The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-08
ENTIRE LIST AFFECTED
HEAVY LIQUIDATION CAUSES SUB
sTANTIAL LOSSES IN STOCKS.
Much Was Made Of Governor Stones
Order tn Call All of the State
Troops Out for Strike Duty.

NEW YORK, Oct. There were many
shades of sentiment reflected in the stock
market to-day, but they all gave way to
acute depression in the late dealings. and
the day shows substantial losses through
out the list. Very large pool liquidation
was accomplished during the day under
cover of the earlier strength and in the
heavy selling on the break. The character
of the manipulation and the special stocks
which we're most affected by that and by
the liquidation pointed to the individuality
of the best known operator in the street,
who has espoused the long side since a re-
cent return from Europe and who has been
supposed to be intrusted with the market
interests of some of the largest financial
powers, including the United States Steel
stocks.
Southern Pacific was very conspicuous In
the dealings. A recent decision, publicly
announced, to issue 100000 of bonds with
a view to provide funds for betterments
and allow the inauguration of dividends out
of earnings were the occasion of large
speculative commitments in the stocks. The
directors nave caused the announcement
to be quietly made this week that the time
is not now considered propitious for the
Southern Pacific bond issue. This is be-
lieved to be not in accord with the view
of the large speculative holder of the stock
who liquidated his holdings to-day. Penn
sylvania was also heavily sold, presumably
by the same large operator. The early ad-
vance in prices offered excellent opportun-
ity for this liquidation.
The upward rush of prices at the OPEN
ing was supposed to point to the compile
ton of the liquidation which the local
money situation makes necessary, and
there was considerable demand from shorts
and from bargain hunters who have been
watching for bottom prices. Much was
made of the orders by the Governor of
Pennsylvania to place the entire militia of
the State into the field. A strong influence
was exerted by the announcement from
Washington that the secretary OF the treas
ury would buy government bonds IL any
were offered at satisfactory prices. This
was not considered a very promising pros
pect on further consideration, and 1t is be-
lfeved that preparations being made to
offer a block of bonds to the treasury Is
designed to test the official idea of prices
rather than with the hope of effecting an
advantageous sale.
When the market opened lenders of funds
were demanding II per cent. for call loans,
and the market promptly took a downward
course. 1t was not until midday, however,
that the selling pressure gained great force.
The drop from the top to the bottom level
covered a wide range, but the days net de-
clines are much diminished by reason OF
the early advances and the Anal rally,
which made the closing steady Money be-
came easier during the day both by reason
of the relief afforded by liquidation of
loans and by the reported announcement of
the arrival of So, zoo 5000 Australian gold at
San Francisco. which can be made avail
able in New York by Geographic transfer
through the Treasury Department. 1t is
argued that the more liquidation has been
accomplished the nearer the end of the de-
cline in prices must be at hand. Money
was easier both in London and Berlin to-
day. and sterling exchange reacted here
with the departure of a fast steamer for
Europe and a relaxation in the urgent de-
mand for remittance.
Bonds were weak in company with stocks.
| Total sales at par value were 81, $40, 900.
United States threes, registered, advanced
Y. the new tours a and the old tours and
fves Il per cent. on the last call.
The following table shows the range of