The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-15
ACTIVE SHARES WEAKER
RELAPSE IN sPECIALTIEs PUT AN
END TO ADVANCE IN STOCKS.
Depressed Condition of Foreign Mar
kets the Chief influence I'm Wall
Street-LOcal Trade.

At New York yesterday money call
steady at 2hq21s per cent; last loan 2A per cent
Prime mercantile paper, 3lzQ4 per cent Sterling
exchange steady, with actual business in bankers
bills at s4s4@4s4A for demand and at s4.sllz@
4SlA for sixty days. posted rates, $4S2k and $4S5;
commercial bills a. s0a4 .SOh
Silver certificates, 59s4Q6Olsc; bar silver COO;
Mexican dollars, 46Ac. At London bar silver
closed firm at 27hd an ounce.
Total sales of stocks 2s1, Zoe shares includ-
ing Atchison preferred, 1852; Burlington, STA;
Louisville & Nashville. 1852; Manhattan, $3.50;
Northern Pacific, 1920; Union Pacific, s22O; St.
Paul, n,72l; Southern Railway preferred. 1902;
Union Pacific preferred, Abs; Tobacco, So 495:
Sugar. 1G0590; Chicago Great Western, $685.
The New York stock market overcame success
sively the opening depression yesterday reflected
from the earlier transactions on foreign exchanges
and the unsettling effect of early weakness in
some of the industrials. A relapse later in the
day in rather extended list of specialties put a
stop TO the upward movement of the market and
brought trading in the general list almost to
standstill The list Of stocks traded in was large
ly curtaied and activity much diminished even
in the stocks which led the decline. The relapse
carried prices for the most part fraction below
Thursday nights close and the reaction from the
highest reached a point in some railroad stocks.
Sugar, Tobacco, Manhattan Brooklyn Transit,
Metropolitan Street-railway and Northern Pacific
the latter the only active railroad stock were all
active centers Of weakness. Some of the South
ern and southwestern railways were conspicuous
~ firm, the beated movement of cotton serving to
improve their earnings. None of the large specu-
lative interests which took the lead in Thursdays
market were at all prominent There dis
position to take rather more account of the de-
pressed condition of foreign markets. with the
growth of conviction that the money situation
in Berlin and the resultant effect other finan-
cial centers is more responsible for the recession
than political questions. The problem of the in
ternational exchange seems to have resolved itself
into a question of how to shift the pressure of
credit balances in favor of the United States.
Fridays additional small engagement Of gold for
import is significant in view of the high money
rates prevailing in Europe. 1t is fact that
money is cheaper in New York than in any other
great financial center, excepting possibly Paris.
Yet the heavy demand for export of wheat
and coarse grains continued rates for
freghts strong not only for present but future
shipments, and there are large offerings of ex-
change in the market for future deliveries, said
to be against grain engagements for November
and December and into January. There is
no room for surprise in view of the preliminary
statement of the foreign trade for September
given out at Washington, showing excess of
merchandise exports over imports of over
$42 900. the action of the Bank Of England
IN advancing the minimum discount rate to per
cent. and in borrowing from the market in order
to make that rate effective and in so doing secure
control of international exchanges with view of
protecting specie reserve. 1t is evident that the
pressure of this countTy's credit upon the old
world money markets is destined to increase in
the future.
There were continued evidences of investment
demand for high grade bonds we'll stocks
Total sales, $2,2OO,OOO. United States old fours
| registered. the new tours and the fves were u
higher and the old tours, coupon, Il higher in the
bid price.
The following table. prepared by l.. w. Louis
Room II, Board of Trade, shows the range of
quotations: