The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-16
A REACTION IN STOCKS
THE RESISTANCE TO DECLINES ONLY
TEMPORARILY SUCCESSFUL.
Heavy Tone An Railway Shares from
the Opening and Attempts to on
set It-LOcaI Trade Active.

At New York yesterday money cali was
frmer at 2N215 per cent; last loan, per cent
Prime mercantile paper. SQ4 per cent. Sterling
exchange hrmer. with actual business in bankers
bills 1t &.S5AG4s5h for demand and at $500
4.szA for sixty days; posted rates. $lSS and s4S6l2
commercial bills s4S1lG4S154.
Silver certificates, 6oh@6llzc; bar silver. 6oSsc;
Mexican dollars eOdeOzzc. At London bar silver
closed quiet at Esd an ounce.
Total sails of stocks were 545 200 shares, includ
ing: Atchison, 49, 425; Atchison preferred. $685.
Burlington, i0.SSO; Denver & Rio Grande pre-
ferred, S.577; Louisville e. Nashville, 1855; Man
haitian. 14.lls Metropolitan street-railway. l1.SOo
Missouri Pacific 2s,34S; North American, $685.
Northern Pacific 14.715; Northern Pacific pre-
ferred. ssOS; Rock Island, 1851; Union Pacific
1885; ST. Paul. 25,45S; Southern Pacific, S4,0O0
Texas & Pacific, $3.50; Union Pacific preferred
15.143; Wabash preferred, 5000; Peoples Cas-
ABS: Pacific Mail. $3.50; Sugar 1850; Leather
preferred, 2275; Chicago Great Western, u, 450
Tennessee Coal and Ircn 1850
The premonitory symptoms of reaction which
were noted Monday in the stock market and even
more prominently in the bond market found their
justification yesterday. There periods of re-
sstance to the decline and individual stocks in
which the resistance was successful. But the
reaction gained in force az the day progressed
the low point, net declines being the rule and
reaching as much as a point in a few stocks. The
specialtes were active all day and the move
ments in them were exceedingly various and con-
hicting and influenced by individual causes. The
market for railroad stocks showed a heavy tone
from the opening, especially in the internationals
which had the burden Of the selling of foreign
account to carry. The grangers and Pacifcs also
encountered obstacles to advance. The Atchi-
issues continued to be strong rallying point
for the bull factions the preferred stocks rising
to 1875. Further effort made to sustain the
railroad list by bidding up prices for the low
priced stocks, especially those in the Southwest
The mystery surrounding the pending disposition
of the Chicago & Alton also impaired strength to
different railroad stocks on rumors in connection
with that transaction. The Kansas City, Pitts
burg & Gulf, the Lake Erie & Western stocks
and Chicago, indianapolis & Louisville preferred
at times from l to points There were I'M
explained advances Of 2as in Southern Pacific and
of nine full points in Chicago & Northwestern
preferred In the specialties there was prevailing
heaviness on one hand in Sugar, Manhattan, Fed
eral Steel, while the other hand Tobacco, Met
ropoltan Street-railway and the Paper stocks
showed marked strength. Manhattan's weakness
was attributable to study of the quarterly
statement and the balance sheet. The Federal
Steel stocks have been dealt in heretofore as de-
liverable when issued, a transaction which did
not call for cash. The certificates are not being
issued and the resulting requirement for funds is
assigned the reason for the weakness of these
stocks. Other iron and steel stocks were heavy
in sympathy. The presence in New York city OF
leading street-railway magnates sentimental
factor in the strength of Metropolitan Street.
railway.
The hardening tendency of the money market
reflected in the growing heaviness of bonds.
the market for which continued very active.
Total sales, $6,S1O.OOO. United States new tours
and the fives declined and the threes and the
old tours Is in the bid price.
The following table, prepared by l.. w. Louis.
Room H. Board Of Trade, shows the range OF
uuotat ions.