The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-30
NEW TENDENCY TO SELL
LIVELY PROSPECT NOW FOR TIGHT
MONEY MARKET SOON.
Persistent Attacks by Bears Brought
Stock List to Lower Level
Local Trade Strong.

At New York yesterday money on call
hrmer at 2Q3 per cent; last loan, 21a per cent
Sterling exchange was weak, with actual bust
ness in bankers bills at s4.s4Aq4.s5 fer demand
and at s4.sS1s for sixty days; posted rates. s4s4@
4.s4le and 1886; commercial bills, $4 S2A.
Silver certificates. 5sAQ6Oc; bar silver, $3.50;
Mexican dollars, 46c At London bar silver closed
uncertain at q 11-16d an ounce.
Total sales stocks Az 800 shares including 1880
Atchison, 2O,410 Chicago Burlington Quincy,
3,4OO Denver & Rio Grande. 43S1 Erie first pre-
ferred, $685. Louisville & Nashville, 10,0S6 Man
haitian, 1880 Northern Pacific 1734S Northern
Pacific preferred, l,240 Rock Island, S2,510 Union
Pacific. g. 1886 st. Paul, IL 1888 Southern preferred
400 Texas Pacific, ALSO Union Pacific preferred
3.775 Wabash preferred, 3,340 International Paper
4s4O Cotton OIL $3.50 Tobacco. 6545 Chicago Great
Western, 1926 Peoples Gas, 1925 Illinois Steel
25 100 Sugar. $40 Tennessee Coal and Iron 5,72O
Leather preferred, S.S45 Rubber and $3.50 Mime
sofa Iron.
Prices Of stocks broke sharply yesterday and
showed depression throughout. The first rally
showed considerable vigor, but later in the day
the recuperative power of the market became
feebler and the close barely steady at slightly
above the lowest. Net losses ranged from to
two points in leading stocks. There a
growing disposition to realize profits, both by pro-
fessional traders and by outside holders. The
orders that came from the commission houses
all day. Professional traders quite generally took
the side of the market and bears sold
with growing confidence. the demand to cover
at the close being very light, even with the sub
stantial reduction of prices. There is evident a
large growth OF the powerful trading element
which has lightened its holdings of stocks and is
anxious for lower prices to buy back again. There
papable manipulation at the opening to fix a
low level for prices. In some of the leading
stocks the opening about the lowest of the
day. Others held quite firmly for the rest of the
days session, but eventually yielded to the per-
sstent demonstration of the bears in other stocks
Buying for London account a distinctive
factor in the frmness in number of interna-
tional favorites. notably Southern preferred Erie
first preferred. Denver preferred and Norfolk &
Western preferred. There was a steady absorp-
ton of stocks at the decline which especially
marked in Burlington and st. Paul. This seemed
to be the result of buying orders below the level
of the market for traders account as well as
from commission houses. The same thing was
evident in the Pacifics and other stocks here and
there throughout the list.
The tendency to sell was undoubtedly due to
the prospects Of tight money. The minimum rate
for call loans held at per cent. and per
cent. paid in some cases In sympathy with
the money market anu WIN the INCREASING supply
of grain and cotton bills, actual rates for sterling
exchange declined 14c in the pound. The London
money market marked up sharp fraction
and there buying of gold in the open market
there, said to be for shipment to New York. No
engagement was announced however in Wall
street. Other departments of the money market
showed hardening tendency, but there was no
change in the quotations. Aside from conditions
in the money market there was nothing in the
general situation account for the days decline.
The higher rates for money caused a depression
in the bond market more acute than that in
stocks. Some of the speculative bonds that have
been recent favorites showed marked reactions
and heaviness predominated in all issues Total
sales, 50, 725, 600.
United States threes when issued declined Is in
the bid price and Il on actual transactions. The
new tours, coupon, sold at 1865, decline Of ",
but the closing bids, except for the threes, were
| unchanged
| The following table. prepared by L. w. Louis,
| Room IL, Board of Trade, shows the range of
| quotations.