The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-13
ASSAULT ON SHARE LIST
BEARS WERE AGGRESSIVE AND
CAME OUT WITH FLYING COLORs.
Stiffening of Call Loan Rates Early
in the Day Helped i'm the Move
ment-Local Trade Quiet.

At New York, yesterday, money on call
was easier at 11aGI2 per cent. last loan, 11a
per cent.
Prime mercantile paper. 314@4A per cent
Sterling exchange was firm with actual
business in bankers bills at $4.s51a@4. 1914
for demand and at $.S4@4S44 for sixty
days; posted rates, $4.84h@4S5 and $4.84Q
4.S41s; commercial bills, $4s3
Silver certificates, 5Ss40591ac: bar silver
5S1@c. Mexican dollars. Acc At London bar
silver closed steady at q 7-16d an ounce.
Total sales stocks, ,41O shares, includ-
ing: $685. Atchison preferred 1926 C. & o.,
1892 c., B. & O., $3.50 L. & N, ,765 Man
haitian. 400 Missouri Pacific, So, 71S North
ern Pacific, 1920 Northern Pacific preferred,
1900 Rock Island 1920 ST. Louis & San
Francisco second preferred 1880 Union
Pacific, 29,145 st. Paul. $3.50 Southern, 3714
Southern preferred, 1880 Union Pacific
preferred, 5000 Tobacco, 434O Chicago Gas
Trust. 1880 Peoples Gas. 14,1O5 Sugar, APO
Leather preferred 1929 Rubber, 4,426
Rubber preferred, 1925 Western Union.
There was some continuation yesterday of
Thursdays selling to realize on the recent
sustained advance in stocks. The bears
were much more aggressive and sold stocks
with growing confidence as the day pro-
clearly with the bear contingent, but the
bulls were by no means routed and contin-
ued to absorb their favorite stocks which
resisted the decline quite firmly, but with
out overcoming the general downward ten
dency. The effects of Thursday nights
hurry in call money were still perceptible in
the morning when call loans were made at
2 per cent. There is nothing which brings
so quick a response in a speculative market
as stiffening of call money, and the buy
IN nf CT lie holt nd OIL ,
expected that the cash absorbed by the
treasury on account of the government loan
would in future be left deposit with ma
tional banks but government deposits with
these banks, for some reason, have not
kept pace with the treasury's absorption of
cash, on bond account The money rate
eased off during the day and closed at IA
per cent. bid. The bears by that time were
forced to seek other material for their cam
paign The persistent weakness of Man
haitian all day on reports of decreased earn
ings was a factor in their favor. Prices of
stocks hardened very perceptibly during the
middle portion of the day after the fears of
tight money had somewhat subsidized. The
bulls took hold of the low-priced railroad
stocks and bid up Northern Pacific and
Union Pacific over point. The bears final
raid in the last hour was centered on Louis
vile & Nashville in connection with the
statement of earnings for the first week in
August showing a decrease of over $4,000.
There was a private" telegram from Chi
cago in circulation reporting yellow fever
in Texas and Alabama, Louisville & Nash
vile dropped two points below Thursday
night under this onslaught. The bears ex-
pressed their apprehension that the Anglo
Russian crisis would result in forced liqui-
dation in New York for London account, al
though London was buyer of stocks early
in the day. The market reacted all around.
some stocks falling to the lowest but
others showing a firm tone. There was
only very feeble rally, however, and the
close was near the low point of the reac-
ton. Net changes were very irregular,
quite a number of the low-priced stocks
showing sharp gains.
There was q marked falling off in the
business in bonds under a yielding tendency
CT prices. The Oregon Navigation per
cents. make the second in the list of reor-
ganizaton tours to touch par, following
closely the Northern Pacific prior liens.
Total sales. So. 100000 United States new
tours, registered, and the old tours, coupon,
declined a in the bid price.
The following table. prepared by L. w.
Louis, Room H. Board of Trade shows the
range Of quotations: