The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-05-10
THE BOTTOM FALLING
NEW YORK STOCK MARKET GOING
DOWN AS FAST As 1T WENT UP.
The Once Strong Flower Companies
Being Hammered Unmercifully-
Local Markets Active.

! frmer at 3iz16 per cent; last loan, 8 per cent
Prime mercantile paper. a per cent.
Sterling exchange was weak. with actual bust
ness in bankers bills at s4s7a4.s7H for demand
and at As5a4.s5h for sixty days; posted rates.
81. 1891 ss1A and 4ssG4ssls; commercial bills.
s4.s4.
Silver certificates. slz@s2%c bar silver. e1sc;
Mexican dollars. 4sSc. At London bar silver
closed steady at 2ssd an ounce.
The total sales OF stocks yesterday reached
LOIS, Ss shares. including: American Smelling.
800: American Steel and Wire. "A. 900; American
Sugar. 81, 600: American Tin-plate. 400: American
Tobacco, 400: Anaconda. $500; Atchison. 5000;
Atchison preferred. 5000: Baltimore & Ohio
southwestern preferred. 3.4Oo: Brooklyn Rapid
Transit, 1850; Central Pacific. $500; Chicago.
Burlington & Quincy rights. $500: Chicago. Bur-
lington & Quincy. 21.3co; Chicago Consolidated
Traction. 400: Chicago Great Western, AGO;
Cleveland. Cincinnati. Chicago & st. Louis. 400:
Consolidated Gas, 400; Continental Tobacco.
"a. 100; Continental Tobacco preferred, 800; Dem
yer & Rio Grande. 300; Federal Steel. 5i.1oo:
Federal Steel preferred. 1900; International
Paper, 400: Louisville & Nashville. Il, 100: Man.
haitian Consolidated. $4,000; Metropolitan Street.
railway, 1900: Missouri Kansas & Texas. 1000:
Missouri Pacific. IL 500; National Steel, 1920;
New Jersey Central. 1900: New York Central,
10. 600; Northern Pacific. 800: Ontario & West
ern. 100: Pennsylvania. ZOO; Peoples Gas.
"a. 900: Reading first preferred. 200; Reading
] second preferred. $500; Rock Island. 81. 700; st.
Louis Southwestern preferred, 5000; st. Paul.
q. 600: Southern Pacific. e.l0o; Southern Railway
preferred 100; Tennessee Coal and Iron, 1890;
Texas Pacific. 400; Union Pacific. $500; Union
Pacific preferred. IA. 200: United States Leather
preferred. 400: United States Rubber. 400:
Western Union. $500.
The New York stock market yesterday was
demoralized by Liquidation, both voluntary and
forced. and values melted away with large in
terests apparently a%pathetic. Marginal accounts
were wiped out and nothing escaped the furious
decline. The continuance Of bear pressure dis
heartened many and resulted in shaking out many
commission house accounts. The market was de-
void of general news features. but local New
York stocks reflected fear as to the probable ef-
feet of the Ford franchise tax bill. which 1t was
the general belief would be signed to-day. Lon
don purchased some 10000 shares. rendering an
easier tone to sterling exchange and acting as the
sustaining factor in the early dealings. Money
on call was strong. ranging from 80 to s per
cent. the latter ceing the quotation of the last
loan. Standard shares were thrown over in some
instances to protect specialties that were reced-
ing at an alarming rate. Forenoon show Of
strength tempted a renewal of short pressure
and liquidation which was practically continuous.
Among the weakest points were the Flower
stocks. which had risen the most during the long
bull campaign. B,ooklyn Transit suffering a net
loss Of IA. New York Air-brake 121s and Peoples
Gas over two points. Other declines among the
epecialties were American Tobacco. IA; Sugar.
Steel and Metropolitan s.: Continental Tobacco.
AZ: Manhattan. ~ National Steel. 4. and Con-
solidated Gas. 3 The railways suffered from one
to three points and there were so many other
weak spots that their enumeration would be
tedious. The bear faction was constantly on ths
alert for vulnerable points and ~stop-loss orders
were freely discovered. In some points the feel
issued to-day would show little improvement in
the winter wheat belt.
clearinghouse balances Of SIS. gil 900 were the
largest on record and the credit balance Of over
s3. 600. oo Of the bank which managed the pay
ment Of the Spanish Indemnity was the largest
ever liquidated at the clearing house. The sub
treasury's debit balance OF over SO. oOo. 90 is the
largest since 1890. The closing of the market was
weak. but final prices were we'll above the lowest.
considerably over 1000 600 shares.
There were a number of issues In the bond
market which ignored the downward tendency OF
the semi-speculative mortgages. which losses.
however. did not exceed fractional proportions.
Sales, $3.125.ooo. United States threes. the old
fours, registered. and the fves advanced u in the
bid price.
The following table. prepared by L. W. Louis.
Room II. Board of Trade. shows the range OF
nroto+yons.