The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-28
WAS A FEVERISH DAY
Speculation i'm Wall Street Be-
comes Panicky i'm Its Tone.
RumOrs of All Sorts Affecting the Price
of Shares-Little Business ON the
indianapolis Board.

At New York yesterday money on call
was easy at 1 per cent. the last loan being
at / per cent.
Prime mercantile paper. 51s per cent.
Sterling exchange was dull ard weak,
with actual business in bankers bills at
$AS6Q4SA for demand and &8%iG44 for
sixty days; posted rates, S4.SQ4.s71A; COM
mercial bills. 81 S21zG4 S2%.
Bar silver closed at 6slsc per ounce
Total sales OF stocks amounted to 3d.
900 shares. Speculation on Change was
feverish and unsettled. 1t was known at
the opening OF business that receiver had
been applied for by the opponents of Pres
ident Mcleod for the New York & New
England Railroad Company. and before
noon the announcement was made that
Thomas c. Plat had been made receiver.
Although this contingency had been largely
discounted during the past few days, there
was a rush TO sell the shares on the part
OF those holders who had believed that
President Mcleod would hold control OF
the property and their sales were supple
mented by heavy offerings on the part OF
the bears. and the result was a break OF
a per cent. from yesterdays closing price.
When the lower level was reached good
buying movement was inaugurated, due
largely TO covering Of shorts, who did not
feel disposed TO leave their lines out over
night in view Of the mercurial properties
OF the shares. The decline in the stock on
the day is per cent General Electric was
strong In the early dealings and rose rs
per cent, but during the afternoon was
ceptionally weak, and was freely sold for
both long and short account. The depreS-
(planS were being formed for a reOrganiZa-
ton or the company and that the COM
basis. After midday the pressure to sell
became very pronounced, and a break OF
was reached Sales to cover caused rally
OF la in the final dealings, leaving the net
loss on the days transactions at S2s per
A. cent Louisville K Nashville was unfavor-
ably affected by rumorS that neither scrip
nor cash dividend would be paid for the
six months ending with December. August
Belmont. chairman OF the executive COM
mittee OF the company, refused to talk on
the subject. The stock declined ga per
Sordage i on sma puTcRase e rose s per
cent, the moving Influences being the sue
cess Of the reorganization scheme and re-
ports OF successful termination of impor-
tant lawsuits. In the late dealings q reac-
ton OF Ia and a recovery or y per cent.
ensued- The preferred shares advanced So
The general market was firm at the OPEN
Ing, and In the early dealings advanced
fraction. but within half an hour Baltimore
* ohio dropped IL per cent. and the rest
OF the list sal per cent, which was quick
ly followed by "A rally OF l4ulI per cent,
the latter in Louisville * New Albany pre-
ferred- shortly before IL o'clock a drive
was made on Distilling In an effort 10 bring
out some long stock which was successful
Under steady purchasing the stock quickly
rallied, selling up 3$s from the low point
and closing AT reaction of y. The whole
market was strong between IL and u
O'Clock. prices advancing "A TO 1&s per cent
Chicago Gas and the CHANGERS leading the
upward movement. During the afternoon a
decline OF = TO per cent was recorded, in
which Minneapolis * ST. Louis common and
preferred and Sugar were most prominent
This followed by slight rally and
quick reaction. but In the late dealings a
better tone prevailed, and prices moved up
Is4l4 rer cent. tn market closing general
~ firm
The railway and miscellaneous bond mar
ket was ger rally firm during the early
part OF the day, but during the afternoon
was heavy
Government bonds were quiet State
bonds duh.
The following table. prepared by James E.
Berry. Room 10. Board or Trade. shows the
OF ulIOtatiOnS