The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-02
MONEY. STOCKS AND GRAIN
Bears Had Full Swing in Wall Street
and Pounded Down the Share List.
National COrdags Took the Lead Among Indus
trials-At indianapolis There Vas Bet
ter Demand for Corn and Oats.
THE BOND MARKET.

Pathway Issues Were Weak, with Sales
Reaching si.Of4,00O.
Al New York. yesterday. money on call
was irregular, ranging from To IL per
cent. the last loan being made at 4. closing
offered at 4.
Urine merca3 tile paper Gl0S per cent
Sterling exchange was firm. with actual
business in bankers bills at S5.e51l for
sixty days. and S4.selz for demand.
The total sules of stocks weTe 52OO COO
shares. including the following: Atchison.
L. 100: Burlington & Quincy, -. 500; Chi
cagO Gas. 2l6OO; Cotton OH 5000; Della
ware. Lack sw ana u Western. 1900: Distill-
INK. 10000; Erie. Z. 100; general Electric, 49,
So; Louisville Il Nashville. eco; Manhat-
tan. 3.20O; Missouri Pacific. 5000; Ma
tiODal Lead, 900: National COrdsge, 10000;
New England. 11.40o; Northern Pacific
preferred. 7.4tO; Northwest. 6.lCO; Ontario
* Western. 400; Reading. a. 40; Richmond
Terminal 9..O0: Rock Island. 10000; ST.
Paul. 5000; Sugar. $500; Toledo. Ann
Rrbor s. North Michigan, 1000; Western
Union. 23,400.
The day was one of great depression and
considerable excitement at the New York
Stock Exchange yesterday. The bearlsh
feeling was very pronounced at the start,
and found expression III repeated raids on
the leading shares the morning wore
along. The drop IN prices, which Was
quite severe, especially IN the industrial
group. was due to various causes. DromI-
DeBt among them being the sudden and
altogether unexpected announcement that
the National Cordage directors bad on
Saturday decided upon an issue of 81 500. :
600 additional preferred stock. This stock
will be- offered To the shareholders at par,
and whatever amount the latter refuse 10
take will be absorbed by q syndicate
which has UNDERWATER the whole issue at
par. This did not prevent the common
stock breaking GA points. TO 49l4. and
tho preferred from selling down A.,
TO 99as. The failure of the Bank
OF Australasia and the suspension of
an important house in Liverpool were SAID
TO have unsettled the London market. and
hence the posted rates OF sterling exchange
here were raised to a. c6ls and $780,. At
the same time the rates for money jumped
from TO 10Dl2 per cent. all of which had
demoralIZing effect on the traders whose
accounts were thinly margined. Outside
of the Cordage stocks. sugar declined 3 Is :,
50 9G4s; Baltimore n Ohio. 3. TO So; Evans
Vile * TerEe Haute. Al, TO lao: Illinois
Central. 2ls. TO 49,; Erie preferred. 5. to
IL; Pttsburg. Cincinnati. Chicago & ST.
Louis preferred. 4. to 52A. and Richmond
Terminal preferred. 3. to 25l4. After
O'Clock money eased up. and the undertone
OF speculation improved. An advance of
y TO - per cent. ensned under the leader
ship of the industrials and the excitement.
which ran high when the depression was a {
its height. abated materially. The market
closed steady in tone with the rallying
prices well maintained.
The railway bond market was weak. The
sales were Sl.0H.0C0 Reading issues sold
down X to per cent. Government bonds
were steady. State bonds were dull. Clos
ing quotations were: