with net gains of
to points. Sugar and Chicago Gas ranged
over nearly points and the covering of
shorts in these stocks the rise was an
important element in the strength of the
market. Dealings in Pullman were on
very large scale and over a range of ~
points. In estimating the significance of this
movement ii is to be considered that the
stock on Monday jumped 3A points on a
small transaction, such as often affects an
investment stock. The close tonight is only
half point below the price ruling before
Mondays sale. All the news of the day
continued favorable, railroad earnings COM
tinuing to show Improvement. Louisville
WAS a notable exception with a decrease
in October due TO continued interruption by
yellow fever quara ntine. The adjustment of
passenger rates by some of the Western
railroad lines removed a recent cause of APP
prchension. London continued to be a good
buyer in the New York market and in fact
Offered the principal support during the
aearly trading. The exchange market showed
"a 7diStinCtly firmer tendency, though the
only announcement of gold from Europe
was of the withdrawal for shipment to the
United States of coo in gold from the
Bank of England. Gold. however is in
transit from Australia TO San Francisco.
The local money market continued easy and
outside banks continued to take a large
amount of commercial paper in this mar
ket. Outside of the cases above noted some
strength was shown by Louisville on Lon
don buying by the ice stocks Missouri Pa
citic, Oregon Navigation. the Pittsburg c.,
e. * st. Louis stocks, st. Joe & Grand ISL
and first preferred and Leather preferred.
feature of the bond market was the sale
OF two blocks of $l5S 900 and 100000 respec-
lively, of Union Pacific collateral skies at
unchanged prices. Dealings in bonds were
showed Improvement. Total sales 81, $50 Coo.
United States new tours registered adj
vanced y bid and the fves declined u.
The following table, prepared by J.. w.
rihge of quotations.
Open High Low Clos