The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-05-02
QUICK SLUMP IN STOCKS
MOST OF THE ACTIVE SHARES
CLOSED WITH MARKED LOSSES.
Talk of Gold Exports Tended to En-
courage Liquidation from the
start-LocaI Trade Active.

| was AS per cent; last loan, per cent
Prime mercantile paper. 31AQ414 per cent.
Sterling exchange was strong, with actual
business in bankers bills at s4.S7A04.Ss for
demand and at s4.s5A04ss for sixty days:
posted rates. s4.s61z and s4SS12; commercial
bills s4s4A@4s5.
Silver certificates. s2Ad63l4c; bar silver,
s2Ac: Mexican dollars. i9c.
Total sales of stocks amounted to SOILS
| shares, including: American Smelling Com
pany, 1900 American Steel and Wire, Sc 900;
| American Sugar. &c, 800; American Tin-plate,
| 7,1O0; Anaconda, 1900; Atchison preferred,
17.100; Brooklyn Rapid Transit, al, 800: Chi
cago, Burlington & Quincy, IL, 400; Chicago
| Consolidated Traction. 1900; Chicago
Great Western, 5000; c., c., c. & st. L.,
! 500: Consolidated Gas, 1890; Continental
Tobacco Company, $500; Continental To-
bacco Company preferred. 1900; Delaware
& Hudson. 1900; Federal Steel Company,
5000; Federal Steel Company preferred, TO-
900: international Paper, $500: Louisville G.
Nashville, 1900: Manhattan Consolidated,
1890: Metropolitan Street Railway, $500;
Mexican Central. 1000; Missouri Pacific, TO-
go: National Steel 1890; New York Cen
trail. 14,7OO; North American, 500; North
| ern Pacific. 1850; Ontario & Western, 500;
Pacific Mall $500: Pennsylvania. 1880;
| Peoples Gas. of Chicago, 1900; Reading.
! 200; Reading first preferred, 1000; Read
/ ing second preferred, 6,400: Rock Island,
| 100; ST. Louis Southern preferred, $500:
| st. Paul, 15,10O; Southern Pacific, 1900,
| Southern Railway. 400; Southern Railway
preferred, 5000; T., c. & l., 500; Union
Pacific, 500; Union Pacific preferred, $500;
United States Rubber, 800; Western Union,
| 6,5oO
| The New York market suffered everely
| from liquidation and confident operations by
| the bears yesterday. The passage of the
Ford franchise tax bill early unsettled the
market because of the weakness displayed
! by the stocks most concerned. Supporting
| orders by parties largely identified with
various properties and covering by the
shorts steadied the market for while. and
some recoveries occurred. A renewal of
large offerings brought prices down in a
| semi-demoralized fashion, and the closing
| was at the lowest for practically all stocks.
| Stop-loss orders were met in variety of
| stocks, and the pressure continued to the
| end. The pronounced strength in sterling
| exchange aroused expectation in some quar-
tiers of exports of gold. but, although opin-
ion as to the probability Of this was divided,
there were enormous sales of both accounts
| in the market. Money ranged up to s per
| cent, but closed at half that figure. The
| sales by London of copper stocks recently
was one reason for the strength Of sterling
| exchange but the more immediate cause
was the transfer of the Spanish indemnity
| warrants for $40 900 to the representative
| Of Spain, who was reported to have called
| for Instructions as to the manner of trans
ferring the funds to Spain. This gave color
| to the rumor that the transfer had not
been anticipated in the sterling exchange
Il r1rnt htrt nf nm
| lecture. Some authorities were Of the opin-
ion that sterling exchange was unlikely TO
advance to point which would make gold
might arise within the next two months,
| there were those OF the opinion that the
recurrence of the necessity to finance in
| the Amalgamated Copper Company this
| week, would maintain money at rate
leave gold here, rather than ship it in any
| quantity abroad Among the extreme de-
| clines which early unsettled the list the
| local shares were most prominent, includ-
ing Consolidated Gas. 14A; Metropolitan
| i21s: Third-avenue, 9; Manhattan, 6ss, and
s Inc b1 f thee On gas
declines were New York Air Brake, II
bacco 8: Anaconda Mining. az: Interna-
| tional Silver, Az; Continental Tobacco, AS
and American Steel and National Steel. 4
ness in Peoples Gas, Tennessee Coal and
practically all the other industrials: From
the extreme depression there were but few
Tecoveries, among which was Air Brake,
Sih, and Metropolitan, Sugar and Third
| avenue, over a point each. Among the rail-
| ways the losses ranged up to 4A In North
| west. with the average elsewhere about 2.
The fresh outbreak of liquidation toward
| the close was associated with the strength
| of money.
| Yesterday being q bank holiday in London,
| there was no indication of the attitude of
| foreign spectators in the local New York
| RI nj
| the weakness of the day. but concessions
| were mainly unimportant. United states
| old fours coupon, declined u. and United
| states old fours. registered and the fives
| II I'm the bid price
The following table. prepared by l.. w.
Louis. Room IL. Board OF Trade, SHOWS the