The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-10
BEARS DRIVEN TO COVER
STOCKS BEGAN TO RISE AND SHORTS
SCRAMBLED TO SAVE LOSSES.
Business Active Near the Close and
Local Markets Active.

At New York yesterday money call
was easy at 1q1A per cent; last loan ~;
closed offered at l per cent.
Prime mercantile paper, 312Q4 per cent.
Sterling exchange was easier with actual
business in bankers bills at $4.S67sQ4.S7 for
demand, S4.S5%Q4S6 for sixty days; posted
rates $4S61aQ4s7 and Ass.
Silver certificates, 6Q69sc; bar silver, Goo;
Mexican dollars, 4714c. AT London bar sill
yer closed al q 9-16c and quiet
Total sales of stocks were 265, 551 shares,
including: American Tobacco, Is, 800; Amer
lean Sugar 46.SOO; Burlington, 19,SO0 Chi
cago Gas, S,20G; General Electric, 800; l..
& ~, 5000; Manhattan, $500; Northern Pa
cific, 10,500; Rock Island, 10,600; ST. Paul,
24,S0O; st. Paul preferred. 500; Tennessee
Coal and Iron, 1890; Western Union, 1920;
New Jersey Central. 1880.
The New York stock market proclaimed
yesterday with extraordinary emphasis the
vitality and firmness of the improvement in
values which has been achieved in the last
two, weeks. The resources of the bears
were exhausted in partially effective efforts
to bring about a general reaction, but they
had to be abandoned in face of the strong
rally of the last hour which carried the
whole market with an all-embracing surge,
which the palnstaking efforts of the bears
had accomplished earlier in the day and
driving them to cover losses by hasty pur-
chaSeS on the faSt rising scale OF prices.
The dealings in the last hour were char
acterized by great animation and the vol
ume of sales which had been small for two
hours previously was brought up to a total
considerably in excess of Ihat/of Tuesday,
which the largest since the present
period of activity in stocks. Transactions
In Sugar, also, were only about half as
large on Tuesday. though the days
sales in that stock still footed up the enor-
nous aggregate of nearly Il, 600 shares. st.
Paul and Burlington came next in the or
der named. There Were nine stocks in
which the dealings exceeded 10000 shares
and thirty-fiVe in which the sales exceeded
a thousand shares. This indicates a
greatly improved distribution of the deal
ings. The force of the rally is probably
interpreted the assertion of the con-
fdence in the general outlook for business
and the refutation of the theory that
marked reaction in the market was i'm
perative. 1t was this theory coupled with
revived rumors of crop damage in the
Northwest that melted some traders to
make short sales for a decline in the morn
ing. The movement to cover developed how
small a supply of stocks was offering.
London selling also helped the bears TO
some extent. Contradictions of earlier re-
ports of damage TO crops reflected in the
decline in the wheat market served TO stiff
fen the prices of the grangerS sufficiently
TO put the shorts to rout. There was large
buying also on the improved prospects of
the early settlement of the tariff question,
the demand embracing a wide range of
stocks The special strength shown by
number of the industrial stocks aided the
advance. The notable strength shown by a
number of low-priced shares of reorgan-
tied companies is probably attributable to
the return from Europe of d prominent
financier whose influence has been para
mount in these congratulations and who
has before this enlisted large foreign capt.
tai in american properties The strength
of Sugar, the leader. was also factor in
the Improvement The early declines were
for the most part fractional extending to
about q in the grangers, a point in Sugar,
Ia in New Jersey Central and rs in
Cleveland. Cincinnati Chicago & st. Louis,
with only partial recovery. The rally eX-
tended TO over point and left q suhstan-
tial net gain in many cases. The closing
was strong and exceedingly animated and
generally at the top level.
The bond market was less animated, but
q good undertone continued apparent with
some of the reorganization issues improv-
ing materially The demand for for
eign account was fairly moderate and in
cluded speculative and investment pur-
chases of the prominent liens Detroit Gas
nves vibrated violently, ranging from so TO
SO and closing at 81, gain of IL per
cent. Oregon Short-line consol fives,
trust receipts, were largely dealt in and
gained per cent The sales were 81 ,617 goo.
Government bonds firm with transactions
INAF al