The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-01-03
SLUMP AT NEW YORK
The Stock Market Was Panicky
and Prices Took a Tumble.
Rumors Concerning Banks Used by the
Bears TO Hammer Certain Shares
Local Grain Market Lower.

At New York yesterday money on call
was easy at 1G112 per cent, the last loan
being made at L; closing at 1 per cent.
Prime mercantile paper, 3hQ512 per cent.
Sterling exchange weak, with actual bust
ness in bankers' bills at A.S5AQ4S512 for
demand. and s4.S3lzG4S3A for sixty days;
posted rates. s4.S41za4.S7; commercial bills,
s.S2AG4S2k.
Silver certificates. 69sc. Bar silver closed
at 677sc per ounce.
The total sales of stocks yesterday were
25S.3O shares. The temper of the share
speculation on the Exchange. which at the
close OF the old year was buoyant, had
changed materially at the opening of bust
ness on the first secular day of the year.
There was a heaviness in the initial deal
ings which bode no good to values, and as
the day advanced the depression increased,
the late dealings being more panicky and
feveTish than at any time during the day.
Among the causes which led up to the
break in prices was the circulation of a re-
port that a well-known trust company was
in trouble, and this was magnifed into a
rumor that several financial institutions
were on the verge of bankruptcy. The
basis for the original story is found in the
fact that one of the lesser financial institu-
NHN ny ~ mas DNGAA HLO ~
be weak for some months past, is likely TO
go into liquidation as a result of the annual
examination of it's affairs by the State
banking department. But there is no other
known or even suspected weak spot in this
financial center, ard no alarm is felt in To-
cal financial circles in regard to the sta
bIity of the city's moneyed Institutions. Spe-
cial causes were at work too in several
stocks, which served the purposes of the
short interest in depressing values. A furi-
Gus drive was made on Sugar on a report
that the ways and means committee had
agreed upon an amendment to the
tariff bill adverse to the inter-
ests Of the company. and the bears
also used the decline in the price of re-
fined sugar to depreciate the shares of the
sugar company AS a result Sugar COM
mon broke AS and the preferred Az, the
former recovering Is. New England sold
down 2B per cent, of which y was recov-
cred in the final dealings. London was in
the market as a seller of St. Paul and l..
q n? the latter losing liz per cent. at the
opening and then recovering q, only to
make a further drop of 2 per cent, but
closing at a recovery of Is per cent. St.
tlnued decreased earnings for the fourth
week In December, which will be pub
lsshed Thursday. A decline of rs was re-
corded, OF which "a was recovered, the 9TH
or granger shares. Chicago, Burlington &.
Quincy and Rock Island receding 1%, and
Northwestern, rs on the day. Distilling
suffered from a raid induced by the ease
with which other property .succumbed to
attack, breaking 212 per cent, but
there was strong buying by in
siders during the afternoon, which
rallied the shares 2 per cent, an
other drive caused a reaction of Ia. of
which "a was recovered at the close. Atchi-
son was strong in the morning on assur-
ances that the reorganization plan will not
Include a stock assessment, and an adj
vance of Y per cent. was recorded. This
was followed by a decline of IA, and in
the late trading by a rally of y. The gen
eral market was feverish during the day,
with frequent fluctuations and closed with
a decidedly heavy tone. the leading de-
clines not already noted being: Central
Pacific. 3%; New York Central, 21A; Ma
tional Linseed, 2; Missouri Pacific, Man
haitian and c., c., G. & St. L., ia; Chicago
Gas, 1&s. and Western Union and Susque-
hanna & Western. l per cent. In excep-
ton to the general weakness were Cotton
Oil preferred, which advanced 2b; Louis
Vile 81 New Albany preferred, ia and Min
neapolis * St Louis and Hooking Valley,
] per cent.
The bond market was fairly firm in the
morning but was weak in the afternoon.
Government bonds were steady. State
bonds were inactive.
The following table, prepared by James e
Berry, Room 10. Board of Trade. shows the
range OF quota tons: