The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-22
A REACTION IN STOCKS
AMOUNTING TO A VERITABLE SLUMP
ON NEWS FROM PARIS.
Notable Gains in Some of the Leaders
Almost Wiped Out-LOcal Mar
kets Very Promising.

At New York, yesterday, money on call
| was steady at 2q2A per cent; last
| loan, Pa.
Prime mercantile paper, 311k@415 per cent.
| Sterling exchange was steady, with actual
business in bankers bills at $4.S5AQ4S51a
for demand and $4S2AG SPY for sixty days;
posted rates, $4.SS and $4.S612 commercial
bills, $4G1k.
Silver certificates, 6O1sQ611kc; bar silver,
609sc; Mexican dollars, 471sc. At London bar
silver was quiet, closing at q 15-1ed an
ounce.
Total sales of stocks were 570, 100 shares,
including: Atchison, 1890; Atchison pre-
ferred, $3.50; B. & o., $50; c., B. & O.,
| 1866; Chicago & Eastern Illinois, $500; Del
aware & Hudson, 5000; D. & r. G. preferred,
| $500; Erie first preferred, 3,135; l.. & L.,
1905: Manhattan, $780, Metropolitan
| Street-railway, 6,255; Missouri Pacific, 3,015;
New York Central, 1855; Northern Pacific,
| 1890; Northern Pacific preferred, 6,223;
Northwestern, 6655; Union Pacific $780, St.
Paul, 1880; st. Paul & Omaha, 9,345; South
ern Railway preferred, Il, 700; Texas & Pa
cific, S.4O0; Union Pacific preferred Is, 749;
Wabash preferred, 4,OiO Tobacco, 10, 400;
Federal Steel $3.50; Federal Steel preferred,
1878; Peoples Gas, 1908; Pacific Mail,
4,945; Sugar, $3.50; Chicago Great Western,
| Il, 400.
The upward movement of prices in the
| New York stock market was at full tide
| Monday, when the afternoon special edi-
| tons brought the Paris bulletins announce
| ing that the president of the Spanish peace
| commission had declined to proceed with
the negotiations after the presentation of
the United States commissioners final de-
|
turned sellers Immediately and the large
buying orders which were being executed
| all around the room were apparently with
| drawn Prices melted away quite rapidly in
| this condition of affairs until declines had
| reached nearly a point in some cases. Sup
| porting orders were then placed in many of
| the leading stocks and the decline was
| checked There was no apparent DISPOSE
/ ton to continue the buying movement, how
| ever, and for time during the last hour
| the market fell into almost entire neglect.
| This condition of affairs invited renewed
| short selling, and the drift was slowly
| downward to the close. The net result is
| that many stocks which were most con-
spicuousy strong in the early dealings
notable advances in the leaders are much
reduced. Atchison preferred easily contin-
ued it's leadership of the railroad list and
made its way through a flood of offerings
| up 21s points to AIS before the Paris news
| checked the advance. Peoples Gas reflected
| also a very heavy demand and rose at one
| early movement of the market was confined
| very largely to special stocks, the grangers
| and the recently-awakened Southwesterns
| hating somewhat. Northwestern was an
! exception in the granger group and gained
/ "a points, and its subsidiary company, St
/ Paul & Omaha, rose nearly points. The
/ Baltimore & Ohio issues also showed very
| marked strength. Early in the afternoon
| Pennsylvania sprang into activity and made
| notable advance of 215 points, supple
| mented closely by PittSburg, Cincinnati
| Chicago & st. Louis preferred. This gave
| renewed tone to the whole market and led
| to the strongest upward movement of the
| day, the level of prices being quite generally
i lifted nearly a point over Saturday. TIE
| story of the reaction is told above Uneasi-
ness over the stringent condition of money
| in Berlin and the approaching maturity OF
| large obligations there had apparently sub
| sided. The Northwestern railroad stocks
| were relieved from pressure and the threat
| ened rupture between Northern Pacific and
| Oregon Navigation fell into the background
| There was a very large and well-distrfb-
| uted demand for bonds and some sharp adj
| vances in prices resulted which were well
| sustained to the close in spite of the weak
| ness in stocks. Total sales, 81, 460,O 600
United States threes, registered, and the
| fives, coupon advanced Il and the twos, the
| threes, coupon, the old and new fours, reg
| istered, and the fives, registered, Is in the
bid price
The following table, prepared by L. w
Louis, Room II, Board of Trade, shows the
Of nfoff