The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-09-27
HELESSONON'CHANG
Monetary Situation Kills Firm
ness in Speculative Values.
First One and Then the Other Side Has
the ACKNOWLEDGEMENTS Wheat
Firm at 60 Cents-COrn Steady.
BROKERS'.

At New York. yesterday. money on call
was easy at 2 to ) per cent. for the last
loan. and closing offered at pa.
Prime mercantile paper. TOTO per cent.
Sterling exchange was easier. with actual
business in bankers bills at s4.s6A 04S7lh
for demand. and s4.s4A 0i.s7 for sixty
day bills. Commercial bills. s4sSA@
ASIA. Silver certificates. 4076c.
Bar silver closed at 1870 per ounce; Mex
loan dollars. 5stsc. At London bar silver
closed at 341sd.
The total sales Of stocks was 294 200
shares- The lesson taught by the course of
speculation on Change yesterday was one
easily learned. The conditions were not
favorable TO the establishment on q firm
basis of speculative values. The very
slightest indication of o possible. ge-
ment OF the monetary situation leads to q
sacrifice of even the best stocks on a de-
clining market. 1t was TO be expected. in
view of the depression prevailing Monday.
that the opening prices yesterday would be
at a decline. and the first figures carried ont
that anticipation to the fullest extent. the
heayiness of the market being undOubted-
w assisted by "a weak London market.
There were a number of selling orders from
abroad which also aided in depressing
prices and the bears called to their aid
rumors of Immediate shipment of gold.
whIch had the effect of bringing out
considerable long stock and sending the
market down all along the line. The de-
oline brought out some of the shorts as
buyers. and n slight rally ensued. but was
of brief duration, and IL was not until long
after noon that the downward movement
set in. When the talk of gold was at it's
height announcement was made that the
rates for sterling exchange had been
marked down, and this caused a revulsiOn
n o AIW g. h~4 49,
of an outflow of gold. this action was ac-
copied as having at least deferred the
shipping day and removed an element of
danger. The bulls st once took heart. and
the bears rushed TO cover, the consequence
being the inauguration of q brisk buying
movement. under the influence of which
The market moved upward rapidly, several
stocks recovering entirely the losses and re-
in the advance. The higher ran re Of val.
mes. however. led to realizations. and the
bears renewed their attacks. leading TO an
other reaction. In which q gOodly part OF
the betterment was lost, and the market
closed irregular. but. in the main. weak and
at a decline on the days transactions of Ia
to ga per cent. in the active list. Some
stocks which do not often figure in deal
ings sold from ga to 5 per cent. lower.
Baltimore II Ohio. 5: National Pipe line
certificates. 4S4; Chicago X Eastern Illinois
preferred and Louisville. New Albany "
Chicago. liz; Wabash. rs; Louisville ~
Nashville. Michigan Central. Erie Trust
receipts and Pullman. 2l9 each.
The railroad bond. market was weak on
an active business, the leading declines
being Louisville x Nashville fives. 5: Ches-
apeake ~ Ohio. four-and-a-hslfs. ); Chesa-
peake IL Ohio tives. L; Toledo. ST. LOUIS x
Kansas City. firsts. 24; Erie seconds. Louis
willie. New Albany X Chicago fives. .; Wa
bash firsts. Reading second preferred in
comes. liz. In exception to the general
weakness. Alton X Terre Haute seconds
rose l per cent. Government bonds were
steady. State bonds were weak. Closing
quotations were: