The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-10-04
CONDITION OF THE MARKETS
4 Quiet and F~eatureless Day for the
Spectators in Food Products.
Wheat Showed Some Early Strength, but De-
clined at the Close-No News of Any
Value Either Way Received.
MONEY, STOCKS AND BONDS.

The Notable Scarcity Of Cash Gives the .Bears,
the Opportunity for q Heavy Raid.
NEW YORK, Oct. 3.-To-day was an
other day of tight money. loans being
made as high as 10 per cent. on call and the
majority of loans being at a higher rate
than z per cent. More apprehension is felt
In regard to the situation than on n pre-
vious day this week, and fears of trouble
are expressed should the ~stringency con-
tinue tomorrow. The range was from 6 to
IL per cent. the last loan being made at 6,
closing offered at 5 per cent.
Prime mercantile paper 5l207ls per cent.
Sterling exchange quiet but steady at
<4.s3 for ~sixty-day bills and s4.s712 for de-
mand.
The total sales of stocks to-day were 3d.
055 shares, including the following: Atchi-
son. {, 1885; Delaware, Lackawanna e. West
ern, 1904; Louisville & Nashville, $500;
Missouri Pacific, $500; Northwestern, 1880;
Northern Pacific preferred, 1888; Reading,
6O,340; st. Paul, H,915; Union Pacific, $3.50.
The money market settled down to-day
with exasperating slowness, but had more
influence to-day than during the past few
days. The market was decidedly weak
throughout the entire session, and on some
stocks the bears jumped with both feet,
aided principally by the fear of further
gold shipments. engendered by. the fact
that the reserve of the Bank of England is
down to 1873 per cent, against 42.15 per
cent. last week, when the advance on the
rate of discount was made. There was no
further advance made to-day, but
iieved to have gone there, and the
negotiation of q large loan to Brazil
by the Rothschilds makes it almost certain
that more gold will be needed to fill the
gap. The market opened with o steady
ately and the pressure was again specially
severe gainstAtchisOn for no particular rea-
son, and against Cotton Oil, which has been
so firmly held through the weakness of the
finally brought Sugar along with it. The
Chicago people were very prominent in the
selling of this stock. and they also sold st.
Paul literally on the decrease in the earn
although the fact that it contained one day
less than it did last year is well known.
Manitoba and Burlington were noted
exceptions to the rest of the list. being
strong all the way ont although the former
had a severe setback In the afternoon. As
the day wore along the pressure extended
to the entire active list, inc even such spe-
c~ialties as Pullman were affected, and
prices steadily declined. without impor-
lance. The market closed active and weak
at the lowest prices of the day. Almost
everything on the list is lower, and Cotton
Oil lost 3Ss; Manhattan. pa; sugar, 17s; At
Gibson. 2os: st. Paul. Reading and Pullman,
III each; Missouri Pacific. liz; Lackawan-
ma. New England and Northern Pacific pre-
ferred, 1 per cent. each.
The railroad bond market, although deal
ing extended to a large number of issues.
was still dull. and except for a few wide
movements among the inactive issues, was
entirely devoid of feature. The
as usual, were very irregular, but the gen.
eral tone of the transactions was weak,
and losses are noticed in a majority of the
list; The total sales reached only 1886. 600,
and no special animation was shown in any
part of the list.
Government bonds were dull and steady.
State bonds were entirely neglected. Clos