The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-29
SILVER IN GOOD DEMAND
PRICES BOTH AT HOME AND ABROAD
MOVED UP YESTERDAY.
Bears Raided a Number of Stocks,
Causing Tobacco and Sugar to Suf-
fer-Local Business Satisfactory.

At New York yesterday money on call was
easier at Sq4 per cent. last loan. S1a per cent.
Prime mercantile paper AS per cent.
Sterling exchange was firm, with actual bust
ness in bankers bills at "a. S4k14S4A for demand
and at si.s1Aq4.S1ss for sixty days: posted rates.
$4.s2G4s21z and s4.sS; commercial bills, $4S0@4s1
Silver certificates 61kQ62c; bar silver. 61Ac;
Mexican dollars. 47Iac. At London bar silver
closed In good demand at 28ssd ounce. Silver
moved upward yesterday good demand which
ordinarily at this season is particularly brisk for
commercial purposes. Certificates at the
change rose to 61ssc London active bid
der, the purchases being destined for the silver
using countries. principally India.
Total sales of stocks were Az 400 shares includ-
ing: Atchison preferred, 1855; Metropolitan
Street Railway 6.12S; Northern Pacific preferred
$3.50: Union Pacific, $3.50; ST. Paul, 1881; Union
Pacific preferred, 1920; American Cotton OIL
3275; American Tobacco, 1872 $50; Chicago Great
Western, 1880; Peoples Gas. IL, ESQ., u S. Leath-
er preferred, $780, u S. Rubber 1925.
Influences affecting individual properties fur
nished the motive for yesterdays irregular price
movement on the New York Stock Exchange
The bears, flushed with their recent successes
attempted to make it interesting for their OPP
ponents at the outset and effected a break in
Tobacco and Sugar. The latter went down on the
announcement of a reduction of the grades of
product, but the heavy support turned the cur
rent and forced heavy covering Subsequent
fluctuations very cratic in sympathy with
the changes elsewhere, but the stock rebounded
strongly and ended at the top. These futile eff
forts of the shorts to infct damage on the rail-
way list caused the traders to range on the long
side for a turn and bullish sentiment became
more marked. Absorption of the standard divi-
dend stocks has been in progress lately by in
terests capable of holding them until the general
situation became clearer and outside confidence
regarding the tendency of the money market was
restored. Consequently the apparent diminution
in the floating supply of stock caused a momen-
tary scramble and values improved sharply in
many directions. Later developments seemed to
favor belief that the bears playing pos
sum and content to wait until the market reached
a higher level in order to make losses more acute
Dizziness followed the rise and little Of interest
developed until the late session. when Tobacco
was savagely attacked and extensive short lines
put out elsewhere. Tobacco which reached
a level fractionally above Tuesday nights
slumped seven points to 1271a and the market for
Rubber and other stocks was cut away
The decentralization in Tobacco forced holders to
sacrifice their interests elsewhere in the market
to meet the urgent demands by commission
houses for additional margins. Reports regarding
the nature of the Forthcoming Burlington state
ment added to the break and large blocks were
let go with resultant severe losses. The success
of the bear party in causing the current democrat
ization in Sugar and Tobacco caused considerable
nervousness and uncertainty among security
holders.
The steadiness of the money market during the
furry and the report that the government would
dsburse on Oct. 10 anticipated November inter
ests amounting to s4,250, 600 the threes, tours
and fves. failed to check the selling movement.
Final dealings very feverish. but last prices
ruled above the lowest, with the declines exceed
ing point mainly in the industrials. Speculation
in railway mortgages attended with in
creased animation and lower prices. Atchison ad-
justments thrown the market in large
volumes and closed with net loss of IL per cent.
Total sales, $780, 0oO
Government bonds moved independent of the
other markets and showed considerable irmness,
the old tours rising Il.
The following table. prepared by L. w. Louis.
Room II. Board of Trade. shows the range of
quotations: