The Indianapolis journal., 1899-02-09
STRUCK BY a BULL WAVE
STOCK MARKET FELL OFF EARLY,
BUT BOUNDED Up AGAIN.
Fresh Demand for shares Caused by a
Few Large PurchaSes-LOcal Trade
Down with the Mercury.

At New York yesterday money on call
was rather easier at 214a212c; last loan, 2]2
per cent
Prime mercantile paper 234G34 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4S5AG4S5l5
for demand and at $4.SSA94 S315 for sixty
days; posted rates, $4S4G4S4ls and 1850
4.s61a; commercial bills, $4S21aQ4s3.
Silver certificates. 5914G6Ol4c; bar silver,
592sc Mexican dollars. 471sc. At London bar
silver closed steady at 27asd an ounce.
Total sales Of stocks were S7S, 100
shares, including: Atchison, 1850; Atchison
preferred $780, Canadian Pacific, 1850;
Central Pacific, $3.50; Chicago & Alton, 35,-
800; Chicago & Eastern Illinois, $3.50; Lack
awanna. $500; Denver & Rio Grande, 1850;
Fort Wayne, 1925; Lake Erie & Western,
300; Lake Shore, 14,470; Louisville & Nash
vile, 1880; Manhattan, 154CO; Reading pre-
ferred, 1880; Missouri Pacific, $3.50; Chi
cago, Indianapolis & Louisville preferred,
5000; New York Central, 2O1O0; Northern
Pacific, SO, 100; Northern Pacific preferred, ~
go; Ontario & Western 1880; Rock Island,
19020; Union Pacific, 1920 st. Paul, 1880;
Southern Pacific, 1908; Southern, 5000;
Southern preferred, 1O115; Texas e. Pacific,
1850; Union Pacific preferred 25,220; Wa
bash preferred. 1O725; Paper, 400; Tobacco,
1890; Steel, $3.50; Steel preferred, II, 600;
Peoples Gas, 1860; Consolidated Gas, SOTO;
Brooklyn Transit 29.720; Pacific Mail, 4,5lO;
Sugar, 44Q20; Tennessee Coal and Iron 3d.
400; Leather preferred, 4,229 Rubber 6,735
Western Union, APO; ST. Louis q South
western preferred, $780, Chicago Great
Western, Il, $50.
New York stock prices closed strong yes
terday with most stocks ruling above Tues
days closing, although for the greater part
of hn ion fvfp WOO p-Ca
prevailed in practically the entire list, part
ly the result of the impetus of Tuesday s
decline. London bought and sold alternate
ly and on balance sold about zO,VO0 shares,
the carrying rates there indicating a fair
supply of stock. Practically all the local
New York commission houses had selling
orders at the opening, a large part of which
sales We're apparently due to exhausted mar
gins. Many stop-loss orders were caught on
the decline, and a general level was reached
of a point and over in the railways and in
some of the specialtieS from to points
below Tuesday. There was a drop of about
4 points in Great Northern preferred, Pitts
burg c., c., a. St. l.. and National Bis
cult, while Sugar and American Steel were
down points each Monetary conditions re-
main easier and there was no important
news except Aguinaldo'S S request for a sus-
pension of hostilities, to which was attrib-
uted some Improvement in American stocks
in the London market. 1t was said that one
prominent trader had sold 30 900 shares of a
leading stock, which il understood were
absorbed by brokers who usually represent
bull houses were buyers on the decline OF
stocks with which they are frequently iden-
titled. These purchases, being noticed,
caused some covering by traders and by
noon the market started to rally and the
movement gained considerable headway as
the day progressed and there were recover
les in practically every stock that suffered
on the decline. Chicago, Indianapolis &
Louisville preferred was aggressiVely strong
throughout the day and sold up 312 in ex-
pectation of an early dividend. To the same
Influence was attributed a points rise in
Reading first preferred. Lake Erie & West
ern preferred was constantly supported and
moved up points on favorable gossip. Ma
tional Biscuit, which had broken points
early, became buoyant toward the end and
Jumped points to 55. Other stocks in which
very material rallies occurred late in the
day We're Great Northern preferred and
Canada Southern among the railways. the
local New York traction and gas stocks,
Tennessee Coal and Rubber, Tobacco, Sugar
and American Steel.
The bond market received a fair measure
of attention from the bears early in the
trading, but subsequently developed an i'm
proved tone under the leadership of WiScon-
sin Central firsts and st. Louis Southwest
ern seconds, which rose strongly Total sales
were $4 100000. United States fours, regis
tered, advanced 1s, but fours, coupon, de-
clined "a and the fives 1s in the bid price,
The following table, prepared by l. w.
Louis. Room II, Board of Trade, shows the
range of quotations: