The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-28
UNITED DRIVE BY BEARS
ALL LINES OF STOCKS HAMMERED
AND THE BULLS ROUTED.
Loss Started in the SpeciaIties and
Spread to Railway shnres-LocaI
Trade Continues Strong.

At New York yesterday money call
steady at 31k4 per cent; last loan, S1s per cent;
prime mercantile paper, 4@5 per cent.
Sterling exchange was firm, with actual busi-
ness in bankers bills at $4S404.S4A for demand
and at s4S1iz04.Si% for sixty days; posted rates.
s4.s2G4s21s and s4.s5; commercial bills, s4.SO1k.
Silver certificates. $4,000; bar silver, 61hc;
Mexican dollars. 47asc At London bar silver
closed frmer at 2S 5-l6d an ounce.
Total sales stocks were 475. 200 shares, including:
Atchison preferred, 16.S4O; Chicago, Burlington &
Quincy 1910; Manhattan. 1850 Northern
Pacific, APO; Northern Pacific preferred $50;
Rock Island, 1885; Union Pacific 1900; ST.
Paul, 1880 Union Pacific preferred, 5000; Cotton
OIL 4,S75; Tobacco, HS, $50: Chicago Great West
ern, 4,765: Peoples Gas, 1854; Sugar, 1920;
Leather preferred. 6.42O; Rubber. 1850.
Transactions in the railway and miscellaneous
share market yesterday showed better dstribu-
ton and the railways assumed more prominence
in the trading than for some time. Speculative
sentiment became decidedly bearish over night
and the bears adopted what appeared to be a
well-outlined plan during the day. Tobacco was
utilized as lever to initiate the drive, but after
the price was damned down 51a points to 1924
the stock met support and recovered materially.
The bulls endeavored to stem the downward rush
by working up Sugar and Metropolitan and sue
ceeded in steadying the list. The BEARS finding
considerable opposition in Tobacco turned their
attention to Sugar and after creating demoraliza-
ton there took the other prominent speciaties
into camp one after the other and soon had prices
tumbling all around. The tactics of the bear
faction disconnected the bulls, who, after appar-
emily arresting the decline and forcing a rally In
leader had to meet fresh assaults on another
stock with the result that the momentary ad-
vantage lost. Rumors concerning in
dividual properties set afioat and consider
able discussion aroused over the movement
in Tobacco. The generally accepted theory that
some powerful interest was letting go
tensive line of stock and the absence of demand
for the enormous blocks offered during the past
few days facilitated the efforts of the shorts.
Operations in the industrals conducted with
considerable confidence by the bear contingent and
their success in reaching stop-oss orders encour-
aged them to attack the railways. Northern
Pacific. in which dealings have been on large
scale recently, picked out and 2-point break
followed Liberal amounts of long stock from
tired holders came out in the grangers and the
trading became quite excited during interval
in the afternoon The list steadied occasionally,
but any attempt to boost prices accompanied
by semi-stagnation. Late in the day prices
hardened on the August statement of Northern
Pacific, which showed an increase in total net
income of s2l7, SAB. Achison's report for the
period. which developed later. indicated falling
off in net of s43s, 720 and the bears renewed the
attack, with final prices at about the lowest.
Sugar. after improving to 12l% encountered heavy
realizing orders and on the way down consider
able stocks out around the figures,
which eventually put the price to 1175s Subse
quent fluctuations quite feverish and the
stock closed at 11s. There absence of
news bearing upon the property aside from the
usual opposition features.
The money market was less active and rates
ruled at Sa4 per cent. with the minimum figure
prevailing at the close. Time contracts were
without essential change and there shrink
age in the offerings of prime mercantile paper.
Operations in the bonds were centered among
the usually active issues and prices fell sub
stantal fractions in some Total sales,
81, 6G2, eco. Government bonds shared in general
weakness, the old tours reacting Il per cent.
The following table, prepared b. J.. w. Louis,
Room IL. Board of Trade, shows the range of
quotations.