The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-11-01
NOT AS THEY WANTED
The Talked-Of Bull Market Be-
came Decidedly the Reverse.
New York Traders Went i'm to Fleece
the Outsiders-Indianapo Grain
Continued Dull,

At New York. yesterday, money on call
was easy at kG2 per cent. the last loan
being made at 2. closing offered at 2.
Prime mercantile paper was 5G712 per
cent
Sterling exchange was firm. with actual
business in bankers bills at s4s4G48r4 for
demand and S4S19LS1A for sixty days;
posted rates. $LS2GLS5; commercial bills,
S4791kG479a4.
Silver certificates. 67lzQ7Olsc. The Bank
of England has reduced the price of Amer
fcan eagles to IS Cd. The meaning of this
action Is interpreted at New York as being
move on the part Of the bank to protect
its supply of sovereigns in view of the
threatened withdrawal of gold from the
bank in the immediate future for shipment
TO the United States. which London seems
10 consider certain despite the fact that the
current rate of exchange does not admit of
profit on such transactions. Silver at Lon
don dropped to 3115d.
The loan committee of the clearing house
Cancelled S5S1.GOO certificates, leaving the
total outstanding 100000 and making the
amount Cancelled to date 81, O90OO0.
The total sales of stocks were 81 SOC
shares. bear market under bull condi-
lation the New York Stock Exchange
yesterday. The event which had been for
weeks looked forward to as the precursor
Of an upward movement had come to pass.
and yet stocks were going down at rate
which threatened disaster to the stability
of values of even the steadiest securities
on the list. Wall street had to a large ex-
tent, discounted the repeal of the silver
Dill last week, and this custom of the pro-
fessional element has become so we'll known
that the vicarious operators have begun to
gamble on this propensity themselves The
general public, who do not trade on the
STOCK exchange and who have been read
nS OF the dominating influence of the sill
Yer question on speculative values, natu-
rally expected to see a boom on the stock
market yesterday morning and possibly q
few lambs did venture on the exchange
ana left their fieeces behind as evidence of
their good faith. But TO the street the
fruits OF victory have been already picked
and 1t was now time to make a turn on the
otner side OF the account. The weak
est spot in the market was Sc
tack. and Sugar. which had been unduly
inflated by manipulators from inside the
company, was made the objective DOint of
a fierce drive, which 0uickIv extended
along the line, affecting in turn Western
Union, Rock Island, Chicago Gas St Paul
seller. marketing stocks bought at the
low level of the days of panic. Liquidation
vas Deh1g eIected Dy the directors bull
pool In Western Union. In expectation of
a slump stop orders had been placed on
: blocks of the leading shares and these
being quickly reached. added to the offer
ings placed on a market already over
weighted with stocks put out solely to
send IL down, and prices did go down, halt
ing occasionally, retracing their footsteps
q trifie now and again, and at one time
during the afternoon recovering a good
move back again to a lower level than
before. 1t was a bear market merely be-
cause the leading operators considered that
py less EFFORT greater profit was to be
made on that side of the account The
general list, with occasional rallies. de-
preciated in value throughout the day
and closed, in most cases, within fraction
OF the lowest point, the chief declines be-
ing Rubber, 3; B. & o.. ?; Wheeling &
trail, rs; Sugar. preferred, 115; Distilling
rs, and Union Pacific, IL. In exception to
the general weakness advances were made
OF IA per cent in Evansville e Terre
Haute, and rs in Chesapeake & Ohio.
Railway and miscellaneous bonds were
irregular, but in the main weak. Govern
ment bonds held steady but State bonds
were dull. Closing quotations were:
United States Fours, reg................111
United States Fours, coup...............11
Pacific Skies or ACKNOWLEDGEMENTS. SO
Atchison .......-. .........................10
Adams Express. ......................143
k.Alton & Terre Haute. ACKNOWLEDGEMENTS. 20
Alton & Terre Haute, pref.
| American Express. .........................112
\ Chesapeake & Ohio. ..-.....:.............. 1873
SiDCdSOt q NSuliiCy ...s...... oZt5
C., C., G. q st. L..........................3 57s
Delaware. Lackawanna & Western. 49,. 1855
Fort wayne. .-.-......-........I LII
Lake Erie * Western. ....s.......... liz
Lake Erie & Western, pref.............. 60
Lake Shore. 1859
Lead Trust. NEUTRALITY-SUSPICIOUS.. q
Louisville & Nashville. 1875
louisville & New Albany. ............... 1012
Missouri Pacific. ACKNOWLEDGEMENTS. 255s
New Jersey Central. .......................11
Northern Pacific. ........................ IA
Northern Pacific, pref. 227s
Northwestern ACKNOWLEDGEMENTS. 1912
Northwestern, pref. ........................13
New York Central. ........................10 1875
Peoria. Decatur 4 Evansville. .......... S$s
Pullman Halace.- ....ll6
Rock Island. 6S5s
United States Express. Observation-Disclosures. 53
Wabash, St. Louis & Pacific. .............
Wabash, St: Louis q Pacific pref. ...... Is
Wells-Fargo Express. .....................12
Western Union. 1915