The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-10-18
MAY SOON BE A GLUT
Money Pouring Into New York
Banks at a Rapid Rate.
Call Rates Now 1-2 to 2 Per Cent
Fairly Active Speculation in Stocks
Trade at Indianapolis.

The monetary situation at New York con-
tinues to improve. Currency in large
amounts has reached the banks from out
side points during the past three days,
mainly from Chicago and fully 100000 in
currency has been received since last Fri
day. Yesterday money on call was easy at
11zQ2 per cent, the last loan being made at
III. closing offered at 11542.
Prime mercantile paper was sac per cent
Sterling exchange was weaker, with actual
business in bankers bills at s4S4sl@4.S5 for
demand, and at As2AG4S3 for sixty-day
bills. Posted rates were Asiq4S6. Com
mercial bills were $fSA@4S1l..
Silver certificates were 731zQ733sc. Bar
silver closed at 73c per ounce; at London,
s37sd.
The total sales of stocks at the Exchange
were 1884, 400
There was a fairly active speculation yes
terday and large blocks of Distilling, Read
ing. Sugar and Chicago. Burlington &c
Quincy changed hands. But 1t a
brokers market almost entirely, and the
dealings, even during the brief periods of
strength which served merely to stem the
downward movement temporarily, were
feverish and irregular. There was at no
time during the day what might be called
strong buying; except In Distiiiing, which
was bolstered up by the announcement of
the befoIe-repeated story that the distribut-
ing company had been brought TO terms,
and that favorable congressional action was
to be anticipated On early purchases the
stock advanced rs per cent, TO "a, but up
reaching this point IL seemed TO have
lost all its support and sagged off during
the afternoon, closing at 3ll2, decline on
day of rs per cent Reading declined stead
fly from the opening on heavy selling based
on decreasing prospects of preventing the
sale of the company's collateral held for
the Speyer loan. The lowest point was
touched shortly after noon, when a de-
cline Of liz per cent. had been recorded.
Then came reports of efforts being made
TO prevent the sale, and probability of
success. which led to a recovery of q per
cent, the closing being within Is of the
best figures, but l per cent. below yeSter-
affected by reports that the company was
In the market as large money lender and
advanced rs per cent. only. however. to
ally recede until the close, when decline
OF 1% per cent. from the highest point was
established
higher at the opening and an advance of
IL was made, In which the industrials
vcloped however, within the first fifteen
minutes of business, under the influence of
which values deprecated and, with
casional feeble rally, the tendency OF
the day. the close being heavy at declines
ranging from Il to per cent. the latter
Rock Island; Ia In G, G, G & st. L., and
Duluth, South Shore & Atlantic; IL in
Manhattan, Consolidated and American To-
baeco; 1ss in Chicago Gas, General Electric,
Lake Shore and New York & Northern:
rs In Missouri Pacific and 1 per cent. in
Reading. Some few shares showed adj
vances on the day, including Laclede Gas,
1M; Wheeling & Lake Erie common IL;
Wheeling, & Lake Erie preferred and Della
ware. Lackawanna & Western, l. Pacific
Mail opened at a decline of Ia but rose
1h at the close. DeS Moines & Fort Dodge
preferred sold at &C. an advance of per
cent. on the last previous sale.
The railway and miscellaneous bond list
was irregular and unsettled, the prevailing
tendency being toward weakness. Govern
i,lent bonds were steady. State bonds were
inactive. Closing quotations were:
United States tours, reg. 11Oai
united states tours, coup. 110H
Pacitlc skies of ACKNOWLEDGEMENTS. 1O2
xeciiIsoAi ....-.--..-......... 17A
evans Express: .l4O
Alton 4 Terre Haute. ...-.........-. 90
Alton & Terre Haute preferred. .....15O
american Express. .......................110
Chesapeake e. Ohio. ..............15 ISL.
chicago, Burlington & Quincy IA
-, T., C. d ST. LOUISE. 30A
Delaware. Lackawanna & Western. 152&
EoTI wayne. ..--...-.................146
Lake Erie & Western. Observation-Disclosures ID
Lake Erie q Western preferred. Co
Lake Snore-. 10
Lead Trust. ACKNOWLEDGEMENTS 5%
Louisville e Nashville. ..... Az
Louisville & New Albany. IA
Missouri Pacific. OBSERVATION-DISCLOSURES
New Jersey Central. 1O6
Peoria, Decatur & Evansville. .......... 6st
Tuunan fdlace..-............ IL,
irDifad Sta4os Ex, 5SA
Wabash, ST Louis & Pacific. ........
Wabash st. Louis & Pacific pref d. II
Weils-Fargo Express. ....................12S
"eSeeIh Chioh'....--.. ...........-....-. SOia