The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-24
A REACTION IN STOCKS
BULL SUPPORT WITHDRAWN AND
SELLING ORDERS FROM COUNTRY.
Nothing I'm the Situation That Gave
an Inl<ling of the Sudden Change
Local Trade Lively.

At New York yesterday money on call was
steady at 1sQ2 per cent; last loan 13l per cent.
Prime mercantile paper, Ss@4A per cent.
Sterling exchange was frmer. with actual bust
ness in bankers bills at s4.S5A and s4S5ia for
demand and at s4.S3A@4.S3 for sixty days;
posted rates. s4.s41s; commercial bills sl.S2k and
s4.S3
Silver certificates. 5sh@5sAc; bar silver. 6o1sc;
Mexican dollars 461kc At London bar silver
closed strong at Esd an ounce.
Total sales of stocks 53S. 200 shares, including
1887 Atchison preferred. $3.50 Chesapeake &
Ohio. 1917 Chicago. Burlington & Quincy, 7.61o
Cleveland, Cincinnati, Chicago & ST. Louis % $50
Louisville Nashville 29S50 Manhattan 12S4O
Metropolitan. 5.OS5 Reading preferred. 1850 Mis-
sou.i Pacific, 3,I2O New York Central 2S40
Northern Pacific. 1925 Northern Pacific preferred
2o,72o Rock Island, 4.SOO Union Pacific, 1850 St
Paul, 1900 ST. Paul & Omaha. $3.50 Southern
ISIS Southern preferred $3.50 Texas Pacific 26 $50
Union Pacific preferred, 9,795 Cotton Oil, $3.50
Tobacco. 1880 Chicago Gas. "a 125 Peoples Gas,
So.sS0 Consolidated Cas- 1850 Lead, 80, $40 Sugar.
10,S4S T. c. l., $500 Leather preferred. 457O Rub
Der and 3675 Western Union.
There was nothing in the general situation
either political the business world to account
for a reaction in stocks yesterday. The market
was simply overbought and was subjected to a
process of testing, which. whether designed to do
50 OF not fedQJuStS prices 10 the true
basis of value Mondays heavy profit taking on
the part of some of the powerful interests which
had been buying stocks in the confidence that
they would advance prices led the way naturally
in the movement. 1t became evident at the OPEN
ing that the strong support Of the leaders had
been withdrawn. In the grangers the out
side buying. which has eagerly absorbed these
stocks for some time past, showed a marked
diminution. There were even selling orders in the
commission houses for outside account, thus
showing that large part of the recent public
interest has been for speculative account. But
the outside speculative public failed to show the
aggressive confidence in it's holdings recently
manifested by the powerful bull clique Neither
had they the combined resources at their
mand to in and support stocks on the de-
clining market. The weakness of the hands into
which large amounts of the grangers had fallen
was made evident by the heavy stop-loss orders
which were uncovered by the decline of 1A@1A
in the grangers at midday. But the torrent of
offerings at the low point fell into interests that
were waiting and willing and which effected
substantial rally on comparatively light transac
tions. The railroad list generally moved in sym
pathy with the grangers, the break in them put
ting end fer the time being to the strong up
ward movement which had started in some of the
low-priced Southern and Western railroad shares.
me early weakness was accentuated by the per-
sistent sagging of Manhattan, which has fallen
about three points the day. Brooklyn Transit
was also under severe pressure and Consolidated
Gas and some of the other specialties suffered
from withdrawal of support. The early weakness
of Peoples Gas and the subsequent strength
probably reflected the passing phases of efforts to
adjust business dispute. Metropolitan Street
railway rose at one time points, without any
news to account for the movement. The Interna-
tionai Paper stocks, West Chicago, Northwestern,
Chicago Terminal preferred and number of
other stocks gave evidence of special strength in
face of the general tendency of the market
There was very marked falling off in activity
after the midday shaking out, suggestive of
pausing to take breath. The days net declines
are mostly small, but the greater part of the days
business was done at prices materially lower than
the closing
The disposition to take profits also manifest
in the bond market, where price changes were
irregular a decreased volume of business
Total sales, $S,4l5,0O0. United States new fours
and the old fours, registered. declined u. and
the old fours, coupon, advanced u in the bid
price
The following table, prepared By L. w. Louis
Room II, Board of Trade. shows the range of
quotations: