The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-02-24
MONEY, STOCKS AND GRAIN
The Reading Collapse Temporarily
FrighteDs OFF Foreign Operators.
sensational Drive at Sugar, Causing Loss of
Us Per Cent.-At Indianapolis Drop Is
Expected Soon on Liberal Receipts.


Railroad Issues Barely Active, There Being
a Marked Falling OF I'm Business.
At New York yesterday. money on call
was easy at 3l9 10 per cent, the last loan
being made at 4. closing offered at T.
Prime mercantile paper, 506la per cent.
Sterling exchange was quiet but firm.
with actual business in bankers bills at
e4.e6A for sixty days and S4oSA for de-
mand.
The total sales of stocks were $4,000
shares, including the following: AGchison.
$500; Chicago Gas. 9.4OO; Chicago. Burling-
ton 6S Quincy. 19. 400: Delaware. Lackawan-
ma d. Western, ID, 200; Erie, 1900; Louisville
81 Nashville. 1900: Northern Pacific, 400;
Northwestern. 4. 200; ational CordaRe. l6. 100;
National Lead. $500; New England, $1,000;
Northern Pacific preferred, g, 500; Reading.
1o9, 500; ST. Paul. 49. 400: st. Paul d Omaha.
400: Sugar, $4,000; Union Pacific. 10.300;
Western Union. 12,4O0.
The Reading episode has had chilling
effect on foreign investors. who were be-
ginning again To turn their attention to
American roads as the m ost desirable field
Tor placing surplus funds. and spectators
at home who have been crippled by the ex-
traordinary drop. not only In Reading but
able to hold on. and their holdings are
dropping into stronger hands. The event
of the day was the resignation of President
Parsons and the directors In sympathy
with his management, and ITS effect was TO
Immediately intensity the weakness pre-
vaillng In the general list. The other coal
stocks were directly affected by the i'm
preston that fall in coal prices
was inevitable, and Lackawanna closed
with loss OF per cent. and
Delaware q Hudson, notwithstanding the
dividend of Ia. closed ga lower. Among
railroad stocks the only other special
feature of Importance was the drop In
Northern Pacific preferred under bear
pressure in the last hour The switch
mems strike In Chicago became an estab-
lished fact to-day. and was one OF the most
powerful influences In encouraging the
beaTo IN their drives at the general lat.
Naturally, the roads centerinR in Chicago
were the most vulnerable. and Burlington.
ST. Paul and Rock Island all suffered de-
clines of over per cent. The most strik-
ing feature of the day, however, was the
renewal of heavy selling in Sugar. Its
price was steadily depressed until, at 115l5.
IL showed loss of re per cent. The shorts
powered. and rally of per cent. followed.
which was reflected In higher prices. all
over the list. but there was a
marked lack of support In the
STOCK and the last price was only "a per
cent. better than It's lowest. its net loss for
the day reaching 7ls per cent The other
were comparatively quiet and moved in
sympathy with railroad shares. All the
leading stocks showed material declines,
Western Union being the only marked ex-
ception. The greater part of the losses
sustained were suffered in the last hour,
when the market became nervous through
out and closed weak ana active at about
the lowest points.
Railroad bonds were only fairly active,
there being q marked falling of III the
transactions among the Reading issues.
onwbich were held fairly steady throughout
fhe day. The Chicago * Northern Pa
ciic frsts, however were sold freely, and
Heclined from TIA to 7534, rallying only q
1 slight fraction.
Government bonds were dull and steady.
State bonds were neglected. Closing
quotations were: