The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-23
BIG DECLINE IN STOCKS
SMALL BUSINESS, PRICES GOING OFF
on EACH OFFER TO SELL.
Money Rates Easy ana Demand short
of the SuppIy-LOcaI Markets Ac-
tive i'm Spite of Bad Weather.

At New York yesterday money on call
was easy at 11za2 per cent; last loan,
per cent.
Prime mercantile paper. 41al5la per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4.S404S41s for
demand and at ssS1A@4s13s for sixty days.
posted rates. $4S2G4S2k and $4.S5G4S5k;
commercial bills. $4.s0A@4SOa4.
Silver certificates, 56Q56i2c; bar silver
55s4c; Mexican dollars, 45c. At London bar
silver closed steady at % 13-16d an ounce.
Total sales of stocks. 26s. 900 shares, in
GLIDING: Baltimore & Ohio, 20 PCS; Louisville
& Nashville 7,19O; Manhattan, II $50; Metro
politan, 9.34O; Northern Pacific preferred
1850; Rock Island, $50; st. Paul. 81 ,464;
Union Pacific, 1925; American Tobacco, H.
63S; Peoples Gas. 4.2SO; Sugar, 6O95O.
Offerings to sell were not heavy in yes
terday's New York stock market. except
in a few stocks and internationally, but the
buying demand was at so low an ebb that
even the desultory offerings that were
dribbled on the market drove prices down.
wards almost continuously. The result is
seen in net losses of between and points
in a great many of the standard railroad
stocks and leading industrial specialties
and of over points in the traction Spe-
cialties During the morning session there
were evidences of an attempt to support
prices in a few stocks, due to the efforts
of large operator recently returned 10 the
street. There was also extensive covering
by another of the largest operators in the
street, who has recently been a persistent
seller The slightest indication of rise in
prices brought out such heavy offerings all
through the list that the half-formed pur-
pose apparent to bid up prices for the rest
of the day was abandoned. Apparently the
burst of animation in the final hour was
due to considerable short selling, as there
was tendency to rally on covering just
epeIore the close, but this rally was so
IeeDle tnat the covering movement was
given over and prices fell away to about
the lowest at the close. The great bulk of
the dealings was in the grangers. Union
Pacific preferred, Sugar and the local trac-
tlon stocks. The railroad stocks were af-
fected by reports of the blizzard in the
West.
Sugar continued depressed on the belief
that the company was on the verge of a
war for supremacy in the trade The local
traction stocks We're affected by threatened
complications growing out of the proposed
rapid transit project. But while these spe-
cial causes had an appreciable influence
the shadow on the market was the develop
ment of the governments Cuban policy
in which all circles feel certain a crisis is
now imminent Evidently no one wants to
buy stocks until this question is settled
Another feature of the day was a further
announcement of gold engaged for import
and a concurrent easing off in exchange
rates. 1t was felt yesterday that the gold
movement had probably come to an end for
the present and as this was believed to be
due to a prospect of easier money rates,
1t was looked on with favor by the specula-
tive community. According to this reason
ing the resumption of the gold movement
might be regarded unfavorable fac
tor, though the further influx of gold must
be for easier money, even though 1t is not
the index that easy conditions have already
arrived.
The dullness in the bond market was
even more pronounced than that in stocks
but the losses were comparatively small
Total sales S1.O7S0OO. United States fives
were II higher, the old tours, coupon az
higher, and the twos u lower bid
The following table prepared by L. W.
Louis, Room IL, Board of Trade shows the
range of quotations.: