The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-26
FALLING OFF IN STOCKS
OPERATORS FEAR RUPTURE BE-
TWEEN UNITED STATES AND SPAIN.
Heavy Declines in Active Shares and
Prices Generally DemOralized-
Local Markets Active.

At New York yesterday, money on call
was easy at 2 per cent; last loan, 2 per
cent. closed firm at per cent.
Sterling exchange was strong and active,
with actual business in bankers bills at
$4S57sQ4.S5&4 for sixty days; posted rates,
AS3l2 and $.S6la; commercial bills, $4S1h
Silver certificates, 5715Q59c. Bar silver 5Sc.
Mexican dollars, 45c At London bar silver
was I'D an ounce
Total sales of stocks were SS9, BOG shares.
including: Atchison preferred, $685.; Chesa-
peake & Ohio 5,S25; Cleveland, Cincinnati,
Chicago & st. Louis, $3.50; Manhattan, 3,43O;
Missouri Pacific. 1880; New York Cen
trial, IL ,473; Northern Pacific $685.; Northern
Pacific preferred, 2451; Northwestern, g.
295; Reading, $500; Rock Island, 1915; St
Paul, 1855; St Paul & Omaha, 1850; South
ern Railway preferred 1850; Union Pacific
trust receipts. second assessment paid, g.
4O9; American Tobacco, 1902; Bay State
Gas. 1920; Chicago Gas, 49, 31; Sugar, A.
1896; Tennessee Coal and Iron, 3,1S5; Chicago
Great Western, S,14O
The conviction that a rupture in our re-
lations with Spain will ultimately result
from the Cuban question, the danger that
the Union Pacific reorganization plan will
be upset by the governments desire to
postpone the sale and the weakness in New
York Central due to yesterdays disaster on
Ats line, combined to break the stock mar
ket to-day and demoralized prices through
out the list. The lower prices for Ameri-
can securities in London and the decline
Ar the price of Spanish fours there of y
per cent, to 59B, were accepted as a meas
ure Of the apprehension felt there as to
the harm that would be done to values by
the threatened rupture. The opening
showed sharp declines in the international
stocks and the specialties, and by noon
losses of a point or over had spread to
practically every active stock in the list
There was a lull in the activity of the
liquidation at that time and steadying of
prices, based on a hope that the Supreme
Court would hand down a favorable de-
cisloh IN the NEBRASKA maximum freight
rate case and that prices of railway prop
erty would tend to improve as a result A
sharp rally in Chicago Gas on the an
nouncement of declaration of regular div
idend helped to steady the list. But the
afternoon was given to alternate periods of
active liquidation and fast falling prices,
and of stagnation and slight rallies. The
announcement of the governments decision
TO apply for postponement of the foreclos-
ure sale of the Union Pacific and Kansas
Pacific properties brought out enormous
liquidation of Union Pacific stocks There
was no check apparent In the liquidation
or in the fall in the price result of the
announcement of the reorganization COM
Snittee that ii intended to bid in the Union
Pacific main line, If need be, for the full
amount OF the governments claim This
would involve an increase of $S,000O00 over
the latest upset price which the syndicate
agreed to insure the government and of
over $4,000. Geo over the price fixed at the
time the present reorganization plan was
agreed on. The purpose of the reorganiza-
tion committee to divide the reorganization
OF the Union Pacific main line and the Kan
Fas Pacific into two operations failed to
quiet the doubts of those who have specu-
lated in Union Pacific on the basis of the
present reorganization plan. The apparent
Intention Of the government to relegate the
whole matter to Congress awakenS fears
among holders of the shares that delay will
attend the completion of the reorganization.
The governments second mortgage on the
Kansas Pacific for about $14, 900 900 is I'M
provided for and the reorganization COM
will be allowed TO bid the property In II it
is not willing to take the bid of the COM
mittee The fear that this would endanger
the plan of reorganization evidently aug
mented the selling. The sales of the stock
constituted one-eighth of the total trans
actions of the day. The days net declines
in ali the active stocks ran from per
cent to over per cent, and in CONSOLE
dated Gas reached 515 per cent. The Van
advance of g in the actual rates for de-
mand sterling exchange was feature OF
the day and was a reflection OF the rising
rate of discount in London and OF the dis
counting of accommodating sterling ollIs IN
New York. 80,
Railroad bonds were in sympathy with
stocks Total sales were 81 .6lO'OoO. United
states new fours and the lives registered
were advanced Is bid. ny
The following table, prepared by Il. w.
Louis, Room II, Board OF Irade, SHOWS the
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