The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-09
UNLOADED THEIR SHARES
wALL-sTREET LONGS IN ACTIVE
LIQUIDATION YESTERDAY.
Result Was N Marke Fall I'm Prices,
Especially I'm the Railroad List
Local Trade Active.

At New York yesterday money on call
was steady at 2a2l1s per cent; last loan,
~ per cent.
Prime mercantile paper. 3hd4k per cent.
Sterling exchange was steadier. with
actual business in bankers bills at S4.SSA
for demand and s4.s4% for sixty days;
posted rates. As5h and s4s9q4.S9h: COM
merciai bills. $ls3AG4sfk.
Silver certificates were 6OdeOhc; bar sill
yer. 5s%c; Mexican dollars. 471zc. At Lon
don bar silver was steady at 27ikd an ounce.
The prolonged listlessness on Change
gave way TO an outbnrst of active liquida-
ton yesterday. and prices suffered severely
as a result. In the railroad line losses be-
tween 1 and 2 points are the rule. and in
Stocks in which bull manipulation was per-
sisted in. in face of a gathering evidence
of depression. naturally suffered the most.
Baltimore & Ohio stocks were foremost In
this class. the common losing over 6 points
and closing at the lowest. while the pre-
ferred is go lower than Mondays close.
Missouri Pacific was another example in
the same class. and declined 2s on very
heavy offerings. IN spite of spot buying on
a scale down. The sharp break in prices
came generally as a surprise. and the room
traders. contrasting the wide movement of
prices with the small effect produced by
their best efforts for a week past were IN
clined to look for an explanation to ths ar
rival within reach OF telegraph facilities of
the most successful bear leader Of the past
year. who landed Monday In England after
a week at sea- But there was nothing in
the trading that would make a bear raid
sufficient to account for the action In the
market. The liquidation of long stocks was
clearly In evidence. The large offerings in
one or two stocks in the railroad group.
which were q feature, and which were be-
sieved to be the letting go of speculative
accounts by large interests, were evidently
the forerunners of yesterdays liquidation.
The weekly statistics Of railroad traffic
made up at Chicago, and possibly held after
Mondays market was closed, were sufi-
cient explanation for the selling. They dem
onstrate conclpsively that the reactionary
tendency has begun to have a marked Eff
feet on railroad traffic, as 1t has been
feared 1t would 1t Is apparent that many
owners Of railroad stocks have been hold
traffic would not be materially affected.
But with large declines both in the receipts
and shipments IN Chicago, and with freight
9ha ais. OK Il eastern ssc r Lines , c1mpiainins ABOUT
threatened the market yesterday, and
found few bidders to take them The bear
traders, Wnen they saw now Things were
going, joined In the selling, and their buy
ing at declines to cover their short con-
tracts CAV the only occasional checks to
the downward course Of prices. The neces-
sity, which is now clear, of a reduction of
prices throughout the business world in
order to Induce sufficient ~consumptive de-
mand to absorb the largely increasing pro-
ductton, gave occasion for depressing opin-
ions OF the outlook. Fears are felt that a
readjustment OF wages and a course of la
Dor troubles may be the result. Not much
attention was paid to the question Of fur
ther gold exports. as the money market
shows no effect OF apprehension on that
score, nor on that of the cessation of the
outgo to the market from the subtreasury.
The continuing ease OF the money market
IN face of these factors Is regarded as cor
roborating the fears Of business reaction.
The comprehensive outlay for improve
ments by some OF the railroad companies
and for extension OF control are also be-
ginning to be looked on with apprehension
and to affect unfavorably the stocks of the
companies. Steel and Wire and Federal
Steel were rather notable exceptions to the
general weakness on account OF the ex-
tensive liquidation already effected In them.
Bonds were active and weak In sympathy
with stocks Total sales at par value were
s ,160,0 900. United States new fours declined
n. and threes. coupon, advanced Y in the
bid price.
Following are the days share sales and
the closing bid prices: