The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-07-16
BEGINNING TO UNLOAD
ACTIVE SALES IN THE STOCK MAR
kET AND PRICES DECLINING.
New Government Bonds Lower thar
Any Time Since the I~ssue-Local
Markets Dull and Weak.

1t New York, yesterday. money on call
was ffrmer at 1hGS per cent; last loan. 2;
closed, 2.
Prime mercantile paper. 4a51k per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.SSia44SSA
for demand, and A.s71zd4.s7% for sixty
days; posted rates. s4.ss94.ss1z and s4.Ss14Q
4.s9; commercial bills. $4.s713.
Silver certificates. 6SAa69c. At London
bar silver closed at 31$sd per ounce.
Total sales of stocks were $751; S5 shares.
including: American Tobacco. Al, 800; Atchi-
son. 1900; American Sugar, 81, 100; Burling-
ton * Quincy. 25, 800: Chicago Gas, Is, 200;
Distillers. $500: General Electric, $1,000;
Louisville & Nashville. $500; Manhattan,
800; Missouri Pacific. 5.1O0; Northwest,
500; Reading. $500; Rock Island, II, 400: St.
Paul. 5000; Tennessee Coal and Iron. $500;
Union Pacific. 1900; Western Union. II, 100;
Wheeling & Lake Erie, 800; Southern rail-
road, ZOO; Southern preferred, $500; New
Jersey Central, 400; silver certificates,
$4,000.
The volume of business in stocks yes
terdsy was considerably larger than for
some time past and the movement of
prices was almost uninterruptedly down.
ward. At times the market presented a
rather ragged appearance and material de-
clines were numerous, ranging between 1
and Z per cent. The trading was unusual
~ well distributed with the main pressure
against the industrials and rangers. Some
of the more extreme losses occurred, how
ever. in the usually inactive stocks and on
nominal dealings. At intervals heavy
blocks of the leading active shares changed
hands. The slump in values was due to
aggressive bear raiding and to liquidation
by tired holders. The advocates OF lower
prices made effective use of lower London
quotations for American securities, the re-
ported severe indisposition of the head OF
the Vanderbilt family, engagements or gold
for export tomorrow aggregating $500 0o,
and further advances in foreign exchange
rates. Another sharp break in United
States government new fourS eXerted a
decided depressing influence on the general
vanced nc to S~4.S7s464.SSA. and cables
worked close to $f.S9. Some leading draw
ers also advanced posted quotations to
was credited TO the disturbing rumors of
gold boarding and to apprehension regard
of the United States treasury.
The gold Withdrawals exerted the
greater ~unfayorable influence as
the engagements were ANNOUNCED shortly
after several of the leading gold shipping
houses had publicly expressed doubts as
to shipments. The break of IL per cent.
brought the new government fours dow to
1t3. the lowest price recorded for the
General decline in the Stock Exchange mar
~ NCAA-
kets in addition TO the influences noted was
the liquidation of securities held in loans:
In this connection TumOrs were current or
heavy blocks of Sugar stock in loans with
various financial institutions At the ex-
treme low points some inside buying was
noted and also purchases Tor snort ac-
count. but they failed to create a ripple.
The semi-demoralization in stocks SYM
pathetically affected the railroad and mis-
cellaneOuS bond market and material losses
were recorded i'm many Instances. The
Vanderbilt stocks We're especially depressed
for the reason sewhe noted and in the
coalerS. On moderate dealings. extreme ue-
clineS extending TO . per cent in Lacka-
wanna and q per cent. IN New Jersey Cen
trail occurred The drop in the first named
was on a single sale of 100 shares. The
selling in these cases was entirely credited
to the bears. The leading industrials and
rangers were among the heaviest sufferers
a feeble rally occurred In the early part
OF the last hour. but the closing was weak
at close to the lowest and at declines ex-
tending from TO 3 per cent.
The market for railway and miscellane-
Gus bonds was weak on the Increased deal
ings and declines were scored ranging from
1 to 81 Ter cent. in the active issues. More
material losses occurred in the usually In
active mortgages. Among the more I'M
portant declines We're: Atkinson adjustment
fours. 3is: Atchison general Tours, "a;
Northern Pacific threes and consol nNes,
u. Northern Pacific collateral, /: Trust
notes. I: Kansas & Texas fours, 1; Kansas
e T-axas seconds. 3: Peoria & Eastern
frsts. 3: Oregon Short Line union consols,
trust receipts. So: Reading general fours.
trust receipts. .. Southern railway hves, =;
cordage frsts. 2L: Wisconsin Central frsts
and General Electric ~debentures, > per cent.
The sales We're Sl.laS.Vp-
Government bonds were active and weak
New fours declined an extreme Ia and the
old tours and five-per-cent. bones. AHt2
per cent. The dealings were s2oo.vv.
In silver certificates $2i, 600 changed hands
The following table. prepared by l. W. Louis.
Room II. Board OF Trade, shows the range OF
Open High Low Clos