The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-11
A STRUGGLE in STOCKS
ACTIVE BULL TRADERS FOUND
THEMSELVES sTERNLY OPPOSED.
Notable Advances in Many Shares
Largely Whitfield Down later
Local Business Heavy.

At New York yesterday money on call was
easy at 11kq2 per cent; last loan, per
cent; closed at 1A62 per cent.
Prime mercantile paper. 304 per cent
Sterling exchange was firmer, with actual
business in bankers bills at $4.S53s for de-
mand. and $4s21zG4S25s for sixty days;
posted rates, &.S3lAQ4.4 and $4S615l4S7;
commercial bills, $4a@4S1%.
Silver certificates, 5S15G59Ac; bar silver,
bSc; Mexican dollars, 61Ac. AT London bar
silver closed steady at 267sd an ounce.
Total sales of stocks were 343, 800 shares,
including: Atchison preferred, 13, 252; Chesa-
peake d Ohio, $780, Chicago, Burlington e
quincy, A,5O5; Louisville & Nashville. 16 $50:
Manhattan, 22,570 Missouri Pacific 5,7S7;
New Jersey Central 7723; Union Pacific
400; Northern Pacific preferred, 80 15:
Rock Island, 1900; St. Paul, q, $40; South
ern Railway preferred, 2,4S1 American To-
bacco, 6,S92; Chicago Great Western. Ii 1852:
Peoples Gas, 1920; Sugar, So ,12O; Western
Union, 3343.
Yesterdays stock market was a renewal
OF the contest which exists between the
combined interests which have embarked on
Dull campaign. The bears We're encouraged
by the evident stress under which the bulls
labored Thursday in trying to sustain VAL
ues at weak points and they were prepared
Tor vigorous measures to break the market.
Although they had the advantage at the
outset OF lower quotations from London the
earnest deals showed advances, Sugar lead
ing. but that stock, together with Manhat-
tan ana the coalers, soon weakened nv IN
eral onerlngs to realize, and the reaction
soon attacked the whole list There were
very heavy dealings in Northern Pacific
preferred, which has been sharply advanced
a ditri6
De declared. The action on the dividend was
timed Tor about the hour of closing of the
market and the street was kept busy all
gay with contradictory rumors on the sub-
gect One of these had it that action on the
DIVIDEND would be postponed altogether and
Inc resulting decline in the stock uncovered
Stop-loSs orders. Covering of shorts in the
maj dealings and early information of the
9eclSlon OF the directors to disburse the first
ulVluend or per cent, caused a rally of
nearly a point in the stock, nut left a net
loss OF sharp fraction. The bears made
vigorous attacks on all of the stocks of the
local corporations which have been recently
advanced. The break in this group broke
the market and precpitated declines all
Inrough the list. Many leading stocks lost
1 per cent. or over and some as much as 2
per cent. The covering of shorts at the close
reduced net losses in most cases to frac-
uons, me stocks of Southern and South
western railroads were comparatively firm
and show the smallest losses Union Pa
cine showed tendency to rally, though it
weakened somewhat later on a denial of
tee had offered the government the full
amount of the principal of it's claim for a
settlement of the Kansas Pacific contro-
Versy. Business through commission houses
showed large falling off. and sales for
London account continued on quite a large
scale. The general news of the day and
statements of railroad earnings which were
favorable, were diregarded, and the course
OF the market was due almost entirely to
the contest between professional traders.
The feature of the bond market was the
decline OF four points in the Kansas Pacific
consols, due to the apprehension that the
possible purchase of the property by the
government may debar the holders from
share III the Union Pacific reorganization
plan. The demand for high-grade bonds
continued good and a number of gains of
from i to over per cent was shown. The
speculative bonds reacted somewhat in
sympathy with stocks. Total Sales
amounted to $3,150,000. United States old
fours, registered, were advanced % bid and
the fives Is bid.
The following table, prepared by L. w
Louis, Room II, Board of Trade, shows the
range of quotations: