The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-09
REACTION in STOCKS
TRADERS WHO HAVE BEEN TRAIL
ING CAUGHT IN SUDDEN DROP.
Evidence that the Big Clique Was
Willing to See a Setback-LOcaI
Trade Outlook Bright.

AT New York yesterday money on call
was steadier at 115Q2 per cent; last loan,
| ~ per cent
Prime mercantile paper, 34d4A per cent
Sterling exchange was steady, with actual
| business in bankers bills at s4S51a@4.s5s4 for
| demand and at $4.s9a4a4.S4 for sixty days;
posted rates, $4S41AG4S5 and $4.S6Q4. S61a;
commercial bills, $4.s212G4S3.
Silver certificates, 5S1aa591kc; bar silver,
| Sc: Mexican dollars, 451ac. At London bar
silver closed in moderate demand at q 3-16d
an ounce
| Total sales of stocks, 4SS,60O shares, in
| Guiding: Atchison preferred, 15,4O5; C. & o.,
20150; c., B. & O., 80 632; c., c., c.. & st. L..
$3.50; Illinois Central, 1910; l.. & N, 1880;
Manhattan, 1880; Missouri Pacific, 10,240
! New York Central. 1920; Northern Pacific,
1850; Northern Pacific preferred, 1885;
| Reading, 3,730; Rock Island, 80, $685. Union
! Pacific. 6,O15 st. Paul, H,764; ST. Paul &
Omaha, Ais; Southern preferred, $685.;
| Union Pacific preferred, IS, $50; Tobacco 49,
! 070; Chicago Great Western, 1875; Illinois
Steel, $3.50; Sugar, 27,47O; Tennessee Coal
and Iron 3,245; Leather preferred, 49, 42O, and
/ Rubber, 9,072.
The New York stock market yesterday I'M
derwent one of the processes which is usual
| in strong advance. Even where the gen.
period, the movement is very rarely unin-
| terrupted. Hats and reactions are normal
| processes even in a strong market, and are
| to be looked for even in the continuance of
| favorable conditions. There was such halt
| for time Monday, and it looked as if the
reaction had gained the upper hand. Profit
| taking began from the start in some of the
recent favorites, and held them back even
while the rest of the market was rising
buoyantly on the outside orders which had
come into the commission houses during the
Sunday interval. The volume of these or
ders was large and indicated a growth of
| confidence by the outside public in the value
of securities. But the disposition to take
profits the strength of this outside de-
mand caused a feeling of doubt in the minds
of room traders, and the rumor got into cir
culation that the large money interests
which bought stocks last week were selling
out. The professional bears thereupon
rushed to sell about the time when accumu-
| lated commission house orders had been ex-
| pected. The bears were also inclined to
take a skeptical view of the reported &C.
ceptance by Spain of the terms of peace,
and they had detailed report in circula-
ton that new questions were opened up by
the reply which endangered the whole ne
|
| the reply in cipher by the French embassy
| at Washington, but it was effective in caus-
! ing a reaction in spite of the strength OIL
! Spanish securities in Paris on peace pros
| poets. Earlier gains were wiped out in
| practically all cases, the market falling be-
| low Saturdays level. AT this point very
| large blocks of stocks began to be taken
again, and before the close there was al
most complete recovery. A number of the
| industrials, notably Tobacco, Leather pre-
ferred, the mailing stocks and the stock of
| some of the iron and steel companies
| showed conspicuous advances. The late
movement of the market is likely to beget
| the suspicion that the reaction was looked
on complacently by the moneyed men who
! have assumed the leadership of the mar
| ket. The speculative outlook had become
! so clearly bullsh that the market be-
coming filled with weakly margined ac-
| counts based on paper profits. The volume
| of stop-loss orders dslodged served to show
| that a considerable bull following for this
| description was shaken out by the days
movement The later trading showed de-
| cline in animation and slightly yielding
| tendency in prices.
The pressure of funds for investment in
securities paying fair rate of interest and
| reasonably safe gave continued strength to
| bonds to-day. Total sales, 81, 100000 The
new government threes, when issued,
showed a decline of "a in the bid price.
| Otherwise there was no change in govern
| ment bonds.
| The following table, prepared by L. w.
| Louis, Room H. Board of Trade shows the
| range of quotations: