The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-10-11

But the Tone of the Stock Market
Was Not Healthy.
Many Fluctuations and a Tendency to
Lower Prices-No Session of
the Local Board.

At New York, yesterday, money on call
was easy at 2Q21s per cent, closing offered
at 2 per cent
Prime mercantile paper. sac per cent.
Sterling exchange steady, with actual bus
mess In bankers bills at $4.S41kGl4.s5 for de-
mand and $IS224@4-S3 for sixty-day bills.
Posted rates, $..S4Q4S6; commercial bills,
&AS11zQ4s1A.
Silver certificates, 73ssQ737sc. Bar silver
closed at 1880 per ounce; Mexican dollars
at $3.50. at London bar silver closed at
% 15-16d.
The total sales Of stocks were 1920
shares. The speculation on the Exchange
was characterized by an increase OF ac-
tivity. and the transactions were In heavier
volume than for week past, but there
was nothing healthy in the tone OF the mar
ket and the movement of prices was not
concerted. The dealings were spasmodic
and while good buying was in progress in
one pool there was brisk selling in another
At the opening of the days business the
general list was unsettled, the first sales
showing fluctuations both up and down,
Louisville Nashville making a break Of
IA per cent, followed by recovery Of Is
per cent, to ass, then reacted to 1875, raj
lying to Az, and closing at 1875, a decline
or 31s per cent. on the day. While there
was some selling of this stock for London
account, the sales were mainly for local
bears, and were based in the new issue of
Shares, there being no other known unfa-
vorable Influences. During the early morn
ing the rest of the market moved upward.
the industrials taking the lead but the raid
on Louisville had the effect of gradually
depressing the entire list, and before IL
o'clock a reaction had set in which carried
prices down a fraction. This was followed
by rally, which was quickly succeeded
by another downward movement, which
ran through the afternoon, the prevailing
tendency being toward lower figures, and
the close was decidedly heavy, prices COM
pared with yesterdays final sales being at
10 3ls per cent, the exceptions being Whis-
ky, Northwest and Sugar, common and
1aT of MniGn e snew an nosS on Saed the
Louisville < Nashville led in the downward
movement, Evansville & Terre Haute fol-
The railway and miscellaneous bond mar
ket was very irregular and without settled
tone.
Government bonds were firm. State
bonds we're inactive. Closing quotations
were:
-Four per cent reg.ll1 Louis & Nash. 4sos
-Four per CT COUP Ill J.. d New Albany. 14lo
Pacific 6's OF 49,. -102 Missouri Pacific % q
Atchfson---------- 1S7siN. j. Central. lilo
Adams Express. -140 Northern Pacific. 63e
Alton l. H. 20 n Pacific pref. 1874
Alton IT Il. pref. 150 Northwestern. Z
American Expr'ss.1l0 Northwestern pr'f137
Cnes. Ohio------ l64lN. Y. Central. 1Ol q
G., d. Q.-----...-- 81 Peoria, ID. d E. zig
G., C., {. 81 81 L. 1884 Pullman Palace. .16S
Del. Lack d W---152 Rock Isiand....... 645:
Fort wayne. ...---- 146 u. s. Express so
Lake Erie * w. 15 w, St. L. & P..... sc
l. L. & W. pref. 6s W, ST. L. & P. pref 1871
Lake Shore .122 L Wells-Fargo Ex.. 100
Lead Trust.---..--- 253s Western Union. s2
The New York Post says: Last winter
gold went out at the rate of three to four
millions a week, and as most of this by
the use OF treasury notes, was taken from
the treasury the governments gold reserve
fell SIS, 100000 within six months. Without
gold exports the federal gold reserve is
now shrinking at a rate not far from a
million dollars a day. The reason for this
more rapid fall is that the government has
now practically no working surplus except
gold There are some factors distinctly In
the treasurys favor. One is the very slack
demand for currency to move the crops,
Western money centers being we'll
supplied as result of the direct gold i'm
ports. Some observers at Washington think
too. that pension expenditures have reached
a maximum. and will hencefOrth decrease.
But Ii would need contraction in expenses
much greater than this to offset the enor-
nous and continuous shrinkage in customs
and internal revenue"