The Indianapolis journal., 1898-11-24
SET BACK FOR STOCKS
NEWS WAS BEARISH AND THERE
WAS WEAKNESS IN SPECIALTIES.
Bonds showed Renewed Activity,
with the Dealings Growing
Heavier-LocaI Trade Promising.

At New York yesterday money on call was
steady at 2@2k per cent; last Ioan 2ls per cent.
Prime mercantile paper, Sl5@4ls per cent
Sterling exchange was weak with actual busi-
in bankers bills at $4S5d4.S5A for demand
and at s4.S2q4S2A for sixty days; posted rates.
$4s2IkG4SS and s4s6d4S6I2 commercial bills. s4.sl
@4S1s.
Silver certificates, 6Oi5Q612c; bar silver, 6VU
6012c; Mexican dollars, 47c.
Total sales of stocks were 416 100 shares, in
Guiding: Atchison, 1885; Atchison preferred,
37,15O Baltimore & Ohio, 2,25O; Burlington, 4,12O
Chicago Eastern Illinois, 1904; Delaware &
Hudson, 6503; Louisville & Nashville. Sl,5e0
Illinois Central. s12S; Manhattan, 81 $40; Reading
first preferred, 20 904; New Jersey Central. 1885,
New York Central, s.24O; Northern Pacific. L, 245;
Northern Pacific preferred, $50; Reading, S,lOO;
Rock Island, 1880; Union Pacific 2,925; Union
Pacific preferred, 1885, st. Paul, 12.17O Southern
Railway, 104S3; Southern Railway preferred.
2O,5lS Union Pacific, 1854; Paper. 5000; Tobacco
1895; Federal Steel 4O7O; Federal Steel pre-
ferred, $500; Peoples Gas, 9,120; Sugar, S,492;
Chicago Great Western. 3.745.
There disposition manifest to curtail
operations the Stock Exchange in the early
hours of Wednesdays session on account of to-
days holiday, for one thing and account of
two depressing influences in the market
which offered obstacles to the successful prosecu-
West with it's obstruction to traffic and reports Of
damage to live stock. discouragement to ad-
vancing prices. There was rather less assurance
felt also that the Northern Pacific Oregon Navi-
CATION imbroglio was to be patched up, and
Northern Pacific stocks and others concerned
tended downwards. Weakness in a number of the
specialties, notably Tobacco reports of the
character of the opposition in the cigarette
branch, accentuated the prevailing tendency. Peo-
pies Gas dropped off at time 11s and Federal
Steel continued to droop. There was marked
falling off in the Atchison preferred, probably
by reason of the depressing influence of other
stocks. There a very bullish spirit latent
in the market nevertheless and it turned from
these centers of depression and from the region
Of the snowstorm to other specalties and the
Eastern railroads. The movement was most
marked in the coalers and had it's inception in the
Reading issues The buying of these securities
was attributed to the banking interest, which yes
terday advanced Southern preferred and which is
dominant in Northern Pacific and has important
interests in Federal Steel. How far Tuesdays
manipulation of Southern preferred and yester-
days of the Reading securities is designed to
sustain the weak spots elsewhere in the common
interest of the manipulation only be matter
Of surmse. There was news to account for
the movement in Reading, but the other coalers,
in which the short interest is perennial and ex-
tensive responded sharply in sympathy the de-
mand coming for the most part from the shorts.
There was very active demand for the greater
part of the day for Manhattan, the new interest
in the directory being generally interpreted as
representing the inauguration of new methods.
There was a very wide latitude given to the in
terpretation, Wall street extending far as an
absorption of elevated system for joint operation
with New York Central. The stock advanced
nearly 2 points net at time the strength of
this element and in spite of very large supply
of stock at the ad Jance, Louisville, New York
Central, Ontario & Western and a number of
other Eastern railways enjoyed this period of
strength and aided towards the late recovery and
the firm close at a level generally above yester-
days prices.
There was large activity at several points in the
bond market, notably in the Reading generals,
the Denver & Gulf 1rsts and the Colorado South
ern fours, when issued The strength of these
tended to counteract weakness at other points.
Total sales. 100000.
United States fours, new, coupon, old fours,
and the new fves, coupon advanced 4 and the
threes and the new fours recovered 1s in the old
bid price.
The following table, prepared by L. w Louis,
Room H. Board of Trade, shows the range of