The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-25
THE CLEARlNGS RECORD
ENORMOUS BANK BUSINESS FOLLOW
ING WILD SPECULATION.
Another Great Day on Change, with
Big Reactions from Mondays Prices
Local Trade Was Active.

the New York banks as we'll as in the Stock
Exchange clearing house. 1t is estimated
that if all the clearings had been made
through the former institution, as was the
case during the speculative era in the
eighties. the total clearings would have
reached $500, 0,0C0. The total clearings at
the banks clearing house yesterday
amounted to S347. 216,S33. The next largest
clearings were on Jan. 4. when they ag
gregated 1915, 236, 600. That was the largest
total since Feb. Is, 1881, before the Stock
Exchange clearing house was established,
when 1926 S21, 422 We're cleared in a single day.
More remarkable than the large amount of
the clearings was the small amount of the
bank balances, which aggregated only $12
156,453 about 31z per cent On jan A, with
less clearings, the balances amounted to $17,-
$4,000
At New York yesterday money on call
was steady at 214Q3 per cent; the last loan,
21a per cent.
Prime mercantile paper, 212Q3A per cent.
Sterling exchange was weak, with actual
business in bankers billsNat $4S412@4.S4% for
demand and at $4.S213Gl4.S2s4 for sixty days;
posted rates, $4.S31a and $4S515; commercial
bills, $3.50.
Silver certificates, 591z@6015c; bar silver,
$3.50; Mexican dollars, 47lsc. At London bar
silver closed quiet at q 9-16d an ounce
The total sales of stocks yesterday were
1,3S2,9S4 shares, including: Atchison, 22Z50;
Atchison preferred, 101, $50; Canada South
ern, 1880; Chesapeake & Ohio, 20,S3O; Bur-
lington, 1854: c., c., C. & ST. L.. 1886;
c., c., c. & st. L. preferred, 5000; Delaware
& Hudson, 4264; Denver & Rio Grande pre-
ferred, $3.50; Erie preferred, 1920; Illinois
Central 1000; Louisville 6, Nashville 17400;
Manhattan. 1886; Metropolitan, 5000; Read
ing preferred, 34.190; Missouri Pacific SO, 625;
New Jersey Central, 1000; New York Cen
trail, Is, 400; North American, q ,S25; North
ferred, 1913; Ontario q Western, 114,915;
Reading, 1920; Rock Island, 14CO; Union Pa
cific, 1850; St. Paul, 1900; Southern Rail
way, 400; Southern Railway preferred 1850;
Union Pacific preferred, G., $40; Wabash pre-
ferred $3.50; Paper $500; Tobacco, 1880;
Steel. 4, 30; Steel preferred S,265; Peoples
Transit. 1910; Pacific Mail, 19,0G0 Sugar,
1885,; Tennessee Coal and Iron, 1910;
Leather preferred 6,1O0; Western Union, 30
SIS; St. Louis Southwestern preferred, 500;
Chicago Great Western, q, 100
Enormous realizing and short sales of
stocks, yesterday materially affected the
in excess of q million and third of shares,
and at no time did prices of the higher
valued railroad stocks reach Mondays clos
ing figures. Heavy sales in the early DEAL
ings were caused partly by the lower range
of London quotations and there were numer-
GUS declines exceeding a point. sharp up
ward movement followed, support being ex-
tended to Michigan Central, Union Pacific
preferred General Electric PEOPLES Gas
Manhattan and Missouri Pacific New Jer-
sey Central, Tennessee Coal and Iron and
Federal Steel common were also lifted. The
trading element began to sell freely as the
effect Of heavy profit-taking was appre-
ciated. The market at first became dull,
as prices receded, but the selling gradually
assumed larger volume and quotations rap
CrumDlG0 ".
practically all stock traded in. In the alb
sence of unfavorable news the reaction was
attributed to technical conditions. By reach
Ing stop-loSS orders in the more active
shares material Slumps occurred in prices,
with as much as a point or more difference
in quotations between transactions. Money
continued easy and the banks were expect
ed to make another heavy gain in cash
this week. The movement of money from
the interior and California continue heavy
in favor of New York. The lowest Of the
day was made in the final hour, and selling
made earlier in the day. The extreme breaks
in the Vanderbilts ranged up to Az, in
Northwestern. In the Flower specialtti!es
brake, 6 points. The drop in the grangers
ranged from points, in Rock Island, to
81, in Burlington. Among. the coalers the
preferred. In the Pacifics the extreme drop
was points, in Union Pacific preferred.
Metropolitan "a each, Cleveland, Cincinnati.
Chicago & ST. Louis 2, Tennessee Coal and
Iron 2, American Malt and General Elec-
trio 21R New York, Ontario & Western,
the most active. stock on the list for the
day. dropped 21a points. 1t was estimated
that London at one time had sold 75,OC0
shares, a portion of which taken back
on arbitrage dealings later in the day. The
resistance the market displayed in the fore
noon, Notwithstanding the heavy assaults
made on it by the traders was explained
by the fact that during the progress of
the raids several prominent interests were
large purchasers. They professed to see no
change in the situation, pointing out that
there was no danger in sight of a scarcity
of money and that the market was likely to
receive support by the purchases made in
the interest of institutions and individuals
who had large supplies of funds seeking
employment. A number of wagers were set
tied to-day, when Missouri Pacific, on divi-
depd rumors, crossed Northern Pacific COM
mon in the forenoon's trading; A feature
of the market was the resumption of activ-
ity in the middle class and low-priced stocks.
The bond market displayed early strength,
but later yielded in sympathy with the re-
action in the stock market rke:s Total Tot les
tours coupon. declined n in the bid price
The following table. prepared by J.. w.
Louis, Room H. Board of Trade, shows the
range of quotations: