The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-31
TRUCKING THE BEARS
LED TO BELIEVE THAT STOCKS
WE'RE ABOUT TO DECLINE.
Later I'm the Day shorts Were Forced
to Buy to Cover Contracts
Local Trade Firmers

At New York money call was steady at
1hG2h per cent; last loan. 21s per cent.
Prime mercantile paper, 32sQ41a per cent.
Sterling exchange weak with actual bust
in bankers bills at s4s4A @4.s5 for demand
and at s4.s2@4SSA for sixty days. posted rates,
S4s41s and &.S6; commercial bills. $.S294.S2A
Silver certificates 5sA@eO1zc; bar silver, $780,
Mexican dollars. 4s1kc. At London bar silver
closed quiet at 27ssd an ounce.
Total sales stocks 453 500 shares including 1926
Atchison preferred 1900 Baltimore & Ohio. 3,O25
Chesapeake & Ohio, $50 Chicago Burlington &
Quincy, 6545 Louisville & Nashville $3.50 Man
haitian. $3.50 Reading preferred. 1850 Missouri
Pacific. 22.O50 Northern Pacific, n,455 Northern
Pacific preferred 1910 Ontario Western, O.225
Rock Island. $3.50 ST. Paul. 9.10e Southern pre-
ferred. 1920 Texas Pacific, 24,595 Union Pacific
preferred. &c. 100 Wabash preferred. 1872 Minnesota
Iron. 1880 International Paper, $3.50 Cotton Oil.
$3.50 Tobacco, $3.50 Chicago Great Western. 14.525
Peoples Gas. 7,S45 General Electric. 1870 Illinois
Steel, As IFS Sugar 4047 Tennessee Coal and Iron,
4720 Leather preferred, 4,11O Rubber
The bears attempted to continue their campaign
against prices of stocks yesterday. Their efforts
were at one time attended with moderate success,
but before the days session had ended they found
themselves under the pressure of advancing prices
and they were obliged themselves to contribute
to the advance by buying to short contracts.
There were elements of the situation in their
favor. There continued frmness in the rates
for money and continued losses by the banks to
the subtreasury to pay for government bond allot-
ments, causing apprehension of money squeeze
at later period. There was also some evidence
that the opening advance in prices manip
ulated to afford opportunity for profit taking, thus
giving encouragement to the bears. During the
first hour acute depression developed in the coal
ers account of the report from Philadelphia
that tdewater prices for anthracite had been
cut Is per cent. and that the companies had
abandoned the effort to control the trade this
Losses in the group extended to 31s, and
coupled with weakness in of the specialties,
broke the whole market to prices materially be-
low last nights level The Burlington statement
for July. showing the small increase in gross
earnings wiped out more than five times over by
the increase in operating expenses, used by
the bears although the St. Paul statement show
ing actual falling off for July in gross earnings
has long since been counteracted by the increases
for that road shown by the August traffic re-
turns Burngton's detailed statement also
showed that while freight earnings decreased on
account of the light grain movement. there
an increase of 600 in the passenger earn
ngs rejecting the improvement in general bust
ness and the more prosperous conditions. Never
theless Burlington Jagged in the late recovery.
stocks at level slightly below yesterdays prices
and there large general buying also invited
by any decline Evidence of this Influenced the
buying Buying for London account, which held
a number Of the international favorites firm
nearly all day, also formed effective point of
resistance. There authoritative denials late
in the day behalf of the officials of the coalers
of any extensive price cutting
Further weakening of exchange gave promise of
early gold imports, though the reported buying of
gold in London yesterday for New York account
was not confirmed There some growth also
of assurance that tghtness in the money market
would be relieved by lie early distribution
of the government per cents. This dis
tribution will to release large loans made
by New York banks to interior banks for pay
ments of subscriptions to the bonds. All these
factors tended to the recovery in stocks and
later break of three points in Manhattan caused
only fractional reaction in the general list,
which closed at net gain in nearly all cases.
Some of the speculative bonds reacted early in
sympathy with stocks, but prices generally
cover before the close. Total safes, $3,037, 900.
United States threes, when issued, declined "a in
the bid price. Government bonds otherwise
unchanged.
The following table. prepared by L. w. Louis.
Room IL, Board Of Trade, shows the range of