The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-06-26
PRICES OFFERED DOWN
BEA0S SUCCESSFULLY RAID STOCKS
IN WALL STREET.
Small Recovery In the Late Dealings
Failure of German Bank En-
cites Much Uneasiness.

NEW YORK, June 25.-Prices Of stocks
reacted sharply to-day and were carried
down under such active selling as has not
been seem in the market for several weeks.
This development did not make itself felt
until late in the day. and after such a
period of neglect and apathy on the part
of speculative and investment interests as
in itself invites attack on prices by pro-
fessi9nal bears. There was a continual
slight dribble of stock on the market under
which prices slowly but pretty readily
yielded, except for a few special cases,
where a desutory speculation for the rise
conferred or where buying was guided by
causes individual to the stocks. These
were entirely without influence on the gen.
eral list. rather general tendency TO re-
cover from some opening declines had the
edge taken off by the first bulletin an
nouncement of the suspension of an import
ant bank in Leipsic. The course of German
bank shares for the last few days has in
dictated an unsettled condition of affairs in
Germany, and to-day's occurrence arouses
apprehension that the coming semi-annual
settlement in Berlin may be the occasion
of a more or less extended collapse. The
recent failure of a bank in Dresden re-
vealed such a state of involvement with
formerly inflated industrial securities,
which had suffered from the industrial de-
preston in Germany, that the credit of
many industrial enterprises was consider
ably undermined. The fear of a crisis has
probably prompted the Imperial Bank of
Germany to recuperate it's resources TO their
present extraordinary strength With the
gain in cash this week and the receipt next
week of the New York gold shipments, the
banks cash reserve will be lifted to near
$3.50 100000 The banks outstanding note
issues are also nearly s100000,0e0 below the
legal maximum exempt from taxation, so
that the German money market is UNI
usually we'll equipped to meet crisis. The
consideration of these conditions made the
speculative mind sensitive, and late in the
day, when many rumors began TO circulate
of local banking troubles, there was a live
ly splitting out of stocks all through the
list. The bears made the most of their I'M
expected opportunity and offered prices
down boldly while the rumors were at the
in breaking through the defense which had
been established and heavy stop-loss orders
were uncovered. Stocks with any large
speculative accounts in them were natural
ly most affected. ST. Paul and Missouri
Pacific were conspicuous In the decline, as
were a number of less prominent stocks
which were marked up in the early deal
ings. The drop in ST. Paul extended 10
FIVE points. When the nature of the investi-
CATION being made by the clearing house
association to the condition or analrs
between banks and the association became
more generally known, and 1T was an
nounced that no action would be necessary.
there was a lively scramble on the part or
the professional shorts TO cover and the
rally in the principal active stocks was be-
tween one and two points. The closing was
not free from feverishness ana was rather
irregular. The money market was not dis
turbed the somewhat easier tone OF yester-
day being maintained.
The bond market was affected by the late
selling but in much less degree than
stocks Total sales, at par value, were
81 10000. United States refunding twos and
new tours advanced "A per cent. on the last
call.
Following are the days share sales and
the closing bid prices: