The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-05
A STRUGGLE ON CHANGE
BULLS CARRIED STOCKS UP AND
BEARS TOOK THEM DOWN AGAIN.
Better London Prices for American
Securities Caused the Strength--LO-
cal Markets Fairly Active.

At New York yesterday money on call
was firm at 2l9Q3la per cent; last loan, 3
per cent; closed, 212Q3 per cent. Prime
mercantile paper, 21zQ5 per cent.
Sterling exchange was weak, with actual
business in bankers bills at S4S4A for de-
mand and $4.S215 for sixty days; posted rates,
$4.S3Q4S4 and $4.S512Q4S6; commercial bills,
$4S1Q4S11k.
Silver certificates. 559561zc; bar silver, 55s4c
Mexican dollars, 43c. At London bar silver
closed at 257sd an ounce.
Total sales of stocks were 45O, 900 shares,
including: Atchison preferred 6.72S; Chesa-
peake & Ohio. 4,S70; Chicago, Burlington e.
Quincy, 1920; Louisville & Nashville, 1880;
Manhattan l., 1890; Missouri Pacific, Is, no;
Missouri, Kansas & Texas preferred $3.50;
New York Central, 9,735: Northern Pacific,
4975; Northern Pacific preferred 22,S50;
Northwestern, an; Reading, 7,O9S; Rock
Island, 17,101; st. Paul, 44,144; st. Paul &
Omaha. 6.s75: Southern Railway preferred,
$3.50; Union Pacific, $3.50; Union Pacific,
Denver e. Gulf, 1850; Wabash preferred,
1910; American Cotton Oil. 1885, American
Tobacco, $3.50; Chicago Gas, 2SS50; Con-
solidated Gas, 1906; General Electric, 3,645;
Pacific Mail. $780, Sugar 80, 260; Tennessee
Coal and Iron, $780, Western Union, 7,O21;
CnlcdgO Great WESTERN, la5JVV.
There was little more in Mondays New
York stock market than running contest
between the bulls and BEARS in which the
bulls were successful during the early part
of the day, but in which the bears turned
the tide later, and put their opponents 70
rout, wiping out all the gains OF the earlier
trading. There was everything in the bulls
favor in the early market, the lively buy
ing on Saturday having apparently reas-
Sured foreign capital, so that prices or
American securities on the London ex-
change were advanced before the opening
at New York Prices of the international
stocks opened about on parity with the
London higher level. The mass of orders
tn> the hands of commission houses and
which were put into execution Immediately
showed that the home public as well as the
foreigners believed that the market had
turned again and that reaction had come to
an end. The sensational jump IN Manhat-
tan at the opening of over points also
stimulated the rise, though the small vol
ume of purchases on which the stock was
carried up and the heavy offerings immedi-
ately invited by the advance quickly showed
that the jump was purely manipulated. The
quickly receded. and the transactions in the
stocks proceeded on a normal basis and still
at a substantial advance on the prevalent
belief that movement was developing for
the absorption of the property by surface
railroad interests. Consolidated Gas was
also on hand with its regular sensation, and
rose So points on the opening sale. Ihe
railroad statements for the day, all of which
showed continuance of the heavy increase
of earnings, famed the name or the Dull
enthusiasm. OF these the most notable We're
the fourth week month statement of st.
Paul and Rock Island the former showing
an increase for the month of 1892 III. and
the latter of $344O23. Southern Pacitics Au-
gust statement made the remarkable show
ing of y gain in the net earnings OF $544,44l.
The advance of the market under these In
hNences and under aggressive leadership eX-
tented from to points The higher prices
invitNd heavy realizing sales, and the bears
added the pressure of short selling, under
which the advances melted away in most
cases, net losses being, however for the
most part fractional Union Pacific was an
exception its loss extending to rs.
Quite a number of the less active stocks
ESCAPED the later liquidation and retained
net gains to point or over, but the level
OF the market as a whole closed decidedly
lower Sugar was an active feature all day,
and its later weakness was material FACTOR
In breaking the market.
The bond markets showed a decided &C
cess of activity. and prices held steady Tor
the most part against the late weakness ~
the stock market. Total sales were $zlo0'VV.
Government bonds were strong and were
bid up y TO Il for all issues. There We're
sales of registered tours of 1907 at HIS to
Ii2H. and of the fives coupon at 10.
The following table. prepared by l.. W.
Louis Room II, Board of Trade, shows the
range of quotations: