The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-27
BEARS WERE UNCHECKED
DULL DAY. ON CHANGE AND SEVERAL
INDUSTRIALs RAIDED.
Railway Shares Recovered a Large
Part of Early Losses-LOcaI Trade
Strong for the Season.

was steady at 3Q5 per cent, the last loan
being made at 311 per cent.
| Prime mercantile paper, 4d5 per cent.
| Sterling exchange was firm, with actual
| business in bankers bills at S4S4G4S4A for
demand and at $4.S1AQ4S11s for sixty days;
posted rates. $4.S21z and $485; commercial
bills, $4.SOAQ4.SOaz
Silver certificates, 61G62c; bar silver.
oO lo-l6c; Mexican dollars, 471c. At London
bar silver closed steady at % 3-16d an ounce.
Total sales of stocks were 1885, GOO shares,
including; Atchison preferred, 6777; Chi
| cago, Burlington & Quincy, 6,775; Manhat-
tan, 1865; Metropolitan Street Railway, g.
GOT; Northern Pacific, 15,175 Northern Pa
cifc preferred, s174: Reading, 3,OS5; Rock
Island, 1884; Union Pacific. 1888; st. Paul,
800; Union Pacific preferred 1929; Ameri-
| can Cotton Oil, 5,845; American Tobacco,
llS,28O; Chicago Great Western 1866; Peo-
| pies Gas, 1885; Sugar, AZ, $50; United States
| Rubber, 91O4
| The action of Mondays New York stock
market at the opening was disappointing to
| the bulls, and stocks purchased Saturday
| on the favorable bank statement were
| speedily let go and commitments made for
the short account. The higher range of
| London prices encouraged the bulls, and
efforts were made to advance prices to a
parity with the London figures. The rise
in the foreign market in Union Pacific
showed that the foreigners were becoming
| reconciled to the dividend action. Opening
prices here were somewhat mixed, but the
| hesitancy was soon succeeded by a general
| plunge downward, under the guidance of
the specialties. Stop-loss orders were I'M
covered in the leaders, and the market for
a time was at the mercy of the Dealers who
| searched diligently for weak spots Gossip
| that disagreement existed between some of
the speculative pools was coored to some
| extent by the severity of the break in spots.
Prices for Tobacco, Peoples Gas and Brook
lyn Transit melted away rapidly, but Sugar.
after dip down of a point, encountered
supporting orders and ruled above Satur-
days close for the remainder of the day.
The railways meanwhile fell sympathetic
cally, but the losses were confined to frac-
tons, and after the first rush to sell had
apated settled down to level slightly
ABOVE the lowest and resisted subsequent
efforts at depression. The firmness was ac-
counter for by the publication of numerous
traIlc statements covering a wide area of
territory and showing substantial increases
Inc gains In some of the Southern lines was
rspecIaliy gratifying. in view of the slow
movement OF cotton and quarantine regula-
| tons in some sections. These conditions
were responsible for the marked decreases
reported by the Southwestern group. Arbi-
TRACE houses had purchasing ORDERS but
| the action of the market discouraged any
extensive ventures. and only a light
sPnhkiing OF various stocks was taken.
| me elimination of an active speculative
observance of the Hebrew holiday, Yom
! kippur, reduced business considerably and
| the rdTu on Tobacco also chilled the outside
| demand The decline in Tobacco was attrib-
uted principally to denial by officials of
the Drummond Company that that concern
had had been e absorbed by the American To-
Dacco Company. The bears attacked the
| stock with considerable confidence and
| drove it DOWN S5s. to 1898. Considerable
amounts of stock were liquidated, and the
apparent Willingness of the insiders to see
the prices lower invited extensive selling by
the shorts. In the last hour the stock
moved upward, in sympathy with the gen.
eral market, to 141M. Sugar moved up to
i2S, and the railways, which had moved in
dependent of Tobacco throughout the day,
ruled the best. In the final dealings To-
bacco slumped badly, and touched l39. The
| other industrials also suffered from realiza-
| tons, but no appreciate declines were re-
ket left off unsettled with slight losses gen.
| orally.
| Call money rates stiffened sharply late in
tne DAY, ana 512 per cent. was quoted for a
| time. The great bulk, however, of the
transactions was made at 31a per cent, and
| In the day at per cent.
The bond market lacked decisive tone but
dealings were light and variations in either
direction unimportant Total sales ST. 329-
coo. Government bonds were UNCHANGED on
bid prices, but a purchase of the new tours
sale.
The following table, prepared by L. W.
Louis Room II. Board of Trade shows the
range of quotations: