The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-12-12
Slump Was Not Checked Until the
One Points Below the Opening.
MANY MARGINS WIPED OUT
SPECTATORS THUS HAD TO UNLOAD
THEIR SHARE HOLDINGS.
Reaction Set in Late, but Was
Marked by Some Substantial Recov-
eries-FavOrable Local Situation.

There was great demand for money in
New York yesterday, Is per cent. ruling
for some early transactions. A large bank
which has made heavy loans, marked up
those outstanding to 10 per cent, and
scrutinized closely the collateral offered for
new transactions at higher rates. One WALL
street bank required from 20 to Is per cent.
margin, besides 10 to 10 points to spare on
the stock for 500 900. Fifteen or 20 per cent.
of good industrials were accepted on this
basis, where the borrowers name was sat-
isfactory In all, from s35. 100000 to siOoO0.-
900 was called and paid off, then S2,OOO,OOo
or 100000 loaned at eq7 per cent: large
supplies then loaned down to per cent.
Sterling exchange advanced Il per cent.
for demand bills. While bankers were puz-
zled over the money situation. here and
abroad. the prediction was made that de-
mand bills would rule higher throughout
the week, with no prospect however, OF
touching the exporting point One or the
largest foreign exchange houses reported
yesterdays rate as fully cents below
the figure at which gold, under present
conditions. could be profitably sent abroad
At New York yesterday money on call
was firm at 3a15 per cent; last loan, per
cent; ruling rate, 5Q12 per cent.
Prime mercantile paper, 512Q6 per cent
Sterling exchange was firm, with actual
business in bankers bills at $4.S62iG4.S for
demand, and $4S1Q4s1A for sixty days;
| posted rates, s4S21s and s4.S71a; commercial
bills $4S0Q4.S0A
| Silver certificates were $4,000; bar silver
was 59hc; Mexican dollars were 47Ac. Bar
silver, at London, was quiet at I'D per
ounce.
| A perusal of net changes in prices of
| stocks at New York, as result OF the
| days trading, will give but faint concep-
| ton of the violent vicissitudes through
| which the market passed. During the
| morning hours the drastic liquidation.
which was forced upon the markets,
caused great gaps in the values of securi-
| ties, and the market took on an appear
| ance of decentralization. The wide varia-
! tions in prices between sales, running as
high as three points, were evidence Of the
urgent character of the selling. AT the low
point the scale of prices presented de-
cidedly ragged appearance, the declines in
the long list of specialties ranging, as COM
| pared with Saturdays close, all the way
from three to twenty-one points the latter
| In Tennessee Coal. Notwithstanding the
| days violent fluctuations the market closed
| with few net losses exceeding two points.
The liquidation seemed to have been very
| thorough, and the great Improvement In
| the tone of the market during the latter
part of the day reflected the benefit to the
! health OF the speculative situation. Inc
| influences at work were so broad ana Wei
| defined that they are soon stated One
| leading cause of the weakness was the
| large decline made last week, which wiped
| out or nearly exhausted, margins on spec
,,Jo
| tional margins forced large DOCKS OF
| stocks on the market. Many were FORCED 10
| liquidate, and there was very large con-
| tingent whose hopes OF an upward turn
| in prices had become exhausted, and who
| threw over their holdings in disgust de-
| termined to await a more faVoraple OPP
| portunity. The news of the heavy reverse
| IN the british arms in South Africa helped
| to unsettle this market, as 1t did all the
| other markets of the world London poueht
| stocks here In the first hour, put TINS was
| simply to cover sales made earlier In Lon
| dom at a better figure. The very violence
| of the selling movement worked It's own
| remedy and the day was not halr over
| when evidences began to appear tnat ur-
| cent speculative accounts had been thor
| oughly shaken out, and the loan contrac-
| ton pushed to a sufficient extent 10 ahoro
| material relief. The pears were steauy
| buvers for the rest of the day, and there
| was a sufficient contingent or bargain
| hunters on hand to afford assistance To-
| ward the recovery in prices. Inc cnaTac,er
4
distressed was shown by Conspicuous
| weakness in the highly speculative INDUS
| trials Besides the decline OF twenty-one
| points i'm Tennessee Coal there were losses
of four to seven points IN the metai group
| sugar Tobacco and the New YORK speciai,
1 ties The net loss Of tennessee Coai anu
| IRON for the day was thirteen points. III
| the railroads only few cases occurred
| where declines reached over TWO points,
| New York Central, Pennsylvania, NUMBER
| Of other coaiers, Louisville and southern
Pacific being conspicuous examples. ran
| cas- e Texas was down nearly four points.
| The vigorous and determined support In
| sugar was the turning point In the DAY
! market This speciality was run up IN the
late dealings 724 points above the low point
| scoring a full recovery, not only OF the ear
| Iv decline. but of the quarterly oiVloehu
| which was deducted from the price to-uas
| There was a subsequent decline Oh "a
| noints and the stock closed 1l2 higher imam
| Saturday The general list closed, LOT the
| most mart firm at the recovery. EXceP'
| for the relief afforded by the DAY hqui-
dation. the signs of tightness In the money
| markets of the world were unapateo.
| ,The weakness in bonds was much lesS
| general and acute than N stocks. lotai
| Sales at par value. were $,S9O,Vv Cniteo
| states old tours and fives advanced - III
the bid price. ,o commit.
| too on listing has admitted TO the uni d
| Adjournment of the exchange sl,lZo,VVo ..
nreferred and 81 .275,0OO common STOCK oi
| The American Linseed Oil Company
| EolIoving are the days share sales anu