The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-12-16
EFFLUX OF YELLOW MONEY
New York Stock Market Affected by Con-
tinued Heavy Exports of Gold.
Call Money Forced Up to 10 Per Cent. at One
Time Yesterday-Locsl Trade In
proying-wheat 1-2c Lower.
NEW YORK STOCK MARKET.

"
The Foreign Demand for Gold Causes
/. Higher Rates for Call Money.
At New York, yesterday. money on call
was stronger. ranging from Al TO 10 per
cent. the last loan being made ut 8. closing
offered at IA.
Prime mercantile paper. sac per cent
Sterling exchange was strong with actual
business at e4.s6k 04s6ls for sixty-day
bids and s4.SSh 04.sSh3 for demand.
The total sales of stocks were 427.237
shares. including: Atchison. 5000; Burling-
ton. 1900; Chicago Gas, 19.300, DistIIlers.
b9.000; Erie, 1900; General Electric, $500;
Louisville & Nashville, 3.70o; Manhattan,
300; Missouri Pacific, 26.SO0; National
Lead. 30.000; National Linseed. 4.O0O; New
England. $500; Northern Pacific, preferred,
$500; Reading. %. 900; Rock island, 16. 900;
81. Paul. 1890; Sugar. 81, eco; Union Pacific,
14,0O0; Western Union. 10000.
Speculation at the New York Stock Ex-
change yesterday turned upon the strength
of the market for sterling exchange, the
continued export of gold TO Europe and the
furry IN the money market. The ship
ments of half q million gold yesterday, by
the steamship Russia. which is q slow boat,
attracted attention, as 1t was looked upon
as additional evidence tina the foreign de-
mand for the yellow metal was more urgent
than had been generally supposed. On top
OF this shipment came reports that $780,
600 would be shipped by Saturdays steam
ers. and that any where from S5.OOo.-
coo TO $40. 0O0.0 900 would go forward next
week. The sterling exchange market is
unusually bare of bills. and rates
are right up TO the shipping
point These matters UNDOUBTEDLY
who began to call in loans, and by their
action caused the rates for call money to
jump suddenly from AZ to ID per cent.
Many firms had loans called and they had
tating q stringency for which brokers III
some instances. at least, were quite I'M
prepared. The talk of heavy gold ship
ments directed attention afresh to the COM
duced spectators to made bids for calls on
gold TO run during 1893. So far as activity
and advance in the money market is con-
cerned 1t is said that while it may have an
adverse influence In the stock market it
Will also turn q freer movement of
cereals and cotton held on speculation.
Holders of shares on slender margins
showed great anxiety to reduce their
ventures, and Of this there was no lack of
manipulation for the purpose of help
ing the decline. The bears had the assiet-
ance of certain Ope rstors who recently
turned paper profits into cash and are now
desirous or r~epurchasing their stocks at q
lower range of prices. The only rally of
Importance occurred between IL and 12
o'clock when. under the leadership Of New
England, the whole list improved y to /
per cent TIL lowest quotations were
touched shortly before the close. Then Dis
Filling and Cattle-feeders showed q
decline of 3ts; Missouri Pacific, Manhattan
and Lead, common, ga: American Cotton,
24; Lead. preferred. 2ss. Chicago Gas and
General Electric. 2%; American Sugar, 17s,
and Western Union. Ia. The remainder of
the list yielded " to la per cent. Among
the specialties Richmond Terminal pre-
1erred broke 8, from the last previously re-
ported sale, TO 81. United States Rubber
common sold off II. and Ohio Southern 134.
Final sales were at merely fractional recov-
cries, outside Of Manhattan and Lead CON-
mon. which was l DER cent. above the low-
est price of the day.. Reading was conspic-
nous for firmness throughout. and shows q
net loss for the day of only Il. The market
closed unsettled.
Railroad bonds closed firmer. The sales
were s1.6l0.Oo0. Houston & Texas frsts
rose 8. to los.
Government bonds were dull. State bonds
MARA aokar Cloatnn M oua uroro.