The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-25
AMERICAN STOCKS SOLD
FOREIGNERS DUMPED THEM ON THE
MARKET IN BUNDLES.
Decision Against Traffic Association
Assisted in Giving Bears the Upper
Hand-LOcaI Trade.

Al New York yesterday money on call was easy
at 1%a2 per cent; last loan, per cent.
Prime mercantile paper SAG4 per cent.
Sterling exchange strong. with actual business
in bankers bills at $4.s5%@4.s6 for demand and
at %.S2%Q4.s3 for sixty days; posted rates, $4.S3
and s4S6lz Commercial bills $4.s1.
Silver certificates, 60Q61c: bar silver. 6OG6O7sc;
Mexican dollars 47Ac. At London bar silver
closed firm at 2Shd an ounce.
Total sales of stocks 36O 900 shares incud-
ing: Atchison preferred. 4O05O; Burlington, &c, 49O
Louisville & Nashville, 9572; Manhattan, 13.S47;
Union Pacific 1870; Union Pacific preferred,
1884; Rock Island 1926; Northern Pacific. 1861
Northern Pacific preferred, S.45s; st. Paul. 3d. O1
Southern preferred $685. Union Pacific, Denver &
Gulf. 7.15i Tobacco, 97.7sO; Peoples Gas, 1903;
Sugar. $4,000; Chicago Great Western. 4.175.
The burden of the selling of stocks for foreign
account, growing out of the stringency for money
abroad and the threatening outlook of the Euro
pean political situation coupled with the depress-
ing effect of the Supreme Court decision against
the legality of the Joint Traffic Association,
proved too much for the New York stock market
to carry and prices of most of the active stocks
| closed between 81 and 50 share lower last night
than they We're Saturday. There quite an
active market in the first hour OF trading and
fair volume of commission-house orders ex-
ecuted which had come in response to the en-
couraging three days advance of last week. The
selling for London account was a feature from
the start, but prices well sustained in the
early dealings The professional traders de-
tected evidences of realizing on the part of in
terests which were the large buyers last week and
they promptly bid prices down in order to take
the market away from those London's liquda-
ton very large scale, sales for that
account being estimated at $4,000 shares, and
gave the bears the needed backing for their sue
cess. Operations for the long account were al
most wholly relinquished and when the Joint
Traffic decision announced the prices crum-
bled away before the attack of the bears without
much resistance. There sufficient covering at
the Close however, to cause some sharp fractional
rallies. The principal weakness the Joint
Traffic decision showed itself rather inconsistent
| ~ among the grangers, Burlington falling an
extreme "a, Rock Island 14s and St. Paul 49,
! The trunk lines. the other hand, not
markedly affected New York Central showing the
principal effect, with decline of IA. This is the
more remarkable since the trunk lines although
| the Joint Traffic Association has had legal
status up to to-day. have been admittedly unable
to maintain rates. while the Western roads, since
! the Transmissouri Association outlawed
| have devised other means for maintaining agree
ments and have suffered much less from rate-
cutting. The selling of stocks for foreign ac-
count reflected in violent upward movement
of sterling exchange the actual rates rising fully
| y of cent for the pound. The continental ex-
| tension London at the time rising
! quite sharply and the open market discount rate
| in London showed hardening tendency All of
this was in line with the active preparations re-
! ported from London and showed the effort of the
British financial center to call home its outstand-
| ing money resources. Not having any outstand-
ing credits balance against the United States.
London sold securities freely with the same
results The midday reaction in the foreign wheat
markets the only feature of the day that did
not point to threatening developments, and the
later recovery and the continued large demand in
American markets for export counteracted this.
The manipulatve rise in Tobacco continued and
| helped to sustain the price of Sugar
The bond market active to a degree and
weakened in sympathy with stocks, although the
| New York money market continued easy in spite
of strngency abroad Total sales, $2,310.O0O. Gov
| eminent bonds unchanged.
| The following table, prepared by L. W. Louis,
| Room II, Board of Trade, shows the range Of
| quotations.: