The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-01
SHARP FALL in SHARES
ANTE-ELECTIoN CONDITIONS USED
To ADVANTAGE BY BEARS.
Prices offered Down, the Close Being
Below Tuesday Night All Around
Review of the Month Locally.

AT New York yesterday money call was
steady s14 per cent; last loan. per cent
Prime mercantile paper, SOS per cent
sterling exchange was firm. with actual bust
ness In bankers bills at $4.s4Q4s4A for demand
and sl.Spg4. s0s4 for sixty days; posted rates,
81 sIlzGi4s IS: commercial bills, s4.Tsi3Q4.sO
Silver certificates were 6isGs54c; bar silver,
sszc; Mexican dollars. 501zc. At London silver
bars sold at % 13-l6d ounce
The New York stock market became still fur
Their involved I'm apathy and indifference yesteT-
day. business was strictly in the hands or pro-
fessional traders. and they did push their
transactions in a very energetic manner. Tho
rally which developed late Tuesday, in sympathy
with the sudden upward movement in Southern
Pacific, retained some force in the morning, with
the evidence of continued buying in that stock.
The opening level of prices higher than
Tuesday night. and there was some further adj
vance. but when it became evident that the buy
ing orders in Southern Pacific had been filled
the market fell into sort OF lethargy. The re-
suting tendency TO sag developed very grad
ually until near the close. when the professional
bears took courage and offered prices down.
The experiment proved that buying orders
very scarce for considerable range below the
market, and sharp declines estao-
Ished before meeting any demand. AS a result
the earlier gains were completely wiped out and
the market closed below Tuesday night all
. around The weakness most marked in the
high-priced industrials the local traction stocks
and the steel stocks. In the railroads, the Pa
cihc were conspicuous on the decline, Northern
Pacific falling almost point below Tuesday
night. while In Southern Pacific. Union Pacinc
and Missouri Pacific the decline from the best
point The conditions affecting the
ket the same Tuesday, namely. a dis
inclination 10 enter further on speculation until
after the election. The decline in Tennessee
Coal coincident with reports OF dissatisfac-
continued quiet and easy, but IL Is not improba-
bic that future prospects have repressive
dency upon speculation. Receipts OF 81. 100 900 in
gold from Europe yesterday and subtreasury
contributing causes 10 the OF the market.
The Official report OF subtrcasury operations in
dicates that the banks have gained from that
institution since Friday 81 l540u0 but il is be
remembered that the banks drew over the coun-
the suhtreasury on Sriday last some
s.. 800, 600 account OF Austria Ian gold as to
figure in last weeks bank statement thus ac-
counting for the unexpected increase in the cash
reserves Saturday. While this transaction
has already figured in last Saturdays bank
statement, IL Is included in the statement of the
eUDtreasury operations, and must be allowed
for IN estimating next saturdays bank state
naent from the subtreasury figures Discounts
both IN London and In Berlin advanced sharply.
rnents, but in London IL is evident that The
Bank OF England's effort to stifen the open
market rates for money Is meeting with success
and sterling rates both here and in Lodon ana
Bonds way at some points in sympathy
with stocks, after having shown strength in the
early dealings. Total sales at par value were
81. $1,000 United States bonds were unchanged
the last call
Following are the days share sales and the
closing bid prices.