The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-05-25
STOCKS FALLING OFF
ADVANCES or WEDNESDAY ALMOST
COMPLETELY WIPED OUT.
Washington Crowd selling Its sugnr
Trust Hoidinss-Lcss Activity
at indianapolis.

AT New York, yesterday. money on call
was easy at 1 per cent.
Prime mercantile paper. 2lzQ412 per cent
Sterling exchange was steady, with
actual business in bankers bills at $4.SS5lQ
4S9 for demand and at $Ls7izG4SI54 for
sixty days; posted rates. $4.S81z44.90; COM
mercial bills. $4.s6lzq4s6&s-
Silver certificates. 64a65c. Bar silver.
closed at 6l7sc per ounce; at London. 2Sssd.
Total sales OF stocks We're 1885 shares.
including Sugar, with 70, 600; ST. Paul, 2S go.
and Chicago Gas. $500. The improvement
In speculative values made Wednesday
was. In a great measure. lost yesterday.
Stocks were unsettled and TO some extent
feverish. There was little left of that con-
fdence in the immediate future and in the
betterment OF the situation as regards the
great railway properties which was so
prominent feature OF yesterdays specula-
ton. One favorable indication was the
slightly easier tone OF the sterling ex-
change market, which led To belief that
the gold exports on Saturday would be less
than had been anticipated and would not
exceed 100000. but this was not much, II
any. OF factor in the stock market. The
things which did affect the share specula-
ton were the publication Of railroad re-
ports showing continued decreased earn
ings. the announcement that the coal
strike was still far from ended, the appar-
ent uncertainty TO the prospects Of the
the tariff bill and the fact that railroad
managers in ssion at Chicago had not ar
rived at any basis OF settlement on the
question Of rates. 1t was day on which the
bear sentiment was uppermost. and the
shorts took advantage Of the pervading
gloom to hammer the market in the hope
or bringing out long stock. Evidences were
not wanting OF liquidation IN some OF
the leading properties, notably sugar,
In which some Washington accounts were
closed out. Burlington & Quincy was
also sold by Boston houses, and ST. Paul
by Chicago. In New York Central the
transactions were unusually large, the
selling being mainly by the bears but dur
ceived from London in quite considerable
amounts. The sales were accompanied By
a renewal OF the old rumors 10 the effect
that the financial condition OF the compa-
ny would necessitate a reduction in the
dividend rate, seller sixties, IL this stock
were again put out at 1Aql1s below the
regular price. The speculation was heavy
until near noon. when a fractional recov-
cry took place in the general list and
rise Of per cent. in American Tobacco.
the greater part of which was subsequent
iy lost. Soon after midday the buying
movement spent It's force and the market
again took downward course, the de-
clining tendency continuing until nearly
2 O'Clock, when another recovery of
fraction occurred. promptly followed by
reaction. In the early part Of the. last
half hour a sharp turn made In
which the Cordage shares and Tobacco
preferred were most prominent. Some
shares did not participate in this advance
and Wheeling and Lake Erie preferred
broke pa with a partial recovery and
few other stocks recorded losses of
fraction Sugar was very erratic in its
movement all day, opening at 1884, re-
ceding to 102A. advancing TO 104ls. then,
after numerous intermediate fluctuations.
breaking 10 100, closing u above the lowest
point touched at decline OF 2h on the
day. Preferred stock rose q and de-
clined rs.
The bond market closed generally stea-
dy United States Cordage firsts sold at
~ and broke to Is. The other changes OF
Importance Were: Declines-Colorado Mid
land frsts. 2E; do tours. 21s: Peoria G.
Eastern Illinois incomes. ~; Ohio South
ern nrsts 2; Edison Illuminating firsts,
IL and c. & o. skies OF 1911, IL.
Government bonds were firm. State
bonds were inactive.
fhe- fsllorrine table. prepared by James T.
Berry, Room is. Board or Trade. shows the
range OF quotations..