The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-29
STOCKS NOT STABLE
Much Distrust and Uncertainty
Mark Wall-Street Dealings.
Past Three Days Have Been q Rich
Harvest for the Bears-IBdianap-
oils Grain Goes Begging.

At New York yesterday money on call
was easy at 1q1la per cent, the last loan
being at liz. closing at per cent.
Prime mercantile paper, 3lZG5h.
Sterling exchange was steady, with actual
business in bankers bills at s4sGa4SsI4 for
demand and at slss34a4si for sixty days:
posted rates, $4.s5G4.S14; commercial bills,
sI62lzG4s294.
Silver certificates. s97sc bid Bar silver
closed at Csc per ounce; at London, 31Sid
Total sales Of stocks yesterday amounted
10 247,000 shares. On the Stock Exchange
the temper Of the speculation was decided
ly bearish, and the market was charac-
terized by a feverishness growing out OF
distrust in the stability of values. due to
the unexpected developments of the past
three days. The latest depressing rumors
are connected with Louisville 81 Nashville,
and both London and Boston swelled the
volume of sales of these shares on belief
that no dividend viii be paid for the cur
rent six months. Under steady selling, the
stock declined with occasional slight rail-
lies 10 1894, a break Of As per cent. from
last night closing only Il above the lowest.
New England lost 4 on the day. The spec
ulation in the shares was sluggish. opera
tors in the stock evidently awaiting further
Developments in the matter OF the receiver
ship. Rumor is busy with the collapse of
the company and the street is divided on
the question whether President Mcleod
sold out or was sold by his associates. He
is making a strong fight to carry out his
New York connection plan, which the
stockholders are still voting. Atchison
made decline OF liz per cent on the day,
the local selling being supplemented by
sales for foreign account. Plans for the
reorganization OF the system are being pre-
pared, and will shortly be submitted TO
the directors. Receiver Reinhart states that
the interest payments Atchison * st.
Louis and San Francisco bonds will not
be delayed more than three months, that
the Atchison Is earning all its fixed charges
the receivership.
General Electric opened at an advance of
tnat tive OF the subsidiary concerns are TO
be divorced from the parent system Buy
ing by inside interest caused sharp rally
of ga, the higher figures attracting the
bears whose sales brought about reaction
Of ga, of which only Il was recovered at the
close. Officials OF the company to-day re-
iterated their previous statements that its
finances are sound, and that it has funds
to meet all Its obligations. Union Pacific,
after early advance of 49, declined ia
on sales induced by reports that it would
lose control of the oregon railway and navi-
cation. recovery Of u was made in the
final dealings on Boston buying. Distilling
was bought freely during the morning,
largely on Western orders, and rose 112 per
cent A drive was then made on the shares
by the short interest in which the entire i'm
provement was lost, but in the final dealings
partial recovery enSued and the final sale
was at an advance of per cent. on yester-
days closing.
The general market opened irregular and
in the early dealings was weak, prices de-
Ginning fractionally during the first quarter
of an hour. Then came a sharp advance of
"a TO 2h, Rubber ST Paul x Duluth,
Lead. preferred Western Union, Lake
Shore, Sugar and Burlington * Quincy
leading the upward movement. Then came
period OF depression due TO heavy selling,
which except for Rubber and Lead pre-
ferred, the early Improvement was lost \
slight rally occurred before l O'Clock, but
prices quietly took a downward turn and
gradually declined TO the close, the final
dealings being at a decline of Il 20 4 per
sures. Oregon Railway and Navigation
made the heaviest loss, its weakness being
due TO it's prospective separation from the
Union Pacific system. The other prominent
declines not already noted are: Canada Pa
clic, 8; Pittsburg, c., c. q St. Louis and
Chesapeake 4 Ohio. 12s; Oregon Short
Line Ia, and St. Paul, Rock Island, c., g.
& St. l.. and Central Pacific, l per cent.
A report was current during the day that
the maturing dividend on Central Pacific,
which Is guaranteed by the Southern Pa
result the Central would be taken out of
the Southern Pacific system Rubber, Lead
preferred and Pullman show advances of
25z, f1e and l per cent respectively.
The railway and miscellaneous bond mar
ket was generally weak. Government
bonds were easier and State bonds In
active.
The following table. prepared by James E.
Berry Room l6 Board of Trade. shows tho
range OF quotations: