The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-11
HEAVY SLUMP in STOCKS
CONFLICTING FOREIGN NEWS GAVE
BEARS AN OPPORTUNITY.
Notable Declines in a Number of Fa-
vOrites, with Only Trifiing Re-
cOveries-LOcal Markets.

At New York yesterday money on call was
steady at 2h per cent.
Prime mercantile paper, 31k14 per cent.
Sterling exchange easier with actual BUSH
ness in bankers bills at $4S4G4.s4A for demand
and at s4S1lsG4s SIX for sixty days; posted rates,
A.s21z and s4.S5; commercial bills s4.s1Q4S1A.
Silver certificates. 6OG61c; bar silver. 60 916c;
Mexican dollars, 47c At London bar silver closed
steady at Esd ounce.
Total sales of stocks were 276 100 shares, includ-
ing Atchson preferred, 4O6s; Chicago Burlng
ton Quincy, $685. Louisville Nashville. 1856;
Manhattan, 1910; Metropolitan Street railway.
4,s10; Northern Pacific. $780, Northern Pacific
preferred ALSO; Rock Island, $3.50; Union Pacific,
4.72o; st. Paul, 1880; Union Pacific preferred.
$500; Tobacco. $500; Peoples Gas. $685. Sugar.
1888; United States Rubber, 41SO
The room traders on the Stock Exchange turned
bears again yesterday and sold stocks all through
the list Outside of a few cases they did not
meet with much success in securing a following,
but in a number of high-priced specialtes and,
late in the day, in some of the railroads, the
declining market did induce liquidation.
This was notably the in Northern Pacific.
which fell in the last hour to 3S1s, loss of IA,
and closed heavy in tone Offerings of this stock
very large and the price movement revived
rumors of irreconcilable differences between the
two powerful financial interests in the property.
Inc large Iefman nOiQlnS OF tnlS STOCK maze IL
peculiarly susceptible to the effects OF money
stringency in Berlin. indicated in the rise of the
Imperial Bank rate to per cent. The same
factor affected other railroad stocks ALSO In fact
the influence of all foreign markets was the
side of the bears. The relations between Great
Britain and France disclosed by the publication of
the Fashoda buebook, caused sufficient appre-
hension to cause decline of ss in British consos
and to unsettle all the European markets The
continued uneasiness in France domestic
politics and the probability of the failure of the
peace commission to agree upon terms were also
the side of the bears. There was alarm
the spread of yellow fever in the South,
from which Illinois Central was the most
sufferer, with a loss of 1h. Losses in the grang
ers reached point, except in st. Paul, which re-
sisted decline. The principal activity of the
market, however, continued to center in the in
dustr.al group and Sugar fell easily to ITO. with
visible support. The offerings the decline
very large Peoples Gas. Rubber stocks.
Leather preferred. Manhattan, Metropolitan
Street-railway and New York Ar-brake were all
sufferers at one time other during the day to
the extent of from l to 71s points. Tobacco was
prominent feature. but ruled above Saturdays
level the greater part of the day the acquisition
of large plug tobacco interest. The price ad-
vanced at time over points, but the stock
closed unchanged. Lake Erie & Western common
and preferred FELL at one time, 81 and 1O11 points,
respectively The preferred rallied nearly three
points. There news to account for the
decline. loss of per cent. in Oregon Naviga-
ton also unexplained.
There was no reflection in the stock market of
the active foreign demand for wheat for export or
of the evidences of the expanding business of the
country in the increased demands from the West
for money. The transfer of currency at the SUBJ
treasury for shipment to the West amounted to
$50, 900. Conditions in the money market con-
tinued easy.
Bonds weakened late in the day in sympathy
with stocks. Wisconsin Central frsts losing an
extreme "a and Oregon Short-line income firsts
III. Total Sales $2245O 0O United States old fours
coupon, advance and new tours. registered, and
the threes, registered u in the bid price.
The following table, prepared by l.. w. Louis
Room II. Board of Trade. shows the range Of
quotations: