The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-08-22
A BATTLE ON CHANGE
FIERCE CONFLICT BETWEEN BULLS
AND BEARS AND WIDE PRICES.
Industrial stocks Attacked Vigorous
OvercOme-LOcal Markets.

At New York yesterday money on call
was steady at 2AdS1z per cent; last loan.
3 per cent.
Prime mercantile paper, fAd5 per cent
Sterling exchange very firm. with actual
business in bankers bills at A.s6Ad4.s612 for
demand and at s4.S3d4S3A for sixty days.
posted rates. s4.4 and s4.s71z: commercial
bills. A.s2AG4.s24.
Silver certificates. 60Q6O%c; bar silver. 6oc;
Mexican dollars. 47sc. At London bar sill
yer closed at 27Sd an ounce.
There was d battle royal between the
bulls and bears on the New York Stock Ex-
change yesterday. The bulls had somewhat
the advantage of the position, as they were
intrenched behind a large and well-dis-
tributed demand for stocks of all varieties.
Commission-house business was on a very
large scale and the movement of prices in
the majority of the list was varied through
out the day. realizing going on in a liberal
way at one portion of the list, while prices
were marked up in another. One or two
stocks showed conspicuous strength. but the
tendency to advance in the railroad list
was surprisingly uniform and took in all
grades of stocks, from the highest TO the
lowest-priced issues. But there were spots
in the industrial list which proved exceed
ingly vulnerable and the fierce and persis-
tent determination with which the bears
raided these resulted in wiping out the ma
Jorfty OF gains which had been achieved in
the railroads and reducing practically all
that remained to fractional limits. Brook
Ign Transit suffered the severest attack of
the bears all day long. 1t was offered down
through successive stages. each drop bring
ing out a deluge Of long stock and dislodg-
ing copious stop-loss orders. The success
Of the bears with this stock encouraged
their attack on other members of the So
called Flower group. They forced down
international Paper an extreme eight
points. Peoples Gas lost over two points
and Rock Island one point. The extent of
there were rallies of one 10 three points in
the group. Manhattan, Metropolitan Rail-
way and Third,avenue showed wide de-
clines in sympathy, ranging from rs TO AZ
in the case of the first two named. Sugar
was also vulnerable, after an early gain
OF a point, and dropped nearly two points.
Steel and Wire showed a markedly dropping
tendency. and other iron and steel stocks
were also heavy.
The influence Of this weakness on the
railroad list was accentuated by a late
marking up of call loans to 312 per cent,
after having ruled at and below 3 per cent.
during the early part of the day.. The fact
CAhuAi ehok NiC u POl u tliC q .
business was done at prices above Satur-
days level. There was enormous abb
sorption or stock from the opening in spite
Of the rather heavy tone reflected from for
eign markets from the disorder in France
and uneasiness over the political situation
and the spread Of bubonic plague. Tennes-
see Coal rose buoyantly Az points to par
in the first few minutes of trading. 1t went
back during the day to 81 but closed at 80.
Louisville continued in active demand and
sold up to 1875. A number of low-priced
stocks, notably Denver & Rio Grande and
n. & W., were in good demand, and the
large organized buying of Southern Pacific
was continued. This stock was held back
by realizing and did not at any time rise
more than a small fraction over Saturday.
Stocks of railroads in Colorado were uni
formly strong on the improved conditions in
the mining industry of that State. Atchi-
son preferred. the grangers, the ~coalers,
Baltimore & Ohio stocks and Union Pacific
were in large demand Very little remains
of the early gains in these stocks, which
reached a point or over in a number Of
cases. American Tobacco ends with a gain
of nearly two points. There were a num-
Der of the most obscure stocks which
showed strength during the day.
The bond market showed increased activi-
ty in sympathy with stocks. There were
conspicuous gains in Southern Pacific tours,
Colorado Midland tours and Atchison tours.
Total sales, par value, 81, 12S.O00. United
States threes advanced Il in bid price.
Following Is a list of the stock sales yes
terday, with the closing bids: