The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-22
STOCKS WERE DUMPED
NEARLY A MILLION SHARES SOLD
AND PRICES TUMBLED.
Bali Crowd Wholly Unable to stop
the Natural Reaction-LOcaI Mar
kets Active and Firm.

At New York yesterday money on call
was firm at S14lI4 per cent; last loan, 3D.;
closed, 3A6D4 per cent; prime mercantile
paper, 4Q41k per cent.
Sterling exchange was weak, with actual
business in bankers bills at s4S45sq4.S5 for
demand and at $4S215G4S224 for sixty days;
posted rates. $4.S3z04S4 and $4S5kQ4s615
commercial bills, SASH.
Silver certificates, 59Q6Oc. Bar silver. 591sc;
Mexican dollars dull at 44c. At London bar
silver closed steady at 27Ad per ounce.
Total sales of stocks were $4,000 shares,
including: Atchison, 500; Atchison pre-
ferred, S1,9O5; Canadian Southern, $780,
Chesapeake & Ohio, 1850; c., b. & O..
400; c., c., c. & st. Louis, $500; Erie
new, 4,60O Erie frsts preferred, 800; Lake
Erie & Western preferred, 1900; Louisville
& Nashville. 29,S4O; Manhattan, $1,000; Mis-
souri, Pacific, $3.50; Missouri, Kansas &
Texas preferred, $4,000; New Jersey Central
$500; New York Central II, 240; Northern
Pacific, 1880; Northern Pacific preferred
S9.725; Ontario & Western, $500; Reading
30, $50; Rock Island, 1920; st. Paul. 81, 32O
st. Paul & Omaha, To- $50; Southern Railway
preferred, 1880; Texas Pacific $500;
Union Pacific, $1,000; u. p, d. & G., $500;
Wabash preferred, $500; Wheeling & Lake
Erie 1890; American Spirits. $500; Ameri-
can Tobacco, Sc, APO; Bay State Gas, 6,120;
Chicago Gas, o. 800; Consolidated Gas $500;
General Electric, Is, 400; Lead $500; Pacific
Mail, $500; Sugar, 1890; Tennessee Coal
and Iron, 800; United States Leather pre-
ferred, $50: United States Rubber pre-
ferred, 1900; Western Union. Is, 700; Chicago
Great Western, $500; Chicago & Northwest
ern, 1920.
What had been expected and foretold
and what the bull operators in the New
York stock market have vainly sought to
avert, cames no pass yesterday. The reac-
tionary spirit took hold of the market and
a heavy decline resulted in the level of
prices throughout the whole list. The rate
of the decline in different stocks will seem
at first glance out of proportion, but
more careful scrutiny will reveal that the
heaviest losses are in those stocks that
have undergone the most marked advances
That the movement of the market is a nat
ural and inevitable development of the
progress towards Improvement in business
ana industry which is going on in the coun-
try is obvious. A sustained upward course
of prices is almost always unchecked until
II has exceeded the reasonable valuation.
The conviction has been gathering strength
for a long period that prices of stocks were
passing beyond this limit, and that reaction
imminent. Naturalization by powerful
financial interests is one thing that has de-
Ierred IL. Another thing has been the con-
tnued plethora and cheapness of money in
vltlng to continued speculation In the
natural and orderly course of things ii was
TO be expected that the expansion of bust
ness would absorb the money and make it's
use more expensive. Bank statements for
two weeks past have reflected the certainty
That such rise in the price of money was
approaching The marking up of call loan
dates late on Tuesday, and their continu-
ance at a nigh level yesterday, crystaiiZed
into certainty the impression in many
minds that prices of stocks were excessive
~ nigh, and as a consequence. the demand
to buy fell below the offerings to SELL There
was spasmodic and Intellectual effort
shortly after the opening on the part of
the bull contingent to check the decline
but 1t was apparently abandoned and the
market was left to itself until the heavy
liquidation should exhaust itself This
seemed to have come to pass at about 2
o'clock, when the market became duh at
decline ranging from points upward
The cessation of heavy realizing offers en-
couraged some renewed buying and a rally
extending to over a point in many shares
ensued, but the market sold off again before
the close to the lowest point of the day
There is reason to believe that the rise of
the call-money rate was not entirely free
from manipulation. There were evidences
or concerted action in the marking up of
the rates. 1t was noticeable that the sharp
stinening OF the money rate did not result
IN as great fall in the rate of exchange as
might be expected, and the discount rate
in London was rather easier, which was
not TO De expected IN the race OF real
stringency in our money market. There was
an invitation TO manipulate the money mar
ket in the report which has been given
currency that one of the heaviest bull oper-
atorS was under some pressure in carving
very heavy line of stocks. There was a
disposition also to make much of the re-
port of an ultimatum from our government
to that of Spain on the Cuban question
Many commission houses have been adVis-
ing their customers to sell and their Offer
ings came on the market. Some effect was
produced on stocks of transcontinental lines
by Attorney General McKenna's opinion
against the validity of the discriminating
duties against foreign goods imported
through contiguous counties. That there
was heavy selling for short account also
was quite evident, and standing orders to
sell stop loss on decline were uncovered
In large numbers. Some covering of shorts
at the decline helped the rally Such were
the factors in the days market for stocks
yesterday The result is that net declines
are universal and in the active stocks they
range all the way from about points to IA
the latter in Sugar The Gas stocks were
conspicuous sufferers, Consolidated Gas los
ing 51A and Brooklyn Union 5% The meas
ure of the liquidation is found in the enor-
nous total of the days sales, which reached
$4,000 shares.
Dealings in railroad bonds were heavy.
the par value of the sales reaching SO, 225 O0u
prices declining in sympathy with the weak
ness of the stock market United States
old tours, regular, were Is lower bid, and the
new tours were Il lower.
The following table prepared by L. w.
Louis, Room II, Board of Trade, shows the