The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-10
SLUMP AT THE WIND-UP
DROP IN STOCKS LOOKED AS IF MAR
KET I'D HAVE A PANIC.
Quick Freezing Out of String of
Small OperatOrs-LOcaI Business
Strong and Active.

At New York yesterday money on call
was easy q 1112 per cent. last loan, ~
per cent; closed offered at l per cent.
Prime mercantile paper, 4d412 per cent.
Sterling exchange vas weak, with actual
business in bankers bills at $4S5s4@4S6 for
demand and at $4.S4A04S41z for sixty days;
posted rates, $4S594S7 and $486hQ4SS; COM
mercial bills, $4.S4.
Silver certificates, 56d57c; bar silver, 55Ac.
The price Of bar silver in London broke to-
day to 70 d. and the New York quotation
went to 55izc for bars and 4234c for Mexican
dollars in sympathy. The opening was 56Ac
for bars and 43Ac for Mexican dollars.
London closed steady at % 15-16d per
ounce.
Total sales of stocks were 756, 800 shares,
including: Atchison, 1900; Atchison pre-
ferred IS, 800; Canada Southern, $500; Ches-
apeake & Ohio 1880; Chicago, Burlington
& Quincy, 40, $50; Delaware, Lackawanna e.
Western, 1900 Erie (new), $500; Illinois
Central, 12,200 Louisville & Nashville, 3d.
100; Manhattan L, 25.920 Missouri Pacific,
$4,000; Missouri, Kansas & Texas, $780, Mis-
souri, Kansas & Texas preferred, $500;
New York. Susquehanna & Western pre-
ferred, 1890; New Jersey Central 1920;
New York Central, 10500; Northern Pacific,
$500; Northern Pacific preferred, 3S,72O;
AfOAlhWCSlSilI 4.oOV3 OnLdI1O az w SSteIU,
1900; Reading, 1000; Rock Island, 265OO;
ST. Paul, $500; ST Paul & Omaha 4,6OO;
Southern Railway, $500; Southern Railway
preferred, $1,000; Union Pacific, 1890; Wa
bash preferred, 1890; American SPIRITS, T.
300 American Tobacco, 1900; American
500; Chicago Gas, 1920; Colorado Fuel
ana Iron, 400; General Electric, $500. La
S $685. Sugar e se pac GOAL M and
Iron, $500; United States Leather, 1890;
United States Leather preferred, 1920;
ern, 1850
Quite a, violent liquidation set in in the
New York stock market in the last hour
and half of trading yesterday and prices
came tumbling from their high places, the
declines from the high point being in many
traders have been predicting for some time
came TO pass-namely, sufficient decline
In many stocks to uncover stop-loss orders
by weak holders of stocks. The dealers
have been aware of the 'pyramiding' of
orders on a large scale, that IS to say, the
reinyestment of earnings as fast as made
by weak holders which threatened what
occurred. 1t looked for a time as if the
market was going TO pieces under the
weight of heavy offerings to realize, but
after 1t was over taking account of the
portance were confined to a comparatively
few stocks. 1t was the stocks that had en-
1oyed sensational advances in the morning,
notably the grangers that suffered most
severely in the afternoon. The selling to
realize started in the grangers, and as the
ALdth6l 10 IHOTe SENSITIVE TO the influence
OF TINS group tban any other, the selling
movement. sooH broadened by sympathy
until 1t included pretty much the whole
list 1t was noticeable that the grangers
steadied and rallied even while other prices
We're still falling. Burlington recovering
over point from the lowest and there
We're exceptions all through the list to the
weakness some prominent stocks holding
firm in the midst of the heaviest settings
OF other stocks. The buying of the morn
ing on the rise was of enormous proper
tions, exceeding in volume that for a whole
day of ordinary trading. There was a large
railing on in the early period of the de-
cline which was a hopeful indication that
prices would resist the pressure and re-
took increasing hold on the minds of hold
ers, and the selling movement developed
into something like a throwing overheard
of securities. Sales for the day exceeded
I5LOO0 shares. The erratic movement of
Manhattan was an upsetting factor in the
market. The short interest in the stock
continued in manifest distress and covered
heavily at rising prices. The short inter
est in this and other stocks is believed to
have been largely eliminated during the
early buying. thus Withdrawing an impor-
tant sustaining factor, and the stock fell
accordingly toward its normal level The
same condition of affairs was present in
the case of other stocks, and the first de-
cline uncovered stop orders, which, of
course. accelerated the declines There was
ne news or the general situation to account
Ior me decline, all factors continuing ia
Voraple, London buying as well as selling
STOCKS, the price of sterling exchange reg
slsterlng q still further decline and crop
al continuing idNOraDIe. The early
advance carried many stocks up over
points, notably Burlington. Rock Island
chicago Great Western. Tobacco Colorado
fueL Lacakawanna Western Union and
New Jersey Central. large number of
other active shares showing gains of over
a point But the slump In the market
wiped out all but a small fraction of the
advance in nearly all cases and carried
some below Saturday nights close Rock
Island and Leather preferred each losing
IA net. Some of the notable losses of the
DAY We're: Consolidated Gas 6Ib; Manhat-
tan, 3Ss; Laclede Gas 31k; BROOKLYN Tran
sit, ~; Illinois Central % and over
point in Sugar. Spirits preferred North
western, Southern preferred and Leather
preferred. On the other hand net gains
reached important proportions in the case
of Fort Wayne. 3; Pennsylvania 2: New
York Chicago a. ST Louis first preferred
3; LacKawanna. "a Illinois Steel Norfolk
q Western preferred and Colorado Fuel
The bond market sympathz with the
share speculation in general tendency hut
the variations were exceedingly narrow
The transactions We're i'm enormous volume
with the demand very keen for the lower
grade liens. The aggregate sales were
S45l5,Oe0.
Government bonds were dull but firm
The transactions were 5000
The following table. prepared by L. w
Louis. Room II. Board or Trade shows the
range Of quotations:
Open High Low Clos
ing. est. est. ing
AdaIns Express .......-..'.- 153