The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-12
STOCK MARKET FIRMER
DISASTROUS FINISH To NEARLY
EVERY BEAR EFFORT.
Industrials FIuctuated Widely and
Led the Market in Activity
Local Trade Active.

At New York yesterday money on call was
steady at 21k@sA per cent; last loan. 21s per
cent
Prime mercantile paper S1lG4 per cent.
Sterling exchange was steady, with actual bust
ness in bankers bills at s4s4A for demand and at
A.S6E for sixty days: posted rates, $4.s2h and
s4.s5: commercial bills. s4sO11
Silver certificates. s1GS2c: bar silver. sOsc; Mex
lean dollars, 46%c. At London bar silver was
weak at 2TMd an ounce
Total sales Of stocks 2eS, 300 shares. incIud-
ing: Atchison preferred. $685. Chicago. Burling-
ton Quincy, 9,S42; Lake Erie Western pre-
ferred, 3,477; Manhattan 5.S05; Northern Pacific,
26.070; Rock Island $500; Union Pacific. 1899; st.
Paul. n.3s5; Union Pacific preferred 4,O0S To-
bscco 34.15o; Chicago Great Western. APPS; Peo-
pies Gas 6o75; Sugar, s2,4sO; United States
Leather preferred, 5,72o: United States Rubber.
9.461
The bears had hard work to make a living in
yesterdays stock market. notwithstanding great
diligence and perseverance. The standard stocks
offered very firm resistance to the effort to
effect reaction and the number of stocks In
which any notable price movement could be OBJ
tanned was very small. The industrials or spe-
cialties the only stocks on the list that
showed any disposition IS move widely. 1t was a
room traders market and the motives which i'm
PEELED these gentry to sell and buy stocks would
For instance, it was ascertained by some occult
reasoning or information that the recent borrow
ing demand for Sugar certificates was for account
of sellers of long stock who wished to conceal
their operations. and not at all, as would natur-
ally be supposed, of the bears who had sold short
and had to borrow stock for delivery. fall
the borrowing premium of the certificates because
the sellers had returned the borrowings served to
disclose this willy proceeding to the short-term
str orfnbl nd o,,f
short lines of Sugar. with resulting fall in the
price Of nearly points. Later in the day these
sapent spectators bought back what they had
Sold The reason adduced for selling the Rubber
stocks was rumor that recently discovered
substitute for rubber about to be exploited
by new corporation. Tobacco ranged over near
ly points, with news to account for it. The
coalers. which are a perpetual target for bear
hammering, were raided down from / to per
cent. on the general depression in the anthracite
industry, and other specialties subject to
individual treatment. These maneuvers of the
professional bears had astonishingly little in
fuence on railroad stocks. The demand for these
securities was of what might be called intin-
itesimal proportions and there disposition
to sell. The statement of st. Paul showing an in
crease in earnings for the first week in October
of over S11S,OO0. compared with the correspond
ing week last year, a sustaining factor all
through the list There was subsistence also
OF apprehension of Anglo-French relations. French
rentes reacted sharply. There easing of
the money in Berlin. though the pressure from
that source the London money market caused
hardening ia the discount rate there and
further fall in consols fall of u in the price
of Kansas Texas preferred in face of good traf-
fc returns for the first week in October
explained, as was the advance of a point
in the price of Kansas City. Pittsburg & Gulf
active demand.
The bond market dull and easier with the
exception of A few of the gilt-edged issues Total
sales. $l.61O,O0o. Government bonds were
changed in the bid price There were sales of
the threes. coupon, at 1855.
The following table. prepared by l.. w. Louis,
Room IL. Board of Trade. shows the range of
quotations: