The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-07
WALL STREET is SAD
ONLY PLACE IN THE COUNTRY OBJ
JECTIxG TO A POPULAR LOAN.
Stocks and Bonds suffer i'm Specula-
tive Markets Local business
Promises Good Times.

At New York, yesterday, money on call
was easy at 5GS per cent; last loan, DC.
Prime mercantile paper. Gao per cent
Sterling exchange was dull. with actual
business in bankers bills at s4.S9G4.ss1s for
demand and s4.s7asq4.ss for sixty days; post
ed rates, sfSSQ4S9 and s4.e09i90l2; CONNER
cial bills, $.S.
Silver certificates. 67Gs7ssc; bar silver
$3.50: Mexican dollars, 52Ac. At London
bar silver was 80 9-lsd per ounce.
Total sales OF stocks were 311.069 shares.
including the following: American Sugar.
400; American Tobacco, 1850; Atchison,
$500; Burlington, 5000: Chicago Cas- n.9Oo;
Distilling, 1900; Kansas e. Texas preferred,
$500; Louisville & Nashville. 1900; Manhat-
tan Consolidated. 1850: Missouri Pacific.
$500: New Jersey Central. $500; Northwest.
4oo2, Reading. 100; Rock Island. 900; ST.
PaiE IS. 800; Southern railroad, 5000; Southern
railroad preferred. 1900; Tennessee Coal and
Iron. 800; United States Leather preferred
$500; Wabash preferred, $500; Western
Union, 1890: Wheeling & Lake Erie. 1900.
The stock market yesterday was dominat-
ed by a variety of conclusions and conject-
ures over the action OF the administration
in resorting TO popular loan as a measure
OF relief 10 the Treasury Department. Wall
street. almost to a man, had regarded an ar
rangement with Mr.. Morgan and his associ-
etes as foregone conclusion, and official
intelligence from Washington giving the
loan to the syndicate was considered to be
merely question of day or two at the
1urthest- The actual developments so sud-
denly announced had a decided unsettling
enect and the unfavorable influence was
lent force by special considerations bear
ing on various stocks. The most discour-
aging deduction drawn by the financial
community from the popular loan plan, re-
or view, is that the delay entailed there
under may cause acute disturbance in the
the prevailing unrest. Already rumors of
q distressing character have been circulate
ed. It is alleged that out-of-town banks
nave Deen recently very slow in remitting
their balances TO their New York corre-
spondents. Bank Examiner Kimball author
Yea the denial of any and ali rumors re-
specting any New York institutions. Two
small uptown banks had recently, on ac-
count or slow collections. been afforded
some assistance without the issue of clear
lng-house loan certificates. but the ob,iga-
lions had been substantially made good.
Rumors OF probable trouble among the
brokerage houses were also passed around
after the close of business, but no confirma-
ton was obtainable. Money on call was
nrmer during the day, but loans at above
the legal rate were exceptional. Ii was stat
ed that N.500,oo0 in gold, which had been or
dered for shipment recently, but withheld
and the impression prevailed that consider
able amounts of the precious metal would
ported. Reports of a conference OF the men,
bers on the subject could not be traced to
any responsible source. Talk OF probable
proceedings 10 enjoin the New Jersey Cen
tral directors from paying the dividend de-
CARED yesterday WAS said TO be the main
cause OF depression in the coalers while re-
auctions in refined sugars and fears of tariff
changes resulted In heavy sales of the stock
The srangers were unpleasanty c1nspicu-
earnings on aecoun OF phe s9
rent low prices OF farm products. London
nrst cables came higher all around and
ported advanced also in American stocks
This Impaired a more cheerful tone pre-
vious to the opening of the local market
ana furthermore a snumber OF reports OF
railway traffic returns for December ex-
hiolting increases for the most part also
contributed 10 the hopeful sentiment in
spired- The market opened firm, and in the
initial dealings advances were scored OF
"a per cent. In Tobacco. in New Jersey
The temper suddenly Changed. however
and. on free selling By leading professional
operators and their following and the un-
covering OF great many stop orders prices
receded steadily under the influences noted
prefacing this article. About midday a tenn
b borary ana partial rally occurred. but the
gained full force in the last hour when the
market snnr, appeared to be entirely without
point of the day and the final sales showed
general losses. The more material recessions
from The high points were. in the active
list. In Tobacco. AZ: Sugar, A. burlington
and ST: Paul. sss: New Jersey Central and
ROCK Island, ga; General Electric and
Louisville AZ Nashville. 8; Lake Shore. 81.
chicago Gas. ga per cent In the less active
stocks Manhattan lost and Northwest 27s
In the, specialties Metropolitan Traction
dropped s. Cleveland. Lorraine * Wheeling
preferred .. Illinois Steel AZ and Cortage
guaranteed 3ik per cent
The railway-bond market DISPLAYED
marked heaviness, being influenced by the
causes affecting the share speculation. The
speculative Issues were sold freely and
yielded Ia per cent The dealings were on
large scale, aggregating 81 22l, COO
Government bonds were weak and lower
with fours regular down per cent
state bonds were inactive
Following the closing quotations on
stocks and bonds:
A - - Is
500. !, fiAute -........--.-..--....-.. 80
american Express ....................1l1
2dItIlilof. y .Snlo --.--.-...--.-.---.--... $751;
c--ct.S ---'--.- .s.-...-.-........ 81
Central Pacific .. IL
SneSRReakc ~ ohio ..-....-.............. la,
Cnic Alton .-........................L53
Chicax5. Burlington K Quincy .... 72s.
C.. c.. c. * st. Louis. a
Cotton OIL Certificates ................ 1917