The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-02
THE TRUST GAMBLERS
CAUSED SMART STOCK FLUCTUA-
TIONs ON NEW YORK CHANGE.
Sugar and Tobacco Weaker and Pull
ing Down the List--LOcaI Trade
Remains Brisk and Firm.

At New York yesterday money on call was
steady at 1%G2 per cent; last loan per cent
Prime mercantile paper, SAa4 per cent.
Sterling exchange was firm with actual BUSH
ness IN bankers bills at s4.S5% @4.S6 for demand
and at 81. S29G4S 2% for sixty days; posted rates.
s4.ssG4sS1s and $4.S6a4.S7; commercial bills
s4S1A.
Silver certificates. 61Q62c: bar silver 61ssc;
Mexican dollars, Arc.
Total sales Of stocks were $685. 500 shares includ-
ing:- Atchlson preferred. 1885, Burlington. 1855;
Manhattan, 1882; d. & H.. 1922; Louisville &
Nashville. 9445; Union Pacific preferred 3722;
Hawaiian Gable preferred, $500; Northern Pacific,
52Ss; ST. Paul, A,3S5; American Cotton Oil, 1900;
Tobacco. S42O; Sugar. 1920; Chicago Great
Western, 1920.
The trust stocks on Change continued to absorb
a large share of attention in Wall street yester-
day. The fluctuations were violent at times
ficting, but owing to the predominant influence
of Tobacco in this class OF securities most of the
group closed the day at net losses The trading
in all of them was with full mystery on and
there was no conclusive reason known TO the pub
lie either for the early advance or subsequent
decline. Probably the inherent weakness of Sugar
in view of the formidable trade war in prospect
was the root OF the difficulty, which was pre-
cipitated by the announcement that one Of the
new rival companies had commenced melting
sugar. There had been support of Sugar for
era days with the obvious intent of aiding the
rise in Tobacco and when it proved too heavy
Tobacco took sudden drop of over points and
fuctuated feverishly for the rest of the day 1t is
quite possible that Tobacco allowed to fall
with view to shaking off undesirable specu-
lative following. But whatever the purpose. the
movement of the price purely manipulatve
and under accurate control. The Federal Steel
stocks fell off from the best in sympathy but
the fiuctuation in these was much narrower and
the support apparently more substantial. The
securities of the Standard Distilling Com
pany, the twin company of the American Spirits
Refining Company. were the latest accessions to
the list of so-called trust stocks the Stock
Exchange, with added capitalization of
$24 900, 900 to this class of securities They rose
from to 21a points the early quotation, but
sagged before the close in the general heaviness
of the market. The always vulnerable coaers
came in for some severe raps the ground of
the unfavorable September statements of Reading
and New Jersey Central and the general depres-
sion in the anthracite trade. Extreme declines
ranged from to 81 in the group, which uncov-
cred stop-loss orders, but which was followed by
a rally covering of shorts. A rise of rs in
Manhattan on talk of and powerful interests
in the company aided the hardening tendency of
the market in the late dealings. Changes in the
railroad list very small rule, and though
losses predominant there is fair sprinkng of
gains. Norfolk Il western preferred is a con-
spicuous example on its strong September state
ment, showing last years high level of earnings
we'll maintained. There not lacking feeling
of uneasiness over the threatening clouds on the
European political horizon reflected in the spas
modic rise in the Liverpool wheat market in the
absence of trading on the London and Paris Stock
Exchanges. Railroad stocks whole, however,
showed themselves remarkably little affected
either by this or the weakness in the specialties.
4
bonds than in stocks, and though prices a rule
We're easier, there exceptions the side of
gains Total sales, s22lOC0O United States
threes, registered, and the old tours, registered,
advanced Is in the bid price. The threes, coupon.
sold high 1855, interest, which is
equivalent to the best preceding price with the
interest
The following table. prepared by l.. w. Louis,
Room IL, Board of Trade, shows the range of
tOnS: