The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-14
BULL CLIQUE ROUTED
FOR ONE DAY, AT LEAST, BEARS HAD
CONTROL OF STOCK MARKET.
Active Trading Continues but Quota
lions Went on Rapidly in All shares
Local Markets Firm.

At New York. yesterday, money on call
was easy at 10114 per cent; last loan, per
Gent; closed offered at l per cent.
Prime mercantile paper. S1Aa4A per cent.
Sterling exchange was weak, with actual
business in bankers bills at $4S512 1or de-
mand and at $4S31AG4s3A for sixty days;
posted rates, M.s412@4.S6 and $4.S6AG4S7;
commercial bills. $4S212.
Silver certificates SOC; bar silver, 5534c;
Mexican dollars 421zc. At London bar sill
Yer was quiet at 253ld per ounce.
Total sales of stocks were 569,57O shares
Including: Atchson, $3.50; Atchson pre-
ferred. 1861; Chesapeake & Ohio, II ,1O4;
Chicago. Burlington & Quincy, 81, $50; Den
Ner & Rio Grande preferred, $3.50; Erie
Inew), 1880; Hooking Valley 4,076: Illinois
Central. $3.50; Louisville & Nashville 1870;
Missouri Pacific, 1875; Missouri, Kansas &
Texas preferred. 1900: New York Susque-
hama & Western preferred, Bis; New Jer-
sey Central, 3,O65; New York Central, 3,219;
Northern Pacific. 1876; Northern Pacific
preferred, $3.50; Reading 1850; Rock ISL
and, 1885; st. Paul, IS, 765; Southern Rail
way, sos; Southern Railway preferred,
$780, Texas q Pacific, 1920; Union Pacific,
Oc,l20; Union Pacific, Denver & Gulf 1920;
wheeling d Lake Erie, 6,449: American To
bacco 1916; Chicago Gas, 13, go; General
Electric, 1920; Lead, 1856; Pacific Mail H.
300; Sugar q, 700; Tennessee Coal and Iron,
$500; United States Leather, 300; Western
Union. S,615: Chicago Great Western, "a 419
A number of factors combined yesterday
TO exercise a rather depressing influence on
values on the New York Stock Exchange
There were also other incidents which
while not calculated to have any effect on
intrinsic values, served to put a damper on
tive arHD
rampant in Wall street. The tone of weak
ness and hesitancy in the wheat market
on account of lower prices abroad and
diminished export demand were most keen
ly felt in the stock market. The grain
carrying roads. of course showed most
sympathy with the wheat market being
most Immediately affected But every de-
partment of the market was more or less
of general prosperity will be more helped
by good prices to the farmer for his crops
than by any other one thing. Besides this
very important influence towards a halt in
the rise of prices, the more substantial and
solid element of speculative buyers looked
decidedly askance at the speculation which
has broken out in what the street aptly
terms cats and dogs, meaning discarded
odds and ends of stocks and securities which
no longer represent anything of any APP
preciable value IN the whole world. There
was more or less movement in this class of
stocks, rs was the case Thursday but adj
Nances were by no means effected. Even
the recognized bull operators discourage the
movement in this department of the mar
ket, 1t being an accepted maxim that
tivity in ii presages the elimination of a
bull movement and subsequent reaction.
This consideration combined to induce some
large selling to realize on many of the
stocks which lead in the speculation. The
only aggressive strength displayed during
the day was by some of the great industrial
stocks which have recently been ather neg
lected Sugar being the most notable ex-
ample. These succumbed with the rest of
the list to the downward tendency before
the day was over No little effect was pro-
duced on the market by the heaviness in
Northern Pacific preferred, which has re-
Gently been prominent for strength. The
LIQUIDATION which set in Thursday on the
announcement of the new presidency con-
tinued yesterday. Friends of the property
called 1t profit taking. The stock sold down
Ia and lost Ia net Louisville & Nash
Vile also suffered from profit taking Lon
Don both bought and sold this stock. 1t Is
beginning to appear that while regular
selling in this market for London account
some large foreign banking houses have
been buying stocks in this market for for
eign capitalists. The coaIers took quite
prominent part in the downward movement
OF the market. The grangers Burlington,
st. Paul and Chicago Great WesterA We're
most active showing sharp declines at one
time from the early high point of from
1$sQ21s, the latter in Burlington. But sub
sequent recovery left the net changes frac-
tional. Union Pacific. which continued quite
active, receded at one time 1$s, but partly
recovered. The extreme decline reached
near or over a point in a large number
of active stocks but a net loss of a point
or over is SHOWN only IN the following: To-
bacco, Brooklyn Union Gas, Canada South
ern, Canadian Pacific, 21s; Lackawanna. 2;
Delaware q Hudson, Louisville & Nash
Vile. the Minneapolis & ST. Louis stocks,
New Jersey Central. Susquehanna & West
ern preferred. Northern Pacific preferred
Pittsburg. Chicago. Cincinnati & St Louis
preferred, 21a; Spirits preferred and a few
other less prominent stocks. Pacific Mail
was strong. but reacted later. number
of the obscure cheap shares showed net
gain of point or over Northern preferred
rose per cent, Linseed OIL 4 per cent. and
Consolidated Gas. Denver & Rio Grande
preferred Illinois Steel and Mobile & Ohio
a point over.
A fairly strong tone permeated the bond
speculation during the greater part of the
day, but in the late dealings the marked
depression in the stock market exerted an
unsettlng effect on the speculative issues
generally. The aggregate sales were s.. S25-
010
Government bonds displayed a sagging
tendency on moderate trading
The following table. prepared by l.. w.
Louis. Room II. Board of Trade, shows the
range of quotations: