The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-13
HEAVY LOSSES In SHARES
LIQUIDATION CAUSE 4 LARGE NUM-
BIER OF SHARP DECLINES.
Effect of the Bank Statement Appar-
ence-The Monetary situation.

NEW YORK, May 12-The position of the
local money market was undoubtedly the
source of the depression which ruled in the
stock market to-day. This was reinforced
by the anthracite labor situation as shown
by the suspension OF work to-day in the an
thracite region and by fears of a very un-
favorable report on the condition of the
crops as Of May to be made by the Agri-
cultural Department this afternoon. The
statement of the condition of the banks
on Saturday sufficiently indicated that
some recuperative process would be used
this week. The heavy decline Of over $6,OOG,-
co.. in the cash reserves of the banks had
little light thrown on it to-day and was a
good deal of a puzzle even to bankers. 1t
was argued that the trust companies might
be taking steps to build up their cash re-
serves IN accordance with an intimation
from the clearing house authorities and Ot
current public discussion and criticism Of
the present financial system. The only
additional light on the situation was the
report that a heavy shipment of cash was
made to Philadelphia last week in further
ance OF the transfer of the Choctaw. Okla
homa & Gulf, and which did not figure in
the routine transactions of the banks. The
pressure for funds outside Of the stock
market was most clearly manifest in the
sterling exchange market, In which there
was a violent decline of half "a cent on the
pound. There were large offerings of bank
ers' bills against further loans negotiated
abroad, and London was a free buyer OF
stocks during the first hour, thus helping
out the supply Of exchange. The statement
or the cOuntry's foreign trade for April
showing a decline in agricultural products
exported of over SIS. 100000 goes TO explain
the prevailing security OF exchange anu
the persistent fiImneSS of foreign exchange
up 10 to-day's sharp break. The total sales
OF stocks for the day, which were not much
IN excess Of half a million shares, showed
that the liquidation was not large and in
discriminate. The stocks which suffered
most seriously also indicate that the high
grade of the property was not an eXcep-
ton. 1t is recognized that high-grade
stocks have been lifted to prices unwar-
ranted by conditions, and apparently the
bankers made a systematic revision and
discrimination in collateral to-day. The
consequence was the melting away of some
recent unexplained advance in some of the
most substantial stocks in the list. The
COdlerS had the additional burden OF the
strike to carry. Union Pacific and Southern
Railway were conspicuous for comparative
nrmness during the whole day. The mar
ket closed steady at some recovery. Among
the days notable declines may be men
toned General Electric, p, with a recovery
OF is; Westinghouse Electric, IL; the first
preferred. 91a; North American. 6: Della
ware * Lackawanna, Is; Chicago, St. Paul,
Minneapolis & Omaha, l0H; New York,
New Haven a Hartford, s.; Chicago *
Northwestern, CH; Delaware & Hudson,
4B. Chicago, indianapolis x Louisville, So;
New Jersey Central, A: Long Island, 44.
The list o. declines running from 1 to D is
too long for enumeration here. Money went
10 10 per cent. to-day and receded to s only
after the principal demand was satisfied.
Bonds were weak in sympathy with
stocks. Total sales at par value were 49,
10000. United States new and old tours
and the fiYes declined II per cent. on the
last call.
Following are the days share sales and
the recorded price changes;