The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-01-13
STOCKS NOT WANTED
Talk Of Coming SeigniOrage and a
Bond Issue Has It's Effect.
Contemplated Reorganization Plan o
the Union Pacific-Indianapo
Grains Not in Request.

At New York, yesterday, money on Call
was easy at 1 per cent, the last loan 1.
Prime mercantile paper, 31zd512 per cent.
Sterling exchange was easier with actual
business in bankers bills at S4s6IkGI4. S5z4
for demand and at $4.Si12g4Si2 for sixty
days; posted rates. $4.S5AGl4.s 71z; CONNER
cial bills. s4.S34G4S314.
Silver certificates. 695sc bid Bar silver
closed at 6s7sc per ounce; at London, Sl24d.
Total sales of stock amounted to 12l,5OO
shares.
1t was very dull day on the Stock Ex-
change, the total sales being less than
transactions of a single hour on an ordinary
active market. The tone of the speculation
was. however, pruch heavier and the trad
ers who had sold for a decline were to-day
anxious to cover. Perhaps the most potent
influence I'm the change of speculative mind
was the more favorable prospect of the pas
sage OF the bill providing for coming the
silver seigniorage now i'm the treasury,
which the traders accepted as likely to in
crease the volume of speculative invest
ment Another factor in the improved con-
ditions was the announcement in the Wash
1nstoR reports that the Secretary. of the
treasury was determined on the issue of
ponds under existing laws. calling for high
rate or interest, If Congress did not enact
new law giving power to issue low interest
bonds The discussion Of the gold export
question and the reported understanding ar
rived at by the banks not to furnish specie
for shipment abroard, thus compelling a
drain on the treasury reserve i'm case gold
Is wanted FOR expectation to Europe, did
not seem to have any effect on the market
as II Is not believed that gold will be with
drawn drawn for immediate shipment. London
houses were without many orders, but did
sell Louisville a Nashville and st. Paul
moderately Union Pacific neglected
and did not move even on reported in
formal agreement Of the several interests
on a reorganizatio ton plan, which contem-
plates limiting the fixed charges to $S,OCOOO0
yearly and asking the government 10 take
per cent. bond for its indebtedness, and
the other security holders a. 4 per cent.
bond. This assumes the total Indebtedness
OF the company to be $300.000 600 The plan
also contemplates giving the government a
majority of the directors, and for this rea-
son and because of the further provision
that the new bond issue be made the basis
for national or State bank circulation, Con-
greSs Is expected TO favor the plan. The
final figures of the day before after react
ing at the opening, only 800 shares chang
ing hands: 81. Paul led the market in the
dealings. declining g at the opening, selling
up Ia on covering of short contracts and
late London buying. In the final dealings
a reaction occurred leaving a gain of 81
on the day. Sales induced by the passage
OF the Louisville & Nashville dividend broke
the shares Of the company = per cent in
took place, and then on renewed selling
the price dropped IL. recovered rs and lost
huctuated within a limit of I%. ad-
vancing y on the day on buying
by insiders. Western Union opened Il
lower, and then made a steady advance Of
Ia per cent, the highest point being
touched in late dealings. In the last three
sales u per cent. was lost, but there il a
clear gain of per cent Save for brief per-
iods of weakness at the opening and about
O'Clock. the general market was firm and
closed with an upward tendency to prices
the improvement ranging from "a to 234 per
cent, the latter in Manhattan, which had
completely recovered from yesterdays de-
preston, caused by announcement of an
opposition rapid transit project. Delaware
& Hudson is up liz per cent, the grangers
y TO q. the other advances being "a per
cent and under. The few declines recorded
are merely fractional except in New York
Chicago x st. Louis firsts preferred which
sold down per cent. to 66. AtchisOn was
firmly held a report that the first and
second mortgage bonhholders had arrived
at an agreement in regard to reorganiza-
ton. General Electric lost Il at the OPEN
Ing, but rose sharply IA on Boston buying
orders. reacting u.
The bond market was weak but i'm the
late dealings some issues moved inward
Louisville. New Albany a Chicago cOnsOIs
reacted 2ls per cent, rallying 2: Union Pa
at 81 against So on Dec. 10.
Government bonds were steady State
bonds were dull.
The Following table, prepared by James z
Berry, Room I6. Board OF Trade sht,Us tha
range OF quotations: