The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-08
BIG TUMBLE IN STOCKS
BEARS MADE A RAID ON THE MAR
KET AND THE LIST SUFFERED.
Sugar Was the Special Object of At
tncl< and Heavy Liquidation Re-
suIted--LocaI Markets Firmer.

AT New York yesterday money on call was firm
at 224Gs per cent; last loan. per cent.
Prime mercantile paper, 405 per cent.
Sterling exchange was weak. with actual bust
ness in bankers bills at s4s4A@4.S 4h for demand
and at s4s21zG4.s2A for sixty days; posted rates.
s4.sS1G4.s4 and s4.S5AG4.S6; commercial bills,
s4.s1K@4S2.
Silver certificates. 59E@6o1kc; bar silver, 60Hc;
Mexican dollars. 46slc
Total sales of stocks 4o7 700 shares, including
1880 Atchlson preferred. .555 Baltimore e. Ohio.
S5s Chicago, Burlington & Quincy $500 Denver
& Rio Grande preferred, $3.50 Illinois Central,
1850 Louisville & Nashville, 1855 Manhattan.
17,149 Northern Pacific. $50 Northern Pacific
preferred, $500 Rock Island, $3.50 Union Pacific.
Al $50 ST. Paul, 5000 Southern, 4.4T7 Southern pre-
ferred 1920 Union Pacific preferred. 1855 Union
Pacific, Denver & Gulf, 5000 International Paper,
13.755 Tobacco 5000 Chicago Great Western, Il 800
People Cas- 1850 General Electric. 1O5, 100 Sugar
and 1850 Leather preferred.
The bears got the upper hand very decisively
in the New York stock market yesterday and
precipitated more active selling movement than
has yet occurred. There was speculative llquida-
ton during the afternoon on a very large scale
and offerings of long stocks in properties
which had elements of weakness were material
factor in the decline. Sugar occupied the center
of the stage all day. 1t evident before the
market opened that the bears had marked it for
their own and everything that could be done in
the wav Of discouraging reports of the company's
business and disastrous competition in prospect
was done through the medium of inspired pub
licatons The movement was opportune the
recent bull movement in the stock accom-
panied by rumors of increase in the dividend
and the declaration yesterday of only the usual
dividend brought heavy selling from disappointed
hold 49, 6icIo fl,o
decline and all the usual devices employed
to give appearance of inside selling The
final rally in the stock only feeble, the last
price being SIC below Tuesday nights closing
The Generalization in Sugar affected the whole
list but especially the ndustrials Tobacco, the
American Steel and Wire stocks Lead, Manhat-
tan and Rubber all show sharp losses. The rail-
road list held out longer against the downward
course, especially the grangers, led by St. Paul
Railroads ultimately yielded, however, many Of
them showing losses between 1 and Q points
Rock Island broke badly in the final dealings
showing extreme decline of rs, and the
Pacific stocks conspicuously weak on real
izng in connection with the announced determn-
alton of Canadian Pacific officials to accept the
decision of the Interstate-commerce Commission
against the differential in their favor on freight
rates. The railroad list during the morning ruled
quite generally above the previous nights level
and Peoples Gas also a strong feature
earlier
Demand sterling fell further to s4.S5A. This is
considered to be easily within the gold import
point and gold is expected to come this week,
small consignment being announced after the
close OF the market. There is a noticeable in
crease also in the deposits of per cent govern
ment bonds to secure deposits of public money.
On the whole the prospect seems to be for larger
supplies of money within short time, although
the call loan rate marked up to per cent.
in the late dealings.
Dealings in bonds a fairly large scale
and prices yielded slightly in the later dealings.
Total sales, 49, 1876, 600. United States threes, when
issued advanced "a in the bid price. Government
bonds were otherwise unchanged.
The following table, prepared by l.. w. Louis,
Room II. Board of Trade, shows the range of
quotations:
Open High Low Clos