The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-14
WIDE BREAK In STOCKS
EARLY LIQUIDATION CAUSES HEAVY
DECLINES IN PRICES.
Later Recovery Wipes Out Nest of the
Gafns-The Monetary Situation.

NEW YORK, Oct. 13.-The violent and al
most uncontested break in prices of stocks
this morning and practically complete re-
covery this afternoon is the history of to-
days market. The closing prices showed
sprinkling of net gains among some of the
most important stocks on the list, reaching
a point in Reading and Ontario & Western.
At one period before noon there were
ragged declines indicated of all the way
from one to twelve points from Saturdays
level, many of the leading speculative
stocks having lost three to four points in
the two hours of trading.
Sentiment in the street seemed mixed be-
fore the opening between the contending
influences OF the reports that a settlement
of the coal strike had been arranged and
the admonition contained in the Saturday
bank statement that there must be further
contractions Of loans placed in the stock
market. The latter influence swept away
all other considerations, and with the ex-
ception of a momentary rally after the
opening, due to the taking of bear profts
by Saturdays short sellers. the market pur-
sued a steady downward course under
continuous stream of liquidation. 1t was
evident that further selling out on the part
of some Of the large speculative pools was
going on, presumably under pressure Of the
demand from money lenders for repayment
of loans The Gould Southwesterns and
some Of the stocks in which the so-called
Western contingent have operated largely
were notably affected. The recent tenden-
cy of high-Priced investment stocks, which
had been pushed to an extraordinary level.
to break violently on small sales continued
In evidence in the cases of American Ex-
press. United States Express, Lackawanna,
Delaware e. Hudson, Great Northern pre-
ferred. General Electric and similar stocks.
When the liquidation first showed signs of
decreasing the bears caused sharp rally
by covering of shorts, after which the mar
ket lay sluggish and neglected for an hour.
The speculative sentiment then yielded to
the influence of the hopeful feeling that the
consultings and activities of the financial
and operating powers of the great anthra-
cite companies would lead to substantial
results in the settlement of the coal strike
Any admission of change In the deadlock
was impossible to obtain, and the unvary-
ing assertion on the part of the operators
dealt only with the possibility of improv-
ing the output of the mines under protec-
ton OF the military by the seceders of the
strike. But the action of the market re-
Elected the faitt that developments were
forthcoming looking to a settlement.
Reports received over Sunday over the
receipt Of several parcels of gold from
Europe and of an expected arrival within
two weeks at San Francisco of 81, SOC, 900 adj
ditfonal Australian gold were powerless to
offset the depressing influence Of the bank
statement Money went to Is per cent soon
after the opening. Sterling exchange broke
sharply. but discounts in London responded
with an advance. The coming weeks syn
dictate requirements, which foot up some
SO.0O0,OO0. were considered formidable in
view Of the money situation This includes
another 100000 payment on the purchase
control n g. Va =
O00, 900 on account OF new B. & o. stocks and
Sl2 0O0, 600 on account of Pennsylvania 315
per cent. convertible warrants. The mar
ket closed with the rally in full force and
prices at the top level.
Bonds weakened and recovered I'm SYM
pathy with stocks. Total sales at par value
were $4,545.0OO. United States new and old
fours declined u per cent. each on the last
call.
The following table shows the range Of
stock prices on Monday: