The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-25
STOCK PRICES TUMBLED
LITTLE INTEREST UNTIL NEWS OF
THE NAMES MOVEMENTS.
Nearly All Shares Showed Losses ON
Final QuOtntiOns-LOcaI Mar
kets Improving.

At New York, yesterday, money on call
was easy at 115Q2 per cent; last loan at
2 per cent.
Prime mercantile paper, 9d3a4 per cent.
Sterling exchange was dull and heavy;
actual business in bankers bills at $4.S5s4
tor demand and at $4.S29sG4S234 for sixty
days. posted rates, $4.S3d4S3IA and $4.S514D
4.S6; commercial bills, S4S2
Silver certificates, 56laQ571kc; bar silver,
56ssc; Mexican dollars. 44%c. At London bar
silver closed steady at 26sid an ounce
Total sales of stocks. 400, 300 shares, in
Guiding: Atchison preferred, 1920 Chicago,
Burlington & Quincy, 29,O7S; Louisville &
Nashville. $500; Manhattan, 30, 100; Metro
politan Street-railway. 1880; Missouri Pa
cific, $500; New Jersey Central, $3.50; New
York Central. 3e,743; Northern Pacific pre-
ferred, 2l,530; Ontario & Western, $3.50;
Rock Island, S,765; st. Paul, 27,75O; Union
Pacific, 1880; American Spirits, 1856; To-
bacco, Il, 4O5; Chicago Great Western, 5,545;
Peoples Gas, 5,525; Consumers Gas, 1926;
Pacific Mail, 3,O75; Sugar, S6,110; Western
Union 3,720.
There was nothing particularly interesting
in Mondays New York stock market pre-
vious TO the reception of the news that the
United States ship Maine had been ordered
to proceed to Havana. Until that time the
market was wholly in the hands of profess
sional traders and the transactions were on
q small scale. Standard stocks were neg
iected and the securities of the local New
York corporations, which are more or less
dependent on municipal favors, were briskly
manipulated. Later some of the Vanderbilt
STOCKS We're taken up and advanced sharply.
me general market remained persistently
heavy during all this time but fuctuated
very narrowly, the OFFERINGS being light
as We'll as the demand. In the international
Stocks the declines were hardly as pro-
mounced as those reported from London
RMS state of affairs continued until after
midday, when it was followed by general
Improvement prices of the majority of the
stocks having risen Il shade above Satur-
days close just before the selling movement
induced by the news of the Names move
lneht began. This news was regarded with
skepticism at first and the market held
steady for a time, but on the publication
OF the accredited report liquidation promptly
set IN; The offerings were not on a tremen-
oouS hedVy scale, but the demand was light
ana prices fell fast The specialties which
ndd Deen marked up in the morning, and
some OF the railroad stocks which have
SHOWN greatest strength recently suffered
90, the h 9ES losses on rush TO take prof
It's. me Northern Pacific ana Union Pacific
We're conspicuous sufferers in this respect
Northern Pacific preferred was at one time
on points. In a few cases fractional net
gains remained after the late decline but
net losses of between and points are
very frequent all through the LIST of active
stocks, including the leading specialties, the
grangers and Missouri Pacific The attitude
or the authorities at Washington in attach
ing as little significance as possible 10 the
proposed movement of the Maine had little
erect in allaying the bearish tendency in
inc market. With the exception of some
sharp rallies In the local New York group
the market closed weak and near the low
est: In the last fifteen minutes of trading
Ihlrd-avenue slumped to 1884, and then
jumped az points, to Isl. a fair example of
the instability of this group of stocks The
notice from Washington thar the deposits
IN New York banks on account of the
Union Pacific sale would be called i'm ten
weekly lnstallments. the first on Wednes-
DAY next, was doubtless with the concur
renee and the approval of the banks in
which the deposits lie. The government ar
ranged In the first place to leave them there
In order to guard against stringency i'm the
money market. Their withdrawal now IT
Is hoped, may give some tone to the money
market which has grown quite plethoric
with a probability of still greater congestion
OF IDLE FUNDS. The call loan market how
ever, showed no quotable change
The bond market showed increasing weak
ness as the day advanced i'm sympathy
with stocks, the declines being marked i'm
those bonds which have shown regent
strength The United States new tours fell
y IN the bid price to-day The calling of
the government deposits in New York tends
tc increase the supply of government bonds
by releasing those which have been placed
as security for these deposits.
The following table. prepared by L, w
Louis Room II. Board of Trade shows the
range of quotations: