The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-08
RUMOR OF A BEAR POOL
STOCKS SOLD FREELY AND PRICES
SCORED LOSSES GENERALLY.
Evidence that the Market Was Ham,
mered Solely by PrOfessiOnals-
Local Trade Is Active.

At New York, yesterday, money on call
was steady at 215 per cent.
Prime mercantile paper, 224q3A per cent.
Sterling exchange was steady. with actual
business in bankers bills at $485A @4.S515 for
demand and at $4.S9AQ4.S312 for sixty days;
posted rates. $4s4q4.S41a and $4.S6q4.S61a,
commercial bills, $4S21z@4SS
Silver certificates nominal at 5912Q6015c;
bar silver, $3.50; Mexican dollars, 471kc. AT
London bar silver closed steady at 279sd an
ounce.
Total sales of stocks were 1880 shares,
including: Atchison, $3.50; Atchison pre-
ferred. 1850 Central Pacific. 26,09O; Chesa-
peake & Ohio, 1920; Burlington, 1850;
Cleveland, Cincinnati, Chicago & St. Louis
1850; Denver & Rio Grdnde, 1890; Great
Northern preferred $50: Louisville & Nash
vile, II 995; Manhattan, 1885, Metropolitan
Street Railway, LILO; Reading preferred
1900; Missouri Pacific, $50; Missouri, Kan
sas & Texas. 4,250; Chicago, Indianapolis &
Louisville preferred, 1850; New York Cen
trail, 1850; Northern Pacific, 1920; North
ern Pacific preferred, $40; Ontario & West
ern, 300; Reading, 7,725 Rock Island 1929;
Union Pacific. 1915: St. Paul, 26.610 South
ern Pacific, SIPS; Southern preferred, 1852;
Texas & Pacific, $780, Union Pacific pre-
ferred, 1920; Cotton Oil 1910; Steel. 1920;
Steel preferred, 1880; Peoples Gas, 1850;
Consolidated Gas, 7,640; Brooklyn Transit,
IL 500; Pacific Mail, 1850; Sugar, 26,553; Ten
nessee Coal and Iron, $3.50; Leather pre-
ferred, $500; Rubber, $50; St. Louis q
Southwestern, 100; St. Louis q Southwest
ern preferred, 1880; Chicago Great West
ern, 17,S25; Tobacco, 14510.
New York stock prices receded yesterday
with an average loss of / to points, which
US exceeded a instances. Ine
ratification of the peace treaty by the SEN
ate induced purchases from London OF about
25,000 shares. There was less enthusiasm,
locally, and after an initial rise from frac-
lions to q, point and over in many cases,
traders were free sellers in anticipation OF a
reaction. When it became evident that
prices were not holding, commission houses
were free sellers. Prices receded rapidly III
some instances and were presently at prac-
ticaly Monday nights closing. The pur-
chases for London account which were
partly due to anticipating the tortn1ghtly
settlements together with covering by the
shorts rallied the market. Washington
houses were large purchasers, while Chicago
houses sold. The market became 1eVerlsh
and emi-stagnant. New York Central DIS
played strength on It's gross earnings Iof
January which increased $227,0O0 The con-
slant hammering by bear traders caused I'M
easiness in many stocks and liquidation was
induced which made the lowest prices. There
was talk that most of the selling was IN
the interest of a bear clique SAID TO nave
been form ed yesterday. The fact that the
room traders acted often in unison was the
only support found for the story. From
the highest there were reactions of from
to points. Among the weakest features
were General Electric, Tobacco, Sugar, Met
ropolitan Manhattan, Great Northern pre-
ferred, Pennsylvania. the Paciics, the
grangers, the Readings and some minor in
dustrials The pressure against stocks was
mostly professional and there was no unfa-
vorable development in the news that at
tracted attention. Money continued in sup
ply and according to arbitrage houses re-
Gently London seems to have been settled
for, and the purchases for abroad to-day
leaves balances due the local arbitrage
house by London.
Considerable weakness was manifest in
certain quarters of the bond market, but
with stocks. Total sales. SO 40O,O 600. United
States new tours declined IS in the bid price.
The following table, prepared by l.. W.
Louis Room II, Board of Trade, shows the
range of quotations: