The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-22
THE DECLINE IN STOCKS
DOWNWARD MOVEMENT of LAST
WEEK CONTINUED YESTERDAY.
a Rally at the Close Partially RecOv-
cred the Losses in Many shares
Local Markets Steady.

At New York. yesterday, money on call
was easy at 115Q1s4 per cent. last loan at
ii per cent.
Prime mercantile paper, 3a4 per cent.
Sterling exchange was about steady with
actual business in bankers bills at $4s5sk0
4s5l5 for demand and at s4SSa4. SS1z for sixty
days; posted rates, $4.s6 and $4.S6la; COM
mercial bills, s4.S2.
Silver certificates. 55lsQ56l4c; bar silver,
6J7sc; Mexican dollars, 45Ac. At London
bar silver closed weak at 2Js4d an ounce.
Total sales of stocks, SIS. 200 shares, in
Guiding: Atchison preferred, 1876; Chesa-
peake & Ohio. $50; Chicago. Burlington &
Quincy, 3ss76; Louisville & Nashville Is $50;
Manhattan, 8 ,290; Metropolitan, 9,7S5; Read
ing preferred. $3.50; Missouri Pacific, 1851;
Missouri, Kansas & Texas preferred, 5.264;
New Jersey Central. 800; New York Cen
trail 1880; Northern Pacific, 3,76O; North
ern Pacific preferred. 24,240 Reading, $3.50;
Rock Island, 1905; st. Paul, $500; South
ern preferred, $500; Union Pacific Is 1886;
Wabash preferred 3,570; Tobacco, IS ,SH;
Chicago Great Western. 1854; Peoples Gas,
u,SlO; Consolidated Gas, $3.50; General Elec-
trio, $50; Sugar, 81, $50: Tennessee Coal and
Iron, 1906; Leather preferred, $3.50; Western
Union, 9,120.
Yesterdays heavy decline in the New
York stock market was made without any
actual new development in the situation,
but was rather to be attributed to a com
bnatiOn of impressions which have been
the underlying force in speculation for a
week or more. The market demonstrated
for one thing, that last weeks declines
WOULD have been much heavier on the devel-
opments in the Cuban question had it not
been for the support of powerful interests
who desired an opportunity to realize. The
entire absence OF support yesterday gave
a color to. the suppositjon that those in
terests lad completed their liquidation and
We're Indifferent to the course of the mar
ket. The motives assigned for the selling
had less apparent basis in fact than We're
furnished by the events of last week So
lar as they turned on the Cuban question
they dealt with specuiations on possible
future events each on abStruSe points of
International law, without any convincing
authority to back them. Approximations
growing out Of the rate war for passenger
business between the Canadian Pacific and
our own transcontinental lines had more
substantial basis, though soothing sug-
geston was offered that the profits and
DIVIDENDS were not largely dependent on
passenger business anyhow. There seemed
TO be no realizing sense that this suggestion
was inconsistent with the large advances
which had been forced in the price of Sc
curities on hopes of Klondike traffic. The
great snOwstOrm in the West was also a
ldGLOE OF real importance, DOIn DY reason
OF the interruption to- railroad traffic and
the possible damage to crops. Whatever
the real motive, it was beyond dispute that
there were large offerings of securities for
which there was no adequate demand and
selling orders to stop losses We're uncOv-
cred on the descending scale. Declines were
SO great that the prices that looked attrac-
tive as bargains were reached in many
cases, and buying thus invited Steadied
prices and worked some notable recoVerieS.
This process was repeated several times
during the day, and the market closed with
one of the rallies in full force. thus 1eav-
ing the net declines decidedly smaller than
the extreme declines during the day. In
the case of Sugar and Metropolitan Street.
railway this recovery was between and
points and Third-ayenue made an eXtraOr-
binary rally of u points in the final deal
ings after an earlier loss of points. The
local and industrial specialities were the Sc
verest sufferers by the early decline, and
the grangeTS, also, were notably affected by
reason of the storm New York Central
reelected a marked liquidation on recent
the chief sufferers. and after fall of AS
rallied H.. Metropolitan Street-railway
was Z points off at the lowest. A feature of
the day was the marking up of call loans
to IL per cent. in accordance with the re-
duction in the surplus reserve. The local
market paid no attention to the frmer tone
on foreign exchange, due to the subsistence
OF apprehension over the West African sit
misgtvings on the local exchange Saturday.
London WAS u buyer on balance in the
New York market yesterday
The course of the bond market was strict
~ in accord with stocks in both declines
and rallies. The loss at one time was from
I to , per cent in many leading bonds
Total sales. 81 100000 United States tours
of 1905 and of 1923 We're Il lower bid
The following table. prepared by +. w.
Louis, Room II. Board OF Trade, shows the
range of quotations.