The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-03
STOCK PRICES TUMBLE
REACTION THAT WIPED OUT ALL OF
THE GAINS or TUESDAY.
Diminished Volume of Business and
Nothing to stop a Bear Raid
Local Trade Good.

At New York yesterday money on call
was firm at 2a21S; last loan, 2.
Prime mercantile paper, 3AM4l2 per cent.
Sterling exchange firmer. with actual bus
mess in bankers bills at $4s414G4.S49s for
demand and $4.s1%G4s2 for sixty days;
posted rates $4.S38AsSia and $4S512q4.S6;
commercial bills, $4.slh@4s11a.
Silver certificates, $3.50 $3.50; bar silver,
Size; Mexican dollars, 45c. At London bar
silver declined to 251ld an ounce.
Total sales of stocks. 39s,O0O shares, in
Guiding: Atchison preferred, $3.50; Chesa-
peake & Ohio, $40; c., B. & O., 26,72s;
Louisville & Nashville. $3.50; Manhattan
81, 430; Metropolitan, 2,220; Reading pre-
ferred, $3.50; Missouri Pacific, 1925; New
York Chicago & st. Louis. 19, $50; Northern
Pacific, 11,4O0; Northern Pacific preferred
800; Reading, 1910; Rock Island, II .920; st.
Paul, S3,945; Southern preferred. 1885, Union
Pacific ESQ; Tobacco, $3.50; Chicago Great
Western, S,S13; Peoples Gas, 9,120; General
Electric S,275; Sugar, 1881; Western Union,
e,12O
The net result OF yesterdays trading in
stocks is the practical wiping out of Tues
days gains in prices. This was done on
a diminished volume Of business. The de-
cline was not accompanied by any devel
opment of general conditions which could
account for it and there was no reflection
on any news of the day in the movement
unless in The slightly increased selling
movement in the final hour. This was
started on rumors attaching Importance to
the sending of two wal ships to Cuban
waters with provisions for the rcconcen-
TRADES. But tho decline for the most part
was technical and marked the elimination
Of the recovery from last weeks sharp fall.
"A short rally invariably follows a heavy
decline and the professional traders were
vigilantly alert for its ending. Dealings in
the first hour were large and the move
ment of prices very narrow. The commits
sion house buying invited by Tuesdays
strong market was sufficient to absorb
realizing offers for time, but the market
became overweighted and commenced to
sag. A period of intense dullness inter
vened and then the bears opened an attack
on number of specialties, notably Sugar
Manhattan, Peoples Gas and Metropolitan
Street Railway. The grangers were also
under pressure and New York Central was
heavily sold Most OF the days business
was done in these stocks and all suffered
marked net losses running from l to over
points. This movement in Metropolitan
was very erratic, opening transactions car
rying it TO 156, the high point Of the day
London was both buyer and seller in New
York. but the sales predorainated, although
the tone of American securities on foreign
exchanges was rather better and Spanish
bonds were also higher.
The money market continued firm without
any very active pressure to borrow. There
was a good supply OF commercial paper
and the rates were fractionally higher
There was a payment of $1,000 900 to the
government on account of the Kansas Pa
cific sale, so that the subtreasury had a
balance at the clearing house of sS1S. 725
This had its effect on the money market
and took the place of the regular weekly
withdrawal of an instalment of government
which has been discontinued for the pres
ent. Sterling exchange hardened an addi-
tional fraction in response TO the firmer
tone of the London market.
The tendency of the bol'd market was to-
ward weakness IN sympathy with stocks.
Sales. $2.6T5, GOO. United States new fours
were q per cent higher bid.
The following table, prepared by l.. W.
Louis, Room II. Board OF Trade, shows the
range of quotations: