The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-16
VICTORY FOR BEARS
MONEY RATES WENT TO PER CENT.
AND BULLS WE'RE SQUEEZED.
Lively See-Saw Movement ON New
York Stock Exchange Yesterday
Local Business Active.

At New York yesterday money on call
was firmer at 2Q4 per cent; last loan 31s
per cent.
Prime mercantile paper, 3a4 per cent.
Sterling exchange was easy, with actual
business in bankers bills at $4.S5A for de-
Eand and at $4.S2ss04S25s for sixty days,
posted rates. $4S3h@4S4 and $4.S61zQ4.S7;
commercial bills. AS2A.
Silver certificates, 5711@5S1sc; bar silver,
SIC; Mexican dollars, 4515c At London bar
silver closed fiat at 26 5-16d an ounce.
Total sales of stocks. 100000 shares, in
GLIDING: 1910. Atchison; q, 800 Atchison
preferred; 9O9SS, Chicago, Burlington &
Quincy; $3.50, Louisville & Nashville; 81 $50,
Manhattan; 9,11O, Metropolitan Street-rail-
way; s16O, Missouri Pacific; 2OSS. New Jer-
sey Central; 2l375, Northern Pacific: 80, 23O
Northern Pacific preferred $3.50, Reading;
1890, Rock Island; 9S,1OO, ST. Paul; 9,495,
Southern Pacific; 3,9OS, American Tobacco;
$780, Chicago Great Western; 12,167, Peo-
pies Gas; 4,33O Sugar; 6,422, Western
Union.
Yesterdays New York stock market was
largely professional and in the contest be-
tween the bulls and bears the former en-
listed themselves under the banner of the
coalers and the latter made the New York
traction stocks their main resource. The
fortunes of battle shifted several times dur
ing the day and in the middle afternoon the
bulls seemed to have gained decisive adj
vantage the earlier marked losses in some
special stocks having been almost entirely
wiped out and the bears apparently driven
to cover. In the last hour of trading, how
ever, a large number of loans We're sudden
~ called and in replacing them the call loan
rate stiffened sharply to 4 per cent, at
which rate large amount of money was
placed This induced liquidation, especially
in stocks which yielded a profit on the days
advance. The bears. thus encouraged, re-
newed their attack on the specialties which
had engrOSSed their attention all day and
uncovered StOp-lOSS orders on the way
down. As a consequence the tide of battle
was turned completely and victory lay with
the bears. A small part of the days large
gains were left in some of the stocks which
had shown most early strength, but in other
late losses. The scarcity of money is due
to operations looking to the payment to-
nc morrow OF an lnsta5iment Oh ABOUT sS'DUo
vious payments on this account, amounting
to over $29,000.OOO, have been left on de-
posit in New York banks, but to-morrOw's
payment will go direct into the treasury
and be removed from the money market:
Two additional payments of an equal
amount remain to be made, one on Dec.
% and one on Jan. 5, and this will also go
directly into the treasury. The payment by
Pacific bonds which amount to over 49,
COO Geo. will be made by checks, presumably
on the New York deposits to the govern
mentS credit. The movement of currency
continues from New York this week. in
dicating still further decline in New York
cash reserve The tone of sterling ex-
change was somewhat easier, but did not
respond in a marked degree to the harden
ing of the money market Time money for
the shorter periods also stiffened apprecia-
bly, The early strength in the days stock
market was aided by the rise in the price
of coaierS due to reports of an agreement
to restrict the output next year. The
Northern Pacific stocks were also centers
of strength. the preferred advancing at one
time 1Ss and the common nearly a point.
Reports from London and the European
bourses showed Il good demand there forf
these stocks. Atchison preferred was also
up over point at one time. The rise above
par of Burlington was q further feature.
The special weakness of New York traction
stocks was due to the threatened compet-
ton of underground system and TO the
judicial decision at Albany holding that
consent of adjoining property owners Is
necessary to enable the cars OF one com
pany to run on the tracks of another com
pany. The resumption of the quarterly
dividend of ia per cent. on Cleveland, cln-
cinnati. chicago q ~. LOUIS prel ns',a.l
after it's omission for two quarterly periods.
was a feature of the day. was the !
per cent. dividend in Southern preferred
Sugar was traded in. eX dividend, ana at
one time during the dav showed q recovery
of one-third of the dividend but in the
later dealings 1t succumbed quite easily and
lest over points on the day. Norfolk *
Western preferred. which was at one time
nearly 3 points higher, shows net gain
of 1ss.
The bond market was somewhat less
active than of late. ard the active list was
only about steady. Some of the high
priced issues showed sharp advances. Mis-
souri, Pacific collateral fives lost per cent.
Total sales. So 100 600. United States new
tours declined u bid.
The following table. prepared by L. w.
Louis Room H. Poard of Trade, shows the
range of quotations: