The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-15
MONEY RATES HIGHER
CONTINUED HEAVY MOVEMENT OFF
CURRENCY TO THE INTERIOR
Has Stiffened Rates of Interest at
New YOrk-Features of the Trad
ing i'm Stocks-LOcal Markets.

At New York yesterday money call
was firm at sac p r cent. the last loan be-
ing made at 6; closing offered at per cent.
Prime mercantile paper, nominally, 7Q9
per cent.
Sterling exchange steady, with actual
business in bankers bills at $4.S4M4.S4A for
demand and $4.slAG4.s2 for sixty days;
posted rates. $4.s2@4.S319 and $4.s414Q4S5;
commercial bills, $4.80A
Bar silver 64s4c. Silver certificates 65@
65Hc. At London bar silver closed DIT GOD
per ounce.
The total sales of stocks at New York
yesterday were 113.o43 shares. including the
: following: American Tobacco. 400; Ameri-
can Sugar, 20. 100; Chicago Gas. 300; Gen
eral Electric 1900; Louisville & Nashville
400; Manhattan. 900; Reading, $500; Rock
Island. 5000: ST. Paul, Is, 700.
The dealings in stocks were upon holi-
day basis and the course of prices r-
regular and in most Instances within a mar
row range. Interest centered in d few
stocks. ST. Paul outran King Sugar in VOL
ume of business. The professional dealers
were entirely responsible for the fiuctua-
lions. Lower London quotations were Off
set in the early trading by reduction of
12c in the posted quotations for sixty-day
bills, to 81 81. by ii leading drawer. The de-
cline was the result of the advance in the
discount rate III London. Inc actual de-
mand quotations were slightly firmer. as a
result of purchases to cover gold imports.
Other influences included the failure of a
large Philadelphia concern, further cutting
in transportation rates, and, near the close,
an advance in call money TO per cent.
Attention was also directed to silver certi-
fcateS by decline of 214c. TO 6i&iC, with
subsequent recovery to 6ol2c on dealings OF
$54 600 The early decline was attributed to
a decreased demand by Asia account of
depressed trade conditions. The early
gains We're most important in Sugar, Bur-
Hngton and Manhattan. a reactionary
movement soon developed induced by a
bear raid based upon the reported extern
sion OF the rate cutting in the West. The
losses averaged IA point in the leading
shares. AT the low level business became
very dull, and steadier tone was noted
Later prices stiffeued all around with
some shares rallying to near the early high
level The extreme gains, however. We're
not retained and renewed pressure resulted
IN a weak close, with the net changes triV-
ial. There was very little doing in the spe-
cialt1es. and no important changes in them
were noted. aside from Minnesota Iron
winch was conspicuous by a decline of 3
per cent, to 46, with subsequent recovery
to 1917.
In banking circles it was predicted that
Tor the rest of the year money rates will
not fall appreciably below the legal rate
while time money is expected to command
higher rates than have yet been made. This
theory is based upon the expected con-
unued heavy movement of money TO the
interior and the low deposits of the banks
This contention is made with full consid-
Grafton of the heavy gold import move
ment.
Bonds were quiet but generally firm.
with some OF the inactive issues scoring eX-
ceptional gains. notably Brooklyn Elevated
hrSts, which jumped 234, to rs, closing at
1913. Sales were $625. 200.
The following table. prepa red by l.. W. Louis
Room Is, Board of Trade, shows the range of
quotations.