The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-09
BEARS CONTROL STOCKS
SUGAR DOMINATED THE LIST, WITH
WIDE FLUCTUATIONS.
Realizing Movement Started by Pro-
fessionnIs, with a Rally Later
Local Trade Active.

At New York, yesterday, money on call
was easy at 1919 per cent; last loan, IL.
Prime mercantile paper, 3d4 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4S69s for de-
mand and s4S419@4S4$4 for sixty days;
posted rates, $4S5 and $4.S7; commercial bills,
$4S4
Silver certificates. $4,000; bar silver,
591sc; Mexican dollars, 4512c. At London bar
silver closed at 2714d an ounce.
Total sales of stocks were 447.900 shares
including: Atchison preferred. 21,126; c. &
O., SIPS; c., B. & O.. 1850; c., c.. c. & st.
L., 1896; D. & r. G. preferred, S,075; L. &
N, SIP; Manhattan 11,172; Metropolitan,
3112; Reading preferred $4,000; Missouri Pa
cific, 4,445; Missouri Kansas & Texas pre-
ferred 3459; Northern Pacific. 1900 North
ern Pacific preferred 17AS5; Reading, $685.
Rock Island, $685.; st. Paul, S0,S70; Union
Pacific preferred, 20760; American Spirits
1882; American Spirits preferred, 6,575; To-
bacco, HIS; Chicago Great Western, 12,-
S25; Peoples Gas, II 632; General Electric,
S,435; Sugar, 75 225; Leather preferred, 4,625.
The New York bears secured the upper
hand again in yesterdays stock market
through the fundamentally of Sugar. which
went through one of it's old-fashoned aero
the whole list. It's fluctuations were fire.
quent and violent over an extreme range of
over four points, and though it made sever
al substantial recoveries, each successive
dip carried it to a lower level than before,
and the close was only slightly above the
lowest. The violent declines dislodged tor
rents of stocks, which came pouring on the
market in blocks of 1000 shares. The quick
rally indicated that shorts were losing no
time in covering. A realizing movement is
lx cd n on
ton of the dividends, but the savage on
slaught on the stock doubtless con-
tributed to by the powerful speculative ele-
ment, which has been working for reac-
ton for several days past to buy stocks
at a lower level than they were sold to real
ize last week. Yesterday was the beginning
of periodical settlement on the London
Stock Exchange, and it has been current
opinion in Wall street that there was a
heavy outstanding short account there in
Americans st. Paul, in which the foreign
short account was believed to be the heavi-
est, broke heavily, but there was very large
absorption of the stock at the decline and
on the recovery. Although London sold here
through the regular arbitrage houses, there
was no doubt some buying for London short
account through other channels. There was
a very substantial rally late in the day on
covering Of shorts and in sympathy with
the strength in individual stocks, and later
the break In Sugar was ignored In the gen.
eral list. Among the stocks which main
general weakness were the local specialtes,
including the gas stocks and some of the
fractions, the Spirits stocks, Des Moines
& Fort Dodge, General Electric, Reading.
New Jersey Central and Rio Grande pre-
ferred. The reaction was clearly the result
of manipulation in the interest of profession
al speculation and accompanied by
wild rumors. The final rally reduced most
of the net losses to fractions and left sub
stantial gains many special cases. Both
the general and the special news of the day
were all favorable to an increase in values,
but was ignored in the stock market.
Prices of bonds were better held than
stocks and net gains are better distributed.
Total sales are S. 1872, 900. United States new
tours, registered, declined l, United States
new fours coupon, q. old tours, coupon, Il.
The following table. prepared by l.. W.
Louis, Room IL. Board of Trade, shows the
range OF quotations: