The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-06
STOCKS HAD A HARD DAY
COURSE OF PRICES WAS DOWNWARD
AND ALL SHARES SUFFERED.
Spectators Worried over the Threat
ened Rupture with Spain-LOcaI
Trade in the Dumps.

At New York yesterday money on call
was easy at 11z@2 per cent; last loan,
per cent. closed, 1902 per cent.
Prime mercantile paper. 324Q415 per cent
Sterling exchange was firm, with actual
business in bankers bills at $4.S53sQ4S51z
for demand and s4S211Q4s224 for sixty days;
posted rates, $4.S3Q4.SS15 and $4.S6Q4S612;
commercial bills, $4.S1A
Silver certificates, 57A@59c. Bar silver,
67Bc. Mexican dollars, 441sc. AT London
bar silver closed quiet at 2611d an ounce.
Total sales of stocks were 596. 500 shares,
including: Atchison preferred, 1876; Ches-
apeake & Ohio, 1851; Baltimore & Ohio,
81 ESQ; Illinois Central, $3.50; Louisville &
Nashville, 1920; Manhattan L. 1910; Mis-
souri, Pacific, 1920; Missouri, Kansas &
Texas preferred $3.50; New Jersey Central,
600: New York Central 1915; Northern
Pacific, SO25; Northern Pacific preferred,
"a, 40; Northwestern, 4,6S5; Ontario & West
ern. 4,5lO; Reading, 12,7l5; Rock Island,
1900; St. Paul, 54,65O; Southern Railway
preferred, $40; Texas & Pacific, $40;
Union Pacific, II, 745; Wabash preferred,
7,4SO; American Spirits, 3,4y5; American To-
bacco, ,O45; Bay state Gas, 6,0l5; chicago
Gas, &C. 40; General Electric, 4,4S5; Laclede
Gas 3,UlO; Lead, 800; Pacific Mail, 5,4UU;
human Palace, 2lb9; Sugar, 5000; l., Z.
& L., 1850; United States Leather pre-
ferFed 3z1J; Western Union, II, 6yO; Chicago
Great Western, l2,2I0.
me New York stock market underwent
course of very drastic liquidation yeSJer-
day, result of which prices are from
/ to 4 points lower than they were Thurs
day night. That this course of things was
heIped along by professional bear pressure
made evident by the very urgent COW
elinS movement which developed in the
final half hour OF trading, Wnlcn rallied
the. prices OF a great many stocks over
point from the lowest point touched, reduc-
ing by so much the losses which would
vic he oh nv he I'M
But this recovery at the close was on a
greatly diminished volume of business, and
was apparently affected by the temporary
Withholding OF liqui,atlng offerings, as was
done once or twice previously during the
day only to be succeeded by renewed liqm-
daIlon and declines. There no doubt mat
the motive of a large part of the selling
was the belief that relations between the
United States and Spain were drifting TO-
wards open rupture. This had bear
argument for some time in the stock mar
ket, and has been quite effective in de-
pressing prices whenever anything that
could be construed as corroborative evil
dence was offered. Apprehension on this
the action of the New York Chamber OF
Commerce Thursday in appealing for an
increase in the artillery force of the
adequate protection of New York and the
proper operation of its narbOr defenSeS.
The published expressions from the late
United States minister to SPAIN disclosing
the character of the diplomatic relations
between the two countries, and his out
United States in Cuban affairs, intensified
the sentiment of apprehension among Sc
curity holders. The near approach or the
converting of Congress, and the belief that
this event was TO crystalline the govern
ments policy towards Spain, made the
Continued apprehension regarding the
health of the president of the sugar COM
pany made that stock, with it's powerful
Influence on the whole market, particularly
weak. This combination of factors was
conclusive in inducing many large holders
OF securities TO unload under the convic-
tion that no immediate recovery in prices
of any large dimensions is likely to occur.
There was flood of selling orders and very
little disposition in any quarter to buy. As
q result, enormous blocks of stocks were
allowed to go for almost any price they
would bring In the first rush of liquidation
prices were offered down very widely be-
fore eliciting any buying. The extreme de-
cline in Consolidated Gas, points; in Sugar,
6ss in Lake Erie & Western preferred,
512; in Lake Erie & Western common, 4,
and in Manhattan, AS. There was scarcely
an active stock on the list that did not
recede at least points below Thursday
nights level. There was q rush to sell
bonds as WELL and losses of between l and
points were frequent all through the list
The fact that the liquidation was not pre-
cipitated Immediately at the opening was
due to the fact that London prices of Amer
lean securities advanced slightly. The
enormous interests at that money center
are usually so well informed on internal
sion there had the effect of steadyIng prices
here momentarily. The fact was not lost
sight of either that there was buying for
London account in this market at almost
all stages of the decline. After the opening
here prices fell in London to the New York
parity. There was nothing to account for
the hardening at the close hut covering of
the shorts.
Aside from the general weakness in
bonds the feature of that market was the
strength of Kansas Pacific consols, which
recovered 11s per cent from Thursdays
price The days sales were 81 O75. 600
United States bonds declined y or * per
cent. for all issues.
The following table: prepared by L. w.
Louis. Room H. Board of Trade, shows the
range of quotations: