The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-25

AT New YORK, yesterday, money on call
was firmer at 21sa3 per cent; last loan, 2z
Ter cent.
Prime mercantile paper. sal per cent.
Sterling exchange was weak, with actual
business in bankers bills ar s4.S45sG4.s474
for demand and at si.s2zi for sixty days;
posted rates, s4.s2laG4.S4 and $4s6G4s6l2;
commercial bills, s4s2
Silver certificates, leo ounces at 5s1sc,
closed at 55l@q561zc; bar silver, 555sc; Mex
lean dollars, 45Ac. At London bar silver
closed uncertain at % 1-1ed ali ounce
Total sales of stocks were 79s, 400 shares,
including: Atchison, $40; Atchison pre-
ferred, 9110; Chesapeake & Ohio, O. 735; Chi
cago, Burlington & Quincy, AZ ,4O5; Erie pre-
ferred, 300; Lake Shore, 3,515 Louisville
& Nashville. 2O.99O; Manhattan, s,l20; Met
ropolitan, 1920 Reading preferred, 11,SS5;
Missouri Pacific, 1850; Missouri, Kansas &
Texas preferred, $50; New Jersey Central,
G.61l; New York Central. 1890; Northern
Pacific 1920; Northern Pacific preferred,
10000; Rock Island. Is 420; ST. Paul, 6,O2S;
Southern preferred, lilo; Wabash preferred,
$3.50; Tobacco, 1920; Chicago Great West
ern, $50; Sugar, u, APO; Tennessee Coal ana
Iron, Ass; Western Union. 1882.
The slump in the New York stock market
yesterday morning was so sudden and so
violent that the trading almost took on
panic conditions. but the avalanche of liqui-
dation was practically over in less than
half an hour, and then there were some
quick recoveries. The dullness and the re-
Operative tendency that followed showed
that the determination to let so at whatever
sacrifices had been quickly abandoned, and
a late drive by the bears found prices by no
means so unresisting as in the morning.
The covering of shorts worked a substantial
rally before the close The early slump
ranged from ] to nearly points in the
standard shares. and from that up to an
extreme decline of II points in Metropolitan
Street-railway in the specialties. Recover
les, though sharp in some shares. were at
no time complete in any stock The later
tone of the market suggested that the early
break was at least encouraged by manipula-
ton, and the substantial character of the
buying at the extreme decline corrObOriMed
the view that there were waiting purchasers
anxious to secure stocks at a lower level OF
prices But the fact was CaN'ious, neverthe-
less, that apprehension oven the Cuban sit
uaticn was more acute than at any time
heretofore. There evidently Il mass of
orders to sell at the market when trading
opened, and commission houses report that
these came from many sections of the coun-
try, indicating an uneasy desire on the part
Of the holders to realize on their securities.
The character of the buying is evidence
that there are owners of large capital, who
believe that the situation has been fully
discounted in the declines which have been
made: London was also large buyer dur
ing the day. it's total purchases being est-
mated at 10000 shares, or 100000 shares in
two days.
Government bonds were strikingly weak,
the declines in the bid price being "A to l12
per cent. Money was higher, call loans be-
ing made from 2la to per cent, and time
loans for sixty days were made per
cent, with quite an advance demand. The
calling of loans released quite an amount
of sterling exchange, which was held as
collateral, and the exchange market broke
sharply, demand sterling being quoted at y
of a cent below Wednesdays price al $4.S45s.
This is near the gold import point and sug-
geSts an available source of relief for any
threatened strngency in the money market.
Quite heavy movement of currency to the
interior is still in progress, but 1t does not
appear that this is due to any other cause
than the expanding needs of business Mon
ey is going into loans and thus into the ac-
tive course of trade.
In the stock market those securities
which suffered the heaviest declines, nota-
bly, the grangerS. with Burlington leading,
Pacific preferred the most acute sufferer,
enjoyed sharp rallies so that the days net
declines are brought within range of / to
4 points, outside the specialitieS. Metropoi-
closed points above that, and Manhattan,
though 1t fell at one time 9A shows net
decline of points.
The movement in the bond market was
in sympathy with that i'll stocks. declines
ranging between l and points. The prices
closed somewhat above the lowest. Total
sales, $4025.000. United States new fourS,
coupon, fell IL per cent. and sold at the
bid price. f251a. The registered bond of the
same issue fell IA, but sold l per cent.
above the bid price as the asked price. The
old tours. coupon, fell ] per cent. bid the
fives q and the old fours, registered, "a bid.
Louis, Room H. Board of Trade, shows the
range of quotations: