The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-12-21
SPECULATORS RESPONSIBLE
The Furry in the New York Money Mar
ket Dae to Nanipulators of Stocks. /,
Yesterday the Stringeney Vas Relieved. and
the Rate for Call Leans Went Down TO
per Cent-LocaI Trade Improved.
NEW YORK STOCK MAKKEr.

Money Resumes Its Normal Rate ana IN
dustrial Shares ADVANCE.
At New York, yesterday. money on call
was easier. ranging from 4 to Is per cent.
the last loan being made at 4. closing offered
ct L.
Prime mercantile paper. sac per cent
Sterling exchange weaker. with actu-
al business at e4.s43 04.s5A for slxty-day
bankers bills, and s4.S704S7h for de-
mand.
The total sales of stocks were 372. 600,
shares. including: Atchison. 6.5oO; Bur-
~lington, 5.6CO; Chicago Gas. 5000; Lack
awanna, $500; Disabling. 77.0OO: General
Electric. 4,0o0; Missouri Pacific, $500; Ma
tIonal Lead. $780,: National Cordage. A.
OOo; New England. $500; Northern Pacific
preferred. $500; Reading. $500; Rock ISL
and. 5000; ST. Paul, 1900; Sugar. $1,000;
Union Pacific. 3.7O0; Western Union. 5000.
There was q complete change In the finan-
DIAL as well as the speculative outlook at
New York yesterday. Efforts were made
IN certain quarters to prolong the strin-
rency In the money market. but they were
futile. because the high rates of interest
induced bankers TO make some large ster-
ling loans, thereby depressing sterling ex-
change and putang q stop To the apprehen-
sions in regard to the export movement In
Tor export yesterday was that of 100000
by August Belmont q Co. Call loans
opened at ~ per cent. and advanced to ID.
but soon dropped to g.. At this juncture
the offerings were largely In excess Of the
demand. md q decline to 4 per cent. en-
sued. 1t is now evident that the furry in
the money market Monday was due largely
TO manipulation for the purpose of depress-
ing certain stocks, like the strials, on
Wninh thu hQnEa and fpQnGiQl lnGfltnflOnQ
generally have been lending money freely
of late. These facts wero made so clear
that speculative sentiment on the Stock
Exchange underwent q complete change.
Prices advanced sharply and there were no
reactions worthy Of the name ct any hour
of the day. The industrials were natural
ly the features because of the accumula-
ton of an enormous short interest and the
critics gave them vigorous support. Dis
tilllng and Cattle-feedlng advanced D,
Chicago Gas. 27s; General Electric. 27s;
National Lead. 2ss, and American Sugar,
Is.
The railroad list improved TO she extent
of y to "a per cent. outside of Manhattan.
which sold mp ga, to 1864. There was q
steady absorption of the grangers, Mis-
sour Pacific. Union Pacific. Western Union.
Louisville & Nashville. Reading. Lacka-
wanna and Northern Pacific preferred, but
Rock Island was really the feature, it hav-
ing been the first to advance. with contin-
ued purchases by leading houses right up to
the close of business. Final quotations
were y to y below tho highest, but the
tone of speculation was firm.
Railway bonds were stronger. The sales
were SI.OS2.0c0. Central Ohio firsts ad-
vanced pa, TO 1884; New England firsts 8.
to 123Ia; Morris x Essex seveDs pa. to 1874,
and Richmond Terminal Us, to AIS. Atch-
lson and Reading issues advanced any,
where from IS to Ia per cent. Rock Island
.frsts declined Ia. to 124l4; Utah Southern
generals j. TO 102ls. and Rio Grande West
ern firsts i. to 7S4.
Government bonds were steady. State
bonds were neglected. Closing quotations
were.