The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-01
FIRM FOR SHORT TIME
NEW YORK STOCK MARKET SOON
FELT EFFECT OF BEAR ATTACKS.
Holders of IndustriaIs Began to Sell
Out with First Sign of Weakness
Local Trade Promising.

At New York yesterday money call
steady at S1sQ4 per cent; last loan. S1z cent.
Prime mercantile paper 1905 per cent.
Sterling exchange firm. with actual bust
ness in bankers bills at $4.s4@4S4A for demand
and at @sllzG4S1A for sixty days posted rates,
81. S2q4.s21s and $4.s5; commercial bills. s4.SOs
Silver certificates. 61@61%c; bar silver. 60G61c:
Mexican dollars, 47Ac. At London bar silver
closed steady at 2sAd an ounce.
Total sales of stocks 1888, $50 shares, including:
Atchison preferred, Il, 100: Chicago Burlington G.
Quincy, 10,050; Manhattan, $3.50; Metropolitan
strect-railway, 1852; Northern Pacific, 1850;
Northern Pacific preferred, 2012O; Rock Island.
$3.50; Union Pacific, TO- 43O; ST. Paul, r. 1867 Union
Pacific preferred, 6.S79; Minnesota Iron 5000:
American Tobacco. 3S, 020; Chicago Great Western,
4S5; Peoples Gas. $780, Sugar 65 62O Leather pre-
ferred 1920; Rubber, 44,025 Rubber preferred,
1O, $50.
The New York stock market displayed a rising
tendency for brief interval yesterday under the
influence of higher London prices and moderate
commission house demand. Support also
tended to the specialties and for the half hour
succeeding the opening prices gathered Roadway
under lively bidding. This condition of affairs
however, proved to be only of the hash-in-the pan
order, for the bears were ready to
attack they found material readily enough in the
current gossip regarding the character of the
as to the nature of the contemplated improve
ments and the period for the final adoption of the
announced electrical equipments aided the bears
in their efforts and a sharp decline occurred
heavy offerings. Frequent feeble rallies were
made but there strong support A drive
against the Rubber stocks met with unusual sue
cess the common losing sk and preferred Ga.
The fact is that holders of industrial stocks are
pretty nervous over the operations of the bear
eli nd xvhe raj s adj
come turnbling out on every Y off, There were
no definite developments to account for the Rub
Der slump, but the street ready to adj
vance plausible explanations The recent acquisi-
ton of a rival concern apparently eliminated the
upward movement in the stock and proft-takng
was a natural sequence. To what extent this
operation has been carried and whether trade de-
velopments favored a diminution of holding can
only be inferred. Rumors that local New York
banking institutions had Disseminated against the
stock collateral in loans found some credence
owing to the rapidity of the break. The general
railroad list sagged steadily and in the after
noon took the lead. Discussion OF the monetary
conditions was more favorable to-day and ex-
pectations are entertained that to-morrow's bank
statement will make encouraging showing.
Sugar and Tobacco commanded marked attention.
but there were no developments of consequence
concerning these properties and their price move
ment of the violent up-and-down order as
for some time Toward the close the market
frmed up in spots and ended with fairly steady
tone. Final prices indicated substantial losses in
the specialties, but the railways figure for only
fractions.
The bond market moved in cratic manner,
but variations were of slight fractions with Den
yer & Gulf frsts notably strong. Total sales,
81, 1862, 900.
Government bonds pressed for sale and the
new tours, registered, ruled u and the twos reg
istered. V lower bid transactions
The following table, prepared by l.. w. Louis,
Room II, Board of Trade shows the range of
quotations: