The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-05-16
THE BEARS ARE BLUFFED
VIGOROUS NOTICE THAT FLOWER
STOCKS WILL BE SUPPORTED.
The List Opened Higher and Good
Gains Recorded on the Day-Lo-
cal Trade satisfactory.

At New York. yesterday. money on call
was steady at 25.a4 per cent; last loan, 3
per cent.
Prime mercantile paper, s15a4A per cent.
Sterling exchange was steady, with actual
business in bankers bills at s4.s6AG4.s7 for
demand and at s4.s44Q4S for sixty days;
posted rates, A.s5aa4.S61z and $4.S7isq4.SS15;
commercial bills. Aa.
Silver certificates. 61%d62c; bar silver.
61lsc; Mexican dollars, 4sAc. At London
bar silver closed steady at 2s1sd an ounce.
The total sales OF stocks amounted to 592.-
30s shares. including: American Smelling
Company. 1900; American Steel and Wire.
2. 200; American Sugar. $1,000; American
Tobacco, $500; Anaconda, 400; Atchison,
$500; Atchison preferred. 8 $500: Baltimore &
Ohio Southwestern. 800; Brooklyn Rapid
Transit, La 800; Central Pacific, 400; Chicago,
Burlington & Quincy rights. $500; Chicago
Consolidated Traction, $500; Chicago
Terminal preferred, 400; Continental To-
bacco. 100; Federal Steel. Is, 6O0; Federal
Steel preferred, II. 400; I~nternational Paper
Company. 3,100: Louisville & Nashville, $500;
Manhattan, 1900; Metropolitan Street Rail-
way. 500: Missouri Pacific, 1900: National
Steel, AGO; New York Central, $500; New
Jersey Central, rights, 500; North American
Company, 1900; Northern Pacific, 42,lOo;
Northern Pacific preferred, 400; Ontario &
Western, 400; Pennsylvania, 1900; Peoples
Gas. 1850; Reading first preferred, l., 600;
Rock Island. $500; st. Paul, 1850; Southern
Pacific, 500; Southern Railway, GOO;
Southern Railway preferred, 5000; Tennes-
see Coat and Iron, $500; Union Pacific, 800;
Union Pacific preferred. $500; United States
Rubber, $500.
Opening quotations in the stock market
Monday were a vigorous notice served on all
parties that ample capital was forthcoming
to take up all offerings which timid holders
of the so-called Flower stocks choose to
offer and also to the bears that powerful
weapons were in hand to resist any on
siaught by them. The different member Of
the Flower group were opened up 1 TO 8
points above Saturdays close, the favorites
of the late financial dealer, Brooklyn Rapid
Transit and Peoples Gas leading the rise.
New York Air Brake, in its usual volatile
manner. made an exceptional rise OF IL points
in the first few minutes. These ag-
tactiCe served to diSsipate
any uneasiness in the speculative mind
remaining after the violent fluctuations in
S Sandon also m maSe !, s EsTly q Ihs. tSsrs from from
large reserves of capital prepared to take
advantage of any further sympathetic de-
clines in the general list of securities. The
not only for New York account, presumably
with the purpose of supporting values, but
also on orders from Scotland, Germany and
Holland, as well as a local English demand.
The high opening In New York, especially in
the Flower stock, invited a considerable
volume of offerings, but they were absorbed
without the slightest hesitation and in a
short time they materially decreased. The
pressure of liquidation being relieved. the
vigor of the efforts at support vas some
what relaxed. Prices having failed to break,
the bargain hunters were deferred from buy
ing and the market fell into a quiet state. A
brisk upward movement In Sugar to 154Ns
and a lively demand for the Pacifcs and
the grangers caused a general stiffening
again throughout the list. But the smallness
of the transactions discouraged a continu-
ance of the bull speculation and the market
fell back into comparative inactivity. The
movement of prices became decidedly irreg-
ular. some of the more obscure specialties
h~uctuating quite widely, but in the contrary
directions. This was notably the case
among the iron and steel stocks, Tennes-
see Coal. Colorado Steel and Coal preferred
being notable. The c0alers were consistent
ly weak. This tendency and the apparent
withdrawal OF supporting orders invited a
raid by the bears later In the day, directed
particularly, against Metropolitan Street
Railway, which was raided down three
points. The grangers and Pacifcs also suf-
fered in the decline except Central and
s Southern M paeifisi which srs were consistently 7tly
very strongly 3 points, the local traction
shares responding In sympathy. The bear
Traders aons eSceped' making the closing firm:
stocks. which all closed higher though be-
low the best of the day. Otherwise changes
IN the prominent bnn stocks were not large,
takings of Baltimore & Ohio fours when is
sued Dealings elsewhere were moderate
Saiue sns q. fse'wo Srref Gnited states state, fSIss. p par
vanced &c In the bid price.
| The following table, prepared by L. w.
Louis, Room II, Board Of Trade, shows the