The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-04
A RECOVERY IN STOCKS
DECLINE, At ONE TIME LIKE A PAN
&c, WAS LATER OVERCOME.
Talk of Call Loans Falling to 1 Per
Cent. in the Near Future-LO-
cal Trade Active.

At New York. yesterday, money on call
was firmer at 2lzQS per cent; last loan, 2la
per cent.
Prime mercantile paper 21zq3A per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4.S414@4S4l5 for
demand and at $4S9A@4SSl1 for sixty days;
posted rates. S4.S41a and $4.S615; commercial
bills, $4S215.
Silver certificates, 59lad6015c; bar silver,
5914c Mexican dollars, 47c. At London, bar
silver closed dull at 27$sd an ounce.
Total sales of stocks yesterday were $751;
400 shares, including: 1920 Atchson. $3.50
Atchison preferred. 1920 Central Pacific,
141SO Chesapeake & Ohio, 1880 Burlington,
$500 Cleveland. Cincinnati, Chicago & st.
Louis, 1920 Denver & Rio Grande, 5545
Denver & Rio Grande preferred, 5,16O Illi-
nois Central 1920 Louisville & Nashville,
5eO2O Manhattan, 1880 Metropolitan, 23SSO
Reading preferred, 12,147 Missouri Pacific,
1910 Missouri. Kansas & Texas preferred,
12,O2O New York Central, $1,000 Northern
Pacific, 1880 Northern Pacific preferred,
$40 Ontario & Western, 10000 Reading, A.
800 Rock Island 24,45O st. Louis e. San
Francisco second preferred, 1920 Union Pa
cific. 2292O Union Pacific preferred, 2S,3O0
ern, 1850 Southern preferred, 1900 Texas &
Pacific, $500 Wabash preferred, 5000 To-
bacco Al, 200 Steel, 1890 Steel preferred,
1920 Peoples Gas, 5.925 Consolidated Gas.
25,72O Brooklyn Transit. 1885 Pacific Mail,
$500 Sugar. 22,675 Tennessee Coal and Iron,
$3.50 Leather preferred. 5,S25 Rubber, 5000
Western Union. $40 ST. Louis & South
western preferred, 1850 Chicago Great
Western.
New York stock values received a severe
test yesterday, the market at one time Dor
dering on the panicky stage, through the
enormous outpouring of stock from profess
sional and commission house sources, but
the day left off with irregular changes of a
fraction either way, with the tone strong.
Before the opening it was argued that
Thursdays market showed that a reaction
was under way, but it was contended that
the forces resisting a decline, in the alb
sence of extremely unfavorable news would
not likely allow prices to recede very lar.
The absence of decided tone to the early
market was, in part, due to the expression
of prominent bull leader that the market
had a tired look, but the outside did not
know what to do with their money and II
the market rested a week or two, per cent.
money would be probable. The market
opened rather irregular, the Srangers show
ing a moderately good tone on st. Pauls
PAOAsVOp
January The specialties were inclined to
sag and commission-hous support was only
moderate. such strength as there was IN
the market disappeared under professional
pressure. There was an absence of sup
port from large interests and realizing set
in which gave the bears encouragement for
a vigorous demonstration which, after
feeble rally. resulted in many stop-loss or
ders being caught. 1t was said on the floor
that heavy selling came from Washington
and the rumor gained currency that the
ratification of the peace treaty was in
jeopardy. The market felt the effects of the
heavy realizing that took place last week
and this. The lowest prices of the day
were shortly after noon. The grangerS were
down from 13s in st. Paul to 212 in Burling-
ton; the coalers from ~ in New Jersey
Central to 212 in Reading first preferred. In
the Pacifics the range was from IA to 212,
the maximum loss in Southern Pacific. In
the specialties the decline was even more
pronounced, ranging from about points in
Sugar and Tobacco to in New York Air
Brake In this group Manhattan and Ten
nessee Coal each lost 3%; Peoples Gas,
Brooklyn Transit and Federal Steel about
8 each, and Consolidated Gas, 3A Lake
ferred stocks Of Great Northern and Iowa
Central about points EACH The declines
were very general and embraced almost ev-
erything of consequence, as is indicated by
the above details. Large orders appeared
when the bear movement appeared to have
lost it's force, and liquidation quickly
ceased. The bull leaders took hold of the
various specialties and helped the recovery
which continued practically to the close,
profit-taking. Traders, generally took the
long side for turn, on the idea that much
of the weak-held stock had been transferred
to stronger interests. Among the stocks
which responded most readily to the recov-
cry were New York Central, Pennsylvania,
St. Paul, Burlington, Sugar Reading first
Coal, Consolidated Gas and Manhattan.
Metropolitan Street Railway made a very
handsome gain for the day. 1t rose a point
in the initial dealing, broke and rallied
1012. The buOyancy in this stock together
with the resistance shown by New York
Central on the break made them leaders in
the recovery. The advance in Metropolitan
Street Railway was said to be based on the
belief that the Metropolitan Company had
obtained control of the Thrd-avenue line.
Standard Oil stock dropped from 450 bid,
last night, to offered at 412 on curb to-day,
with transactions at Ais, and then rose to
$40 and closed at 435043S. The opinion was
entertained in some quarters that the extra
dividend on the stock would be considerably
greater than the actual allowance of 8 per
cent, which was made. Consequently, dis
appointed holders who had bought previous
~, in expectation of handsome distribu-
ton, offered their stocks. and, in the alb
sence of a market, speedily brought about
the slump
The bond market yielded sympathetically
with stocks, but did not display much re-
operative power when stocks rallied. Sales
81, 900. United States new tours, common,
declined 1s and the fives advanced "A.
The following table prepared by L. w.
Louis. Room IL. Board of Trade, shows the
range OF quotations: