The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-12-17
MONEY FORCED UP AGAIN
Rates for Call Loans Jumped TO % Per
Cent. at New York Yesterday,
But Fell Back and Closed at 6 on Denials Of
Reported Large Exports OF Gold-Local
Holiday Trade Brisk.


Another FURRY in Money. Call Loan Rates
Shooting Up TO 25 Per Cent.
At New York. yesterday. money on call
was active. ranging from 8 to 20 per
cent. the last loan being made at Q. closing
offered at 6.
Prime mercantile paper. sac per cent
Sterling exchange was weaker with actu-
al business ut sl.s54 for sixty-day bills
and s4.SS for demand.
The total sales of stocks were $4,000
sbares. including: Atchison. 1900; Burling-
ton. 11,0OO; Chicago Gas, "a, geo; Distlllers,
9.0O0; Erie, $3.50; Louisville * Nashville,
1895; Manhattan. 1900; Missouri Pacific,
15.4c0; Northern Pacific, 14.60o; New Eng
land. l1,20c; Reading. 41.6O0; ST. Paul. 34.-
coo; Sugar. 5000: Union Pacific, Is, 400;
Western Uniep. $500.
As on Thursday, dealings on the Stock
Exchange turned On the gold export and
money question:. Early In the day all
sorts of rumors were in circulation about
exports of s., COO. 600 gold by to-day's Eu-
ropean steamers. and anywhere from
s., 0.COc to S7,et0. 900 next week. These ru-
mors were reiterated SO persistently that
finally the street really believed they were
true. A fact which added to the feverish
and uncertain feeling among the traders
was the action of certain bank presidents
in calling IN loans backed up as it was
by the talk from the same persons
that Europe will make extraordinary drafts
upon the gold reserves of this country dur
ing the next few months. Whether this
sort of thing is intended to check the out
How of the yellow metal or 10 Tor the pur-
pose of helping long or bear spectators IN
stocks has not yet been satisfac toriiy de-
conservative bankers and brokers OK press
the belief that the gold scare Will soon run
itself out. and are giving themselves 10
uneasiness over the situation.
The rates for call loans yesterday morning
were quickly advanced from z to Is per cent,
and stocks declined under q sharp pressure
20 sell. Then the money rate fell back toS
per cent, ana q rally ensued. the recovery
being assisted by q definit knowledge
that only $500. 900 gold would be shipped
been entered into at New York to export
gold to-day. In the meantime. also. the
activity In money had caused certain
banker to make sterling loans, and the
posted rates for bankers bills on London
were reduced to S4.S6 and S4.Sol2. Every
thing was moving along smoothly.
and the leadinglshares had rallied n to rs
per cent, when the rate for money was
euOOculy DlQ I'D 10 SUfU-O DER cent. IDS
started the smaller bulls on the run. and,
amid considerable excitement, prices went
lower than the figures touched during the
morning. Distilling and Cattle-feedinR.
st. Panl. Chicago Gas. General Electric.
Lead. Pacific Mail, National Starch and
American Sugar showed losses ranging
from la TO 3 per cont. In the final sales
there was q rally of SOHO owing 10 the
fact that money lent at 506 per cent. on
offerings by O ~weII-known ba~nkIng-house
with New York and foreign connections.
A Number OF stocks showed merely frac-
ticnal net changes for the day. Atchison,
Burlington * Quincy. Rock island. Louis
Vile * Nashville, Missouri Pacific. New
ENGLAND. Reading and Northern Pacific
left Oft practically unchanged. New Eng
land was strengthened by reports that the
New York 81 New LAYER had been check
mated In its efforts to secure control of the
Connecticut River road. The market left
Oft steady at the recovery noted.
Railway bonds were weaker. The sales
were 81 ,O56, 600. Reading first preferred i'm
comes declined u, to 74%; and preferreds
n. to Is. while second preferreds fell s.. 10
GA, and rose TO 6Sz. The three preference
incomes. after breaking Ia, TO So. recovered
TO 59ls. Richmond Terminal fives declined
-, to 42h and rallied to A. The skies broke
2, to Il and closed at "a. Texas Pacific
firsts fell 2k, to TIA and left OIL at rs. The
seconds were weak at 26l2 027A. The
Atchison md the Kansas q Texas issues
declined y to u per cent. The changes in
the other actIvefissues were unimportant.
Government bonds were steady. State
bonds were dull. Closing quotations were: