The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-29
BEAR PANIC ON CHANGE
STOCKS NOT FOR SALE WHEN THE
SHORTS RUSHED TO COVER.
Before session Closed the share List
Had Regained Much of Recent
Losses-Local Trade Quiet.


per cent.
Prime mercantile paper. 5a615 per cent.
Sterling exchange was weak, with actual
business in bankers bills at s4s34@4S3l
for demand and at s4SOAG4sO1A for sixty
days; posted rates, $4Nh0l4.S2 and $4.S41s@
ass commercial bills, "a. 791h@4SO24.
Silver certificates. 551s@55asc; bar silver,
o5Ac; Mexican dollars. 4474c.
Total sales OF stocks, $4,000 shares. in
GLIDING: Atchison preferred. 11,520; Chesa-
peake & Ohio, $500; c., b. & c., $500;
Louisville & Nashville, $3.50; Manhattan
41,220; Metropolitan, 2S,S10 Reading pre-
ferred, 400; Missouri Pacific 1880; Mis-
souri, Kansas & Texas preferred, 1855; New
Jersey Central. $500; Northern Pacific 49,
O2O; Northern Pacific. preferred. $500; Read
ing, 400; st. Paul, 10000; Southern pre-
ferred, 1920; Union Pacific, Sc $50; U. r.,
d. & c.. $780,. Tobacco, 1890; Chicago
Great Western, 1920; Peoples Gas, 15,92O
General Electric, 6,420; Pacific Mail, AGO.
Sugar, 162, 800; Tennessee Coal and Iron,
1920; Leather preferred, $40; Western
Union, S,22O.
The familiar spectacle was presented on
the New York Stock Exchange yesterday or
a violent reaction on the elimination OF an
event which has long been anticipated and
discounted. The facts were that the find
ings of the Maine board of inquiry were
presented to Congress and were proved to
be exactly as .foreshadowed. That is to say,
the Maine is found to have been, blown
up by a submarine mine. Ever since the
morning after the explosion the stock mar
ket has been depressed by the constant
dread that this report would be formulated
by constituted officials of the United States
The speculative public assumed that such
|, an allegation would necessitate a rupture
between the United States and Spain and
any consequent damage to values of all
securities which it was attempted to meas
ure by constant decline in price since the
date of the explosion almost up to the pres
ent time. Yet the actual publication of the
report resulted in a rebound in prices
which at the high point of the day had
wiped out a large proportion of the losses
which have occurred since the explosion in
Havana harbor. This was brought about by
the movement of the bear traders to take
their profits. Having been industriously
Selnng stocks for weeks in anticipation of
the harm to values to be done by the
Maine report, they were warned by the i'm
mlnence of the actual publication that the
lowest prices to be looked for on that ac-
count mad been reached and they therefore
set about to buy stocks to fill their con.
tracts. me progress of the settlement quick
ly developed the fact that the short inter-
est was large and unwieldy beyond all ex-
pectation. Besides this they had to meet
the Sklllful and Well-organiZed efforts of a
powerful bull combination which had quiet
ly possessed itself of as much as possible
or the hoating supply of stocks on the
the last few weeks had left the supply OF
stocks very small. When the shorts began
to bid therefor they found bull operators
IN Iull competition with them bidding up
prices. The result was a scramble by the
Snorts which reached the proportions of
pear panic during the day and sent prices
skyward. Then the bulls resorted to all
the usual devices to asst their
campaign for squeezing the shorts. The
news that was circulated in Wall street
during the day was much of it as fantastic
on the side of peaceful probabilities as was
that on the side of war used by the bears in
apprehensions Of the bears were fed by a
printed report from Washington that Spain
mad completely acceded to all of President
McKinleys requests, including an armis-
tlce between Cubans and Spaniards for six
months The passing of the Spanish cleo
lions with their assurance of legislative sun
port to Premier Sagasta and the conserya-
tive course pursued by Congress towards
the report on the Maine, gave some assn
known desire for a peaceful adjustment
with Spain might find a successful out
come This gave color to the reports which
were. placed in circulation and magnified
the fears of hard pressed bears Without
this and underlying strength of financial
business conditions the adroit manipulation
a success. Closing prices were by no means
at the highest, the specialties showing re-
actions ranging up to Az. Prices all through
the list were markedly below the best, yet
there remained such striking net gains as
1z in Pullman; in Metropolitan Railway;
6 in Sugar and from to in New York
Central Burlington. st. Paul, Northwest,
Rock Island, Delaware & Hudson, Lake
Shore, Manhattan, New Jersey Central
Union Pacific preferred, and over three
points in large number of other stocks.
The transactions for the day foot up con-
siderably over three-quarters of million
shares, total which had not been equaled
since last fall
The bond market also showed largely in
creased activity in the speculative issues
and gains of to per GEN. were registered
in some issues. Total sales, $3,9OO,OO0 Gov
eminent bonds were very strong. The new
tours advanced 2h; the old tours l. the
twos u and the fives u bid, and there
We're sales of the new tours, coupon at 121
which IS per cent. over Saturdays bid
price
The following table. prepared by L. w.
Louis, Room IL. Board of Trade, shows the
range of quotations.: