The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-12
STOCKS THROWN OVER
FORCED LIQUIDATION AND ALL
SHARES TUMBLED EASILY.
Bankers Hustling for Money to Pre-
vent DemoraIfzing Statement Next
saturday-LOcaI Trade.

At New York yesterday money on call
was firm at 5aS per cent; last lSan D.
Prime mercantile paper, 4AG5 per cent
Sterling exchange was steady. with actual
business In bankers bills AT $4.S6AG4.s612
for demand. and s4.s294s3A for sixty days:
posted rates. sisi and $4S71s; commercial
bills. $4s2G4s21z.
Silver certificates. 59d5924c; bar silver,
59isc; Mexican dollars. 47lzc. At London
bar silver closed at 2714d an ounce.
Forced liquidation in evidence all day
Monday on the New York Stock Exchange
as the consequence of the efforts OF the
banks to reduce their deposit liabilities by
a reduction of loans Saturdays bank state
ment revealed the fact that the surplus re-
serves were approaching exhaustion with
the imminent prospect of inroads being
made on the legal reserve. having prepared
the speculative public for some such devel-
opment. Continued demand from interior
sources for money and payments for taxes in
the subtreasury confirmed the expectation.
The market went down under successive
floods of offers. At various times during
the day the pressure of selling seemed to
have exhausted itself. The rally in prices
at such times was feeble and the trading
became very dull. the demand being at a
an equal degree with the more speculative
industrials. This feature was doubtless due
i'm some part to the recent Discrimination on
the part of money lenders to accept the in
dustrials as collateral for loans. 1t was,
therefore, the standard stocks which were
thrown on the market by the calling of
loans. Aside from a few of the iron and
steel stocks, which have been under recent
m a for riC ho Ia
Tor the day were in such stocks as the
Changers and the trunk lines. There were
n few spots in the railroads that were rela-
lively firm. notably Louisville. Southern Pa
cific. Union Pacific and Northern Pacific,
The bears seized the opportunity of the
short lines. Brooklyn Rapid Transit was
notable sufferer and was raided down to
within of the recent low level and With
ton above the lowest. Metropolitan Street.
railway was also acutely affected and lost
do fuel rose in the early dealings. but fell
points below Saturdays level before the
close, Sugar was only slightly affected.
American Steel and Wire, Republic Steel,
both common and preferred, Tin-plate pre-
ferred. Continental Tobacco, Pullman, Ma
tional Steel. Manhattan and Peoples Gas
most of the active, railroad stocks ranged
between and points. The quotations for
ODD lots ranged above a full lot quotation
in most cases. indicating the presence of
bargain hunters during the decline. The
market totally ignored the tendency to re-
covery on foreign stock markets, although
London bought some 10000 shares in the
early dealings.
Call loans were made at 5 per cent. soon
after the opening and then rose to s, and
even per cent. and then dropped to ) per
cent; after the days needs l,aa been prac-
ticaiy all met: Possible needs Of the money
market was the subject of discussion In all
circles. The leaving on deposits of pay
ments for taxes is considered the most
available relief, and the presence in Wash
ington of an influential financial leader was
generally believed to be with the object of
urging such a measure. The present high
price of government bonds. which must be
deposited with the treasury by the banks
as security for government funds left on
deposit with them. is possible drawback
to this plan, though it is asserted that the
banks viii be able; to borrow government
bonds TO use for this purpose. The Ster-
ling exchange rate failed to yield in spite
of the tightness of money and buying for
London account, but exchange on Paris did
fall fraction.
Bonds weakened in sympathy with stocks
but the selling pressure was not severe. To-
tai sales. par value. S2299.OO0. United States
bonds were unchanged in bid quotations
Following Is list of stock sales with the
closing bids: