The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-16
THE BULLS WAKING UP
FURNISHED SOME RESISTANCE AFT
Err BEARS RAIDED STOCKS.
SpeciaIties Led the Market in Activity
on New York ChanSe-LOcaI
Markets Reviving.

At New York yesterday money on call
was steady at 21aaS1z per cent; last loan,
21z; closed offered at 21a per cent.
Prime mercantile paper. 41a45 per cent
Sterling exchange was steady, with ac-
tual business in bankers bills at $4S4asd4S41A
for demand and at $4S2 for sixty days; post
ed rates, $4SSQ4S31k and 81. S51a; commercial
bills, $Ls1.
Silver certificates. 5SQ5S1hc; bar silver,
5Sszc; Mexican dollars, 441zc. At London bar
silver closed steady at 81 S-16d an ounce
Total shares of stocks sold yesterday were
432, $50, including the following: Atchson
preferred, 1927; Chesapeake & Ohio, ALSO;
Chicago, Burlington & Quincy, "a ,246; Louis
vile & Nashville, 1915; Manhattan L. 1925;
Missouri Pacific, 1885; Missouri, Kansas Il
Texas preferred. 6.l00; New York Central.
1915; Reading, ITO; Rock Island. 16,400; st.
Paul. $500; Union Pacific, TIP; Southern
Railroad preferred, 1922; American Tobac-
co. ex. dividend, 1885; Chicago Gas, 1890;
Sugar, 54,720; Western Union, 67S4; Chicago
Great Western, $50.
Yesterdays New York stock market was
contest between professional traders, as
has been the case each day this week. The
bears were again successful during the
morning, but they encountered resistance at
the lower level and were forced to cover
heavily before the close OF the day, so that
the prices were brought back to within frac-
tlonal limits either way o. Thursday nights
close. Chicago Gas continued to absorb a
very large share of attention, and it was in
this stock that the bears suffered a keen
reverse. They succeeded in forcing down
the price at time rs, but the inside sup
port for the stock was very strong and the
advance drove the bears to cover, the stock
closing with a net gain of 2%. Sugar, also
which was raided down 3ss during the morn
ing, showed considerable resistance, recov-
ering at one time TO within less than
point of Thursday nights close. Tobacco,
which sold ex. dividend of per cent, de-
clined at one time points. These three
stocks were made the object of bears most
urgent attacks and they worked a sympa-
thetic decline in the general list which eX-
tended from fraction to points, the Spe-
cialties and the Southwestern railroad stocks
leading the decline. Recovery in Chicago
Gas was due to reports of a working agree
ment with the new competition threatened.
prices by the postponement of the hearing
before the Supreme Court in the Joint Traf
fic Association until January next. AL
though the decision of the court In the case
of the Transmissouri Freight Association
has been regarded as foreshadowing an adj
verse decision in the Joint Traffic ASsocia-
ton case, much has been made of the pend
ency of the decision as an influence on the
recent bear market, and it's postponement
gave a sense of relief. Arbtrage brokers
were quite vigorous buyers for London ac-
Gus stocks balance This also was
favorable influence. A hardening tendency
in the exchange market was attributed to
the demand for remittance by to-days mail
steamer, but some disappointment was new
ertheless felt by dealers in stocks that no
engagement of gold for import was made.
This was partially offset by the sentimental
effect of the actual arrival and deposit in
the Assay Office and in the clearinghouse
vault of further consignments of the gold
shipped from England last week. Money
continued easy in tone, and it is believed
that to-days bank statement will reflect
falling off in the demand on New York for
funds. Aside from the cases specified and
those of Susquehanna & Western preferred
and Norfolk & Western preferred which
lost a point, net changes We're very
narrow. The decline in Norfolk & Western
preferred was due to realizing on the dec
laration of 1 per cent dividend on the pre-
ferred stock.
Bonds moved in sympathy with stocks and
showed weakness throughout. Total sales
were 81, 600. United States bonds were
unchanged.
The following table, prepared by l.. W.
Louis. Room IL, Board of Trade, shows the
range of quotations: