The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-14
THE STRINGENCY OVER
MARKING UP OF CALL LOANS
THOUGHT TO BE ONLY TEMPORARY.
Severe Depression Reported in Some
of the SpeciaItfes-Loca1 Trade
Still Active.

At New York yesterday money on call was firm
at 4q5 per cent; last loan, per cent. Prime
mercantile paper, 4G5 per cent.
Sterling exchange steady, with actual business
in bankers bills at s4s4A@4.s41a for demand and
at s4s2AQ4s2h for sixty days; posted rates.
s4SSls and 81. s51a; commercial bills. 4.s1A.
Silver certificates 6O1sG61c; bar silver, 6OlAc;
Mexican dollars, 47c. At London bar silver closed
steady at Esd an ounce.
Total sales of stocks. S64. 26O shares, including
1855 Atchson TO- 5S5 Atchison preferred 3,24O
Baltimore & Ohio, 1866 Chicago, Burlington &
Quincy $40 Louisville & Nashville, PASS Man
haitian. 300 Metropolitan, 31Oo Reading pre-
ferred, 1890 Northern Pacific. S.205 Northern
Pacific preferred, 1861 Rock Island. Ills Union
Pacific, 3l,6S0 st. Paul, TO- 53S Union Pacific pre-
ferred. 5,523 Minnesota Iron 4,260 International
Paper. 80 IT'S Tobacco. 3.255 Chicago Great West
ern, 3,2S5 Peoples Gas. 35,1 Sugar and $40
Leather preferred.
The stock market started off yesterday morning
with indications that the reactionary period had
come to an end. Prices in the railroad list adj
vanced almost without exception under the
stimulus of higher prices for Americans in Lon
don and sharp demand for Peoples Gas on
reports that the dispute with the Indiana Gas
Company has been adjusted. Severe depression
in some of the speciaities, notably Brooklyn
Transit, Manhattan, Minnesota Iron and Con-
solidated Gas, checked the upward movement.
The bears sold the list freely and their confidence
was justified by the renewal of liquidation in
duced by the decline of prices. There stub
born resistance to the decline in some of the
railroad stocks, but prices generally fell below
Mondays low point and dizziness interviewed.
The market of specialtes during the
greater part of the day and sharp declines
Cur al
vanced time the usual buying in
anticipation of to-day's dividend disburse-
ment, but dropped suddenly 4al from the top
level in the late dealings and unsettled the whole
market. Metropolitan Street Railway also
conspicuously weak. The declaration of the
usual quarterly dividend Manhattan and
Western Union did not avail to save those stocks
from declines in face of selling by brokers usually
active in the Gould stocks. The whole group
sympathized in the weakness. Minnesota Iron.
Illinois Steel and American Steel and Wire all
suffered heavy losses
There were very confident assurances during
the day that the period of possible stringency in
the money market had passed, but the marking
up of call loans the board to per cent. de-
tracted from the effect of these assurances
Sterling exchange held steady, however and
there is an undoubted growth of a. belief that
the present stiffness of call money rates is due
to technical causes, the influence of which is not
likely to extend far outside the Stock Exchange
nor to endure there No difficulty is apprehended
in prov iding for the payment of the remaining
subscriptions the government loan without
strain on the money market and the completion
of this operation will work automatic relief
in the money market
The bond market was rather neglected and
prices declined in sympathy with stocks. Tota
sales s., 5l5, 900. Government bonds were un
changed.
The following table, prepared by L. w. Louis
Room II, Board of Trade, shows the range Of
quotations.