The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-12-09
DECLINE WAS GENERAL
NEARLY ALL NEW YORK STOCKS
SUFFERED FROM LIQUIDATION.
Industrial Shares Were the Chief
Observation-Disclosures Lost I'm Sympa-
thy-The Local Markets.

At New York. yesterday. money on call
was 5d12 per cent; last loan, per cent;
ruling rate. ia per cent.
Prime mercantile paper, 5lkI6 per cent.
Sterling exchange was irregular. with
actual business I'm bankers bills at &.S65s@
4.s6s. for demand and s4s1A94.sl1s for sixty
days: posted rates. As294S2n and $4S7;
commercial bills, "a. S094.soN.
Silver certificates were $4,000; bar silver
was soc: Mexican dollars were 471ic. Bar
at z7s4d per ounce.
Nearly every stock in the New York list
declined yesterday. In the industrials the
losses ranged from to nearly points.
The railroads did not suffer so much, but
a number closed between / and 2 points
lower than Thursday night. The principal
victims of the selling were the iron and
steel stocks, as has been the case all week.
and Tennessee Coal led the group with
net loss of 61z points. Quite a number of
other metal stocks closed more than
points lower. Sugar was very active and
weak throughout the session and closed
at the low point with net loss of AZ. The
tobacco stocks, the rubber stocks and the
New York specialties all were prominent
In the break and lost points or upwards.
Manhattan was rather an exception and its
loss was only a fraction. The bears were
active and aggressive and had much to
do with starting the decline, but they
reaped rich return I'm the uncovering of
stop loss orders, as margins were wiped
out and heavy offerings were precipitated
on the market. The banks were calling
loans all day, and the conviction is un-
avoidable that a very drastic liquidation of
long accounts was effected A large part
of the selling was forced by the calling
of loans and the difficulty of obtaining new
accommodations, the borrowing demand
rushing the call rate up to IL per cent. on
the late dealings. Tired holders who have
hoped for an upward turn in prices also
abandoned their position and threw over
their stocks. When the preliminary esti-
mates of the weekly changes made their
appearance the difficulties of the money
market were explained. The bears seized
the occasion to aggravate the situation
by setting afioat story that "the assoc
ctated banks of the United States" what
ever that might mean, had loaned the
Bank Of England $20.O0000o. No basis could
be found for the story, but its inherent
improbability did not prevent ii having
considerable effect I'm aiding the demorali-
zation. The hardening of money in Berlin
and Paris and the heavy loss in gold by
the Bank of England for shipment to
South Africa were evidences of the con-
striction Of the money supply abroad. This
was sufficient to keep the sterling ex-
change rate firm I'm spite of our own
stiffening money rate, but there was a sig
nificant decline In the rate of exchange
on Paris in response to London's measures
to shift pressure upon that center. To-
days New York bank statement is ex-
pected to show a loss in cash of over &c.
100000. OF this nearly $5,000000 is on SUBJ
treasury operations, including 1.555, 900 de-
posted for transfer to the South. On the
direct interior movement by express the
banks have increased their shipments more
than 100000 over last week, while their re-
ceipts from the same source have de-
creased nearly $500. 900.
Bonds were lower throughout Total
sales at par value were 81, ~, 900. United
States old fours and fives advanced Il in
the bid price.
Following the days share sales and
the closing bid prices: