The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-26
THE TRADERS MANEUVER
STOCK LIST ON NEW YORK 'CHANGE
CONTROLLED BY THE BEARS.
Main Lines Showed More Strength,
with Specialties i'm Demand
Local Trade Heavy.

At New York, yesterday. money on call
was steady at 1Q1z per cent; last loan.
liz per cent.
Prime mercantile paper, 4G5 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4.S64Q4S615
for demand and at $4s414q4 S41s for sixty
days; posted rates, $.S5 and $4.S71a; COM
mercial bills. 81. S21zQ4.SS.
Silver certificates. 57kd5Sc; bar silver,
571ac: Mexican dollars, 45Ac. At London
bar silver closed quiet at 261ad an ounce.
Total sales of stocks. 37O,600 shares, in
Guiding: Atchison preferred, 9,075; Chicago,
Burlington & Quincy, 1925; Louisville &
Nashville. 10 720; Manhattan, 81 $50; Metro
politan. 1859; Missouri Pacific, 17,255; New
York Central, 1871; Northern Pacific, 4,S00;
Northern Pacific preferred, 1885; Rock
Island, Il, 130; St. Paul, 81, 800; Southern pre-
ferred $40; Union Pacific preferred 1850;
Wabash preferred, $3.50; Tobacco, 80, 232;
Chicago Great Western, $3.50; Peoples Gas,
1882; Sugar. 1889; Leather preferred, TO-
ESQ.,
1t was day of maneuvering for position
between the opposing elements among the
traders on the New York Stock Exchange
yesterday. The bear faction took heart of
grace and tested the market at various
points with a view to dislodging some of
the stocks which were bought Tuesday in
the excitement over the supposed victory
in Cuban waters. The complete discredit-
ing of Tuesdays food of rumors made the
market seem very vulnerable in the morn
ing. Declines for Americans iii London
added to this appearance, and there was
selling for London account in the early
dealings in place of the rather urgent buy
ing which was feature of Tuesdays mar
ket The completion of the settlement on
London exchange apparently ended the de-
standing short interest. But the early re-
action did not go far and was checked by
the vigorous support and stimulated rise of
number of the leading specialtieS, includ
ing Manhattan and Metropolitan Street.
railway on revived runors of consolidation.
Sugar, Peoples Gas and New Jersey Cen
trail were also strong and sustained the
market and a little later Third-aVenue
joined the traction stocks with jump of
veloped strength after buying of New York
Central had lifted its price to 11712. A num-
strength. But the railroad list as a whole
continued very sluggish and did not re-
spond readily to the impetus which it was
sought to impart by this lifting of special
stocks. The demand proved very light
and prices dropped. The bears were
thus encouraged to more vigorous
Their attack was directed against the
specialties with a view to uncovering stop
loss orders. This they succeeded in doing
in Metropolitan Street-railway, Tobacco
and one or two other specialties. Declines
in these stocks ranged from l to points.
In some railways it extended to a point.
No general liquidation was induced. how
ever, and there was some covering at the
decline, so that the market rallied and
closed dull and firm. Manhattan showed
some resistance and retained a good part
of its advance. In the railroad, list those
of the Vanderbilts and coalers closed high
err Minnesota Iron, Third-avenue and
Great Northern preferred continued to show
conspicuous strength. Otherwise net losses
were the rule. From the speculative point
of view the bottling up of the Spanish fleet
in Santiago seems to be considered the next
best thing to the defeat of the fleet in bat
tie The issuance of the Presidents call for
5000 more volunteers was made some use
of by the bears in their afternoon raid.
There was not much doing in the bond
market, but prices were firmly held. Total
sales, $2,400. United States old fours. regis
tered, advanced Il and United States old
tours, coupon, l per cent. in the bid price.
New fours were bid up Is, but declined
again.
The following table. prepared by L. w.
Louis Room II, Board of Trade, shows the
range of quotations: