The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-04
A RAID AGAINST BEARS
WITH UNITED EFFORT BULLS
STARTED PRICES UPWARD.
stock Market Finally Closes Well
Above Saturdays Prices-LOcal
Trade More Promising.

At New York, yesterday, money on call
was easy at 1Q4 per cent; last loan, 215 per
cent.
Prime mercantile paper. S1k@41z per cent.
Sterling exchange was firmer, with actual
business in bankers bills at $4.S41s@4S4 A
for demand, and at $4.S51s@4.S5as for sixty
days; posted rates. s4.S21z and $4S5.
Silver certificates. 61@62c bar silver, 6O7sc;
Mexican dollars. 47ssc. At London, bar sill
yer closed quiet at 2S 3-16d an ounce
Total sales of stocks were 449, 100 shares,
Including Atchison preferred, 4,425; Chi
cago. Burlington & Quincy, 12,52S; Manhat-
tan, SOSS4 Northern Pacific preferred,
1850; Rock Island, 1928; Union Pacific, 1850;
st. Paul, 13,405; Union Pacific preferred,
1920; Union Pacific, Denver & Gulf, Abs;
Tobacco. $4,000; Peoples Gas, 1920; Con-
solidated Gas, S,S15: Sugar. 57,1OO; Leather
preferred. $3.50; Rubber, $500; Rubber pre-
ferred $500
Yesterdays New York stock market fur
nished striking exhibition of the profess
sional character of the trading. Develop
ments over Sunday did not invite a change
of tactics by the leaders and on the resump-
ton of business the raid against the in
dustrials was renewed Tobacco, CONSOLE
dated Gas, New York Air Brake and vari-
rapidly and although the reactions halted
after the first half hour, decline in the
meantime had been effected, ranging up to
9 points in New York Air Brake. Consoli-
dated Gas figured for points and Tobacco
5 points, the latter touching 49, The bulls
ground Of last week and io after inmpi Ts
from one stock to another, finally singled
out Tobacco as leader. The strength de-
veioped soon permeated the entire list and
prices forged steadily upwards on animated
dealings. Interests which had been respon-
sible for the late decentralization in the
specialties also changed front and operated
Tor the long account. The action was taken
In order to shake off an undesirable follow
ing, the market showing signs of having
been overSold. This circumstance rendered
manipulative tactics profitable and vigor-
Gus shorts We're made to squeeze their
SiUtts me Traders were quick to take ad,
any effort to cover large line was followed
by vigorous bidding, with sharp changes
between transactions. COntributOry favor
able influences developed as the day pro-
crossed to strengthen the market. Arbitrage
houses executed heavy purchasing orders
and decline in money rates induced more
general buying for the long account. The
market in detail presented many striking
features and while realizations were ex-
tenSive as the rise assumed Roadway, the
under current of strength was not affected
and final prices were well above Saturdays
level. Some heSitancy was noted at the in
ception of the rise and the market became
semi-stagnant the traders, apparently
holding aloof until the disposition of the
leaders became more clearly defined. Elk
treme recoveries from the low point were
10 points in Tobacco. to 1913; in New York
Air Brake and in Consolidated Gas.
Sugar and Manhattan figured for points
and the rest of the list between / and 2
The bond market opened with an easier
tendency but an active demand for Atchi-
son adjustments Wisconsin Central firSts
and Union Pacific, Denver & Gulf frsts
soon changed the current of prices and
sharp gains followed. The reorganization
plan of the latter company was issued to-
day and the drastic treatment accorded the
common stock caused decline in its price.
Total sales of bonds, 100000. Government
bonds showed heaviness, the new tours
yielding "A per cent.
The following table. prepared by L. w
Louis, Room IL, Board of Trade shows the
range of quotations: