The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-13
FEAR WAR WITH SPAIN
CAUSE OF THE QUICK AND HEAVY
DROP IN THE SHARE LIST.
Attempts to Rally Were SpasmOdic
and Easily Overcome by Bears-LO-
cal Markets Were Quiet.

At New York yesterday money on call
was steady at eggs per cent; last loan, 3;
closed, 214a3 per cent.
Prime mercantile paper, 4l4Q5 per cent.
Sterling exchange was lrmer, with actual
business in bankers bills at $4.S415 for de-
mand and at $4.S2Q4S2A for sixty days;
posted rates, $4S21AQ4S3i1 and $lS5Q4.S5l2;
commercial bills $4S0G941
Silver certificates, 56lzQ571z. Bar silver,
56Bc. Mexican dollars, 4S1Ac. AT London
bar silver was uncertain 262sd per ounce.
Total sales of stocks were $1,000 shares,
including: ANhison, $3.50; Atchison pre-
ferred, 1920; Chesapeake & Ohio, $500;
Chicago Burlington & Quincy, $3.50;
Louisville & Nashville, 1920; Manhattan
L. 6.40O; Missouri Pacific, 1850; Missouri.
Kansas & Texas preferred, $500; New Jer-
sey Central. $500: New York Central,
5000; Northern Pacific, $780, Northern Pa
cific preferred. 26015; Reading 12525; Rock
Island, 1890; st. Paul, 1850; st. Paul &
Omaha, $500; Southern Railway preferred,
APO; Union Pacific, 1910; Union Pacific,
Denver & Gulf, 1850; Wabash preferred,
$3.50; American Spirits. 1850; American To-
bacco 16, 400; Bay State Cas- 1850; Chicago
Gas, 65 720; General Electric, $780, Stand
ard Rope and Twne 34OO; Sugar, Is 200;
AClLnCSSe0 OOdl anu IIOIl, O,OJO, NCSlCin
Union, 521O; Chicago Great Western, 0,42o.
Much parade was made Monday of al
legged conversion of some of the leading
bear operators on the New York Stock EX-
change to the bull side of the market. Yes
terday's developments prove that there is
very large and aggressive contingent still
left in the market The operation known
in the Wall-street parlance as testing the
market had for several days failed TO cause
any marked movement in either direction.
That is to say, short selling by the bears
had failed to induce any large liquidation
and purchases by the bulls had equally
failed to invite any large followers. Skilled
observers had arrived at the conclusion
that the market was due for period OF
dullness, barring the development of some
markedly significant news. The hardening
of prices Monday night and the further ad-
vance yesterday morning looked like ter
mination of the bear campaign. Yet in the
two final hours of the market yesterday
the bears succeeded in working a sharper
decline throughout the whole list than has
been accomplished on any one day of their
campaign They had new event which
could influence the values of stock to aid
them and no report of any cessation in the
improvement of the earning power of prop
critics the shares in which are dealt in on
the exchange. The nominal motive OF the
selling was the fear that our relations with
Spain wrere in danger of rupture as an
outgrowth of the policy which General
Woodford was ordered to pursue at Madrid.
The dispatch from Madrid carrying the
semi-otticial announcement OF the substance
OF SPANS reply, it was feared, would force
President Mckinley to take action that
would lead to a. declaration of war. APP
prehension on this point became acute
that large amounts of long stock were
offered and numerous stop-loss orders were
uncovered which gave success to the bears.
Several Intellectual attempts were made to
stem the decline but rallies were only mo-
mentary, and fresh heavy offers kept the
liquidation to the close Of the day. Last
prices were in many cases the lowest and
the tone of the market at the last was very
feverish Losses on the day extend all the
way from a fraction to over four points,
the range in the leading active stocks be-
ing from to 4 points. Chicago Gas and
the grangers were most heavily dealt in,
and showed the sharpest declines.
The bond market showed increased ac
tivity and shared in the weakness of the
stock market though to less extent. Total
sales, 81 $4,000. United States new tours
were advanced u bid
The following table, prepared by L. w.
Louis, Room II, Board of Trade, shows the
range of quotations: