The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-12
BEARS TURNED BUYERS
AFTER AN EARLY DECLINE SHORTS
SET IN TO COVER HEAVILY.
Good Demand for Commercial Paper
and Money Rates Easy-Better Out
look for Local Markets.

At New York yesterday money on call
was steady at 212Q3 per cent. last loan, 3
per cent; closed at per cent.
Prime mercantile paper, 4AG5 per cent.
Sterling exchange was easier, with actual
business in bankers bills at AS414@4S415
for demand and at $4.S27s for sixty days;
posted rates, $4.S9Q4SS1s and $4.S51A COM
mercial bills, $4.S1.
Silver certificates. 57Q571ac; bar silver, SIC;
Mexican dollars, 4215c. At London bar silver
was uncertain at 2essd an ounce.
Total sales of stocks were SS5, 500 shares
including: Atchison preferred, $685.; C. &
o.. 1888; c., B. & O., 27.O35; Louisville &
Nashville, 500; Manhattan, 4,0l5; Missouri
Pacific, 1920 Missouri, Kansas & Texas
preferred, 4.S25; New York Central 6,949;
Northern Pacific, 1900; Northern Pacific
preferred. 19,20S; Reading $500; Rock ISL
and. 12,495; st. Paul, 26,49S; Union Pacific
12,17O; u. p, d. & G., 1920; Wabash pre-
ferred, $3.50; American Tobacco 1859; Bay
State Gas, $3.50; Chicago Gas, 20, u.s. Pacific
Mall 3,O25; Sugar, 1896; Tennessee Coal and
Iron, 4,150; Western Union, 1850; Chicago
Great Western, 10000.
The bear campaign on the New York
Stock Exchange yesterday was decidedly
uncertain. The bears pretended retreat
and in their acute apprehension over the
prospective decline in prices they sold nu-
merous stocks which they did not possess
and induced some few other persons to sell
their holdings. But the large part of the
selling proved to be confined to the profess
sional reactionists. The failure to induce
any large liquidation and the news of wide
spread rains in the West, breaking the
iong-continued drought, admonished the
bears to secure stocks with which to fill
selling contracts they had made. Their buy
ing to cover carried the market back over
about the same course it had followed so
that the net changes are very narrow in al
most all cases. This was true even of Chi
cago Gas, which ranged over more than 2
points in very erratic manner, and on
large transactions. 1t was true also of Con-
solidated Gas, which took one of its char
acteristic tumbleS of points and then re-
covered. The market declines of the morn
ing in the southwestern stocks and in the
grangerS We're also largely recovered, many
stocks, particularly the grangers rising
above Saturdays level. Statements of rail-
road earnings for the first week in October
received during the day showed continued
Improvement Actual rates for sterling ex-
to $4.S2A for sixty days. This is said to be
at the gold import point in spite of the fact
that the Bank of England advanced it's
price for American eagles to 76s nd
against 16s 612d at the time last weeks en-
gagements for import were made. Rates for
ulilc llOuSJ continued easy ana IHer6 was
good demand for commercial paper which
was also in good supply. Notwithstanding
the cessation of the bear attack on the
market and the subsistence of the appre-
tensions that have recently beset some of
the traders, the buying was as much con-
fined to the bear element as the selling had
been and there was little indication of any
resumption of widespread and affecting in
terest in the market Omaha's net gain ex-
ceeded a point and losses of a point or
over were shown by Cotton OIL Chesapeake
q Ohio, Colorado Fuel, Illinois Steel, Con-
Solidated Gas, pullman and Oregon Naviga-
ton; 3 points in Rio Grande Western pre-
ferred; 81 in Iowa Central preferred and 6
in Oregon Navigation preferred
Bonds were rather dull but generally i'm
proved before the close Total sales Were
N,60O,OO0 United States old tours We're Il
higher bid and the tours sold at 1868
the high record. 20
The following table, prepared by L. w.
Louis Room IL, Board of Trade, shows the
range of quotations: