The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-21
LOWER LEVEL IN STOCKS
DEMAND SMALL AND AN UGLY FLUR-
RY IN THE MONEY MARKET.
Eastern Financiers Wonder What Has
Become of Our Surplus Credit
Abroad-LOcaI Trade Active.

At New York yesterday money call was firm
at 41s96 per cent; Last loan, per cent.
Prime mercantile paper, 4Q5 per cent.
Sterling exchange heavy, with actual bust
! ness in bankers bills at s4.SSAG4.s4 for demand
and at s4.S1%G4.S2 for sixty days: posted rates.
s4SSls and s4.S5z; commercial bills, $4.sOls@AS1.
Silver certificates. e1d62c; bar silver, Sic; Mex
lean dollars 477sc. At London bar silver closed
steady at 2S 3-16d
Total stock sales. 452. 100 shares including 40S5
Atchison preferred, 14725 Chicago. Burlington &
Quincy, 3725 Louisville & Nashville. 10. S55 Man
haitian, 42,S25 Northern Pacific, 171A Northern
Pacific preferred, 1875 Rock Island, 1886 Union
Pacific. 2S 100 st. Paul. $1,000 Union Pacific pre-
ferred, % $50 Tobacco, s12O Chicago Great West
ern. 11.S1O Peoples Gas, 32S9 General Electric
122, 800 Sugar 3.545 Leather preferred.
The New York stock market yesterday present.
ed all the characteristics of genuine reaction
Last weeks sharp recovery eliminated the short
interests very largely and the forced liquidation
of profits had been mostly completed during the
previous continued decline. The market thus
freed to great extent from technical influences
and in condition to respond to the prospects for
general business in the country. Its failure to
do so Monday attributed to the unsettling
| influence Of the slump in Sugar. The bears
evidently timid about continuing their campaign
| further against Sugar and inclined to cover
SO that this influence towards reaction
towards a lower basis. with one or two exceptions
| in the list. and closed only barely steady at
| level generally per cent. or more below Mon
| DAYS level. The action Of the market not
different in character from that which prevails
| at time when the business outlook presents
general encouragement contraction of activity
and declining profits. The demand for stocks
| very small all day and prices went down easily
under comparatively light offerings Weakness
was particularly manifest in Tobacco, the
grangers and Pacifcs. The action of these stocks
indicated the liquidation of heavy individual
| speculation the long side.
The sharpest break in the market
incident with the marking up of the call loans to
6 per cent. The furry in the money market was
a disappointment to bull operators especially In
view of the engagement of 81 900 coo in gold
| for import and mailing from the Treasury De-
partment Monday of checks for interest reg
istered per cent. bonds, due Oct. l, amounting
| to a. 000 which payable Immediately. The
subtreasury's debit balance at the clearing house
also up to $1,26145s rejecting a large in
crease in government expenditures. The sluggish
ness of the gold movement is somewhat remark
able in face of conditions Call money in London
was II per cent, against per cent. New
York yesterday. London discount is l%@1s per
| cent, against per cent. in New York. Last
months trade balance in this country's favor
was $S5, 600 900 top Of the favorable balance
! for every month in the preceding year. In addi-
tion London has recently bought securities in the
New York market. 1t is fact that part of the
| gold engagements yesterday were made by New
| York bullion dealers who shipping silver in
| response to the existing active demand attrib-
| uted to Spanish account There is not sufficient
demand for exchange against the shipment to
make market and there is better profit In i'm
| porting gold. Exchange is thus clearly demon
strated to be at the gold import point and the
| question arises what has been done with the
| country's credits abroad that they do not bring
| a larger gold movement. The immediate future
| of the local money market is however, clearly
| towards greater ease.
! Dealings in bonds were not a large scale
and prices towards lower level Total
| sales, $1S10G00 United States fours old and
| new, were u lower in the bid price.
| The following table. prepared by L. W. Louis.
Room IL. Board of Trade shows the range of
| quotations.