The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-15
FALL IN STOCK PRICES
SCALPERs WENT AFTER PROFITS
AND SHARES WE'RE UNLOADED.
Uncertainty H. 20 Money Market
Causes Apprehensfcn-LOca Holt
day Trade Heavy.

At New York, yesterday, money on call
was firm at 2024 per cent.
Prime mercantile paper, S@41a per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4.S5Gl4.853s for
demand and at $4.S214Q4.SS24 for sixty days;
posted rates, $4.SS1k and s4.S613Q4S7; COM
mercial bills, $4.S115Q4.S2.
Silver certificates, 57a4@5S14c; bar silver,
s7Ihc Mexican dollars. Acc. At London bar
silver closed weak at 26ssd per ounce.
Total sales of stocks were 100000 shares
including Atchison preferred. 6,205; Chi
cago, Burlington & Quincy, 1900; Louisville
& Nashville, 6,731; Manhattan, 12,225; Met
ropolitan Traction, $780, Missouri Pacific,
$50; New Jersey Central, 9,S75; Northern
Pacific, 1850; Northern Pacific preferred,
1880; Reading, 4,745; Rock Island, S,S78; ST.
Louis & San Francisco second preferred,
1889; st. Paul, 226S4; Southern Railway pre-
ferred, 4,465; Union Pacific, 1872; Chicago
Great Western, 1886 Peoples Gas, 1928;
Consumers Gas, 4,975; Sugar, 3S,942.
There was a disposition on Change on the
part of holders of stocks to realize profits
on the recent rise and the bears helped
along the reaction by free short selling.
There were one or two exceptional instances
of strength in the market and some COW
ering Of shorts before the close by timid
bears, so that net declines do not indicate
the extreme fall in prices. But the general
tone of speculation was heavy and no ag
gressive disposition to buy was manifest.
The firmer tone of the call money market
was undoubtedly the cause of the halt in
the bull movement The decrease in cash
holdings by the banks shown by Saturdays
statement and the shrinkage in surplus re-
serves below $19,000,000 are features in the
money situation which will be accumulated
during this week. The announcement from
Washington that the bonds maturing on
Jan. l, known as currency SKIES, Will be
paid off on Dec a. bears on the situation.
The aggregate of these bonds is $29SO49 52,
and their redemption will offset the pay
ments already made to the government on
account of the Union Pacific sale, which
amount to $29, 500, IT'S. The government will
disburse over SIS 100000 in interest on Jan. /.
The remainder which the Union Pacific re-
organization committee still has to pay the
government amounts to $25, 100000, and of
this amount IS 500, 900 will be paid this week
and the remainder by the first week in
January 1t will be seen that the balance
in favor of the treasury will amount to
nearly $4,000 600 1t is not expected that
this amount will be suddenly withdrawn
from circulation, but will be allowed to re-
main on deposit for the present in national
banks in New York. But the continuing def
icit on the revenues which has fed a con-
slant stream into the money market has
been recognized a factor in the ease of
money rates, and the completion of these
condition. Rates for call loans were not
above 49, but were not below per cent.
The market was almost wholly technical,
the strength of the coalers, with no news
TO account for it. serving to sustain values
somewhat. Northern Pacific preferred was
in good demand all day and closed at go.
The specially weak features were Consol-
idated Gas which at one time down
TO 31a points, Manhattan, which receded 2
points, and Sugar, which fell below Mon
days close, after opening gain. Metro
politan Street Railway declined ia and
scored almost a full recovery. Otherwise
the heaviness of stocks and the days de-
clines were quite uniform throughout the
list. fractional losses being the rule. The
dealings In inactive securities in small lots
continued to be feature. the high-grade
investment stocks being the favorite. A full
share lot of Harlem sold at 325, as compared
with 300 at the last previous sale, which
was several months ago.
The bond markets showed a decided de-
crease in activity to-day, the high-grade is
sues continuing to improve, but of
the speculative bonds showing losses. Total
sales, $225O,00O. United States fives were &c
bid.
The following table. prepared by L. w.
Louis, Room II. Beard of Trade, shows the
range of quotations.