The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-17
FEARS OF A SQUEEZE
IN STOCKS SUDDENLY
COMES TO A sTANDsTILL.
Bank Surplus Supposed to Be En-
tirely Wiped Out in New York
Local Trade Active.

At New York, yesterday, money, on call,
vas firm at S1zQ5 per cent; last loan, Az
per cent
Prime mercantile paper 4@5 per cent.
Sterling exchange was weak, with actual
business in bankers bills at $4S334 Q44 for
demand. and at $4.S1aQ4.s2 for sixty days.
posted rates. s4s3Q4.SS1h and $4.S5Q4S519;
commercial bills, s4.S1Q4.s1A.
Silver certificates, 60lAQ61c: bar silver.
GA; Mexican dollars, 471s At London bar
silver closed steady at 2S 1-16d an ounce.
Total sales of stocks, 497600 shares, in
Guiding 1850 Atchison preferred 1895 B. &
o., 1881 c., B. & c.. $3.50 Louisville &
Nashville, 4,430 Manhattan, 5,S13 Missouri
Pacific, 1850 Northern Pacific, 1850
Northern Pacific preferred, 1854 Rock ISL
and, 81, 1875 Union Pacific q, SIS St. Paul, g. 292
Southern preferred. 3S7OS Union Pacific
preferred, 1902 International Paper, 80 COS
Tobacco, 1850 Chicago Great Western, $40
Peoples Gas, 1900 Central Electric, 99S28
Sugar, $3.50 Leather preferred, 1882 Rub
ber
There was recrudescence of fears of a
squeeze in the money market at New York
yesterday. This had the effect of bringing
the morning advance in the price of stocks
to standstill. The dullness that followed
centered their attacks on Sugar, which was
but feebly supported at any time during the
day, though there were one or two sharp
rallies on covering of shorts. They effected
an extreme decline of over five points in
this stock, and worked a reaction in the
whole list, earlier advances being entirely
wiped out with a few exceptions. The de-
cline did not bring any very heavy offerings
and was effected on light transactions for
most stocks. There was profit-takng by
room-traders, but no resumption of the ur-
gent liquidation which was characteristic
of the market earlier in the week. Active
support was Withdrawn, however, and
manipulation to advance prices was aban-
doned for the time being. The earlier part
of the day saw very active market and
some sharp advances, the Pacifics and In
dustrials maintaining their leadership. To-
bacco made new high record at 1921 as
did New York Air-brake at 104. The grang
erS were in good demand, but there was no
apparent effort to advance prices. There
was slightly higher range for call loans
at the board, but the apprehension of stock
operators was rather of the sentimental
effect of a probable further decrease in sur
plus reserve. which will be shown by to-
days bank statement than of inability to
get money for use. The decline in the sur
plus is partly due to the fact last weeks
statement was based on falling averages so
reflected in to-daYs statement. Moreover.
there had been no such contraction of loans
this week last to offset the losses in
cash. which have continued to lesser ex-
tent'on' account of subscriptions to the gov
eminent loan and out-of-town demand for
currency. It is not expected. therefore,
that the statement will show much surplus
reserve left, in spite of the large deposits
of government funds which have been made
with New York banks during the week.
Outside banks show a disposition to send
money to New York to be loaned, and es-
pecially for the purchase of mercantile
paper. Moreover about 81, 100000 additional
In gold was engaged in London for import,
so that no further serious crisis is expected
in the money market. London bought stocks
in the morning, but turned seller after
prices had advanced and the engagement of
gold for import had been announced
The bond market was moderately active
and prices were quite firmly held. Total
sales &,7S00O0 United States tours. both
old and new, and the fives advanced "a in
the bid price. Demand for the threes was
much curtailed and the price ruled at 1865
all day
The following table, prepared by L. w.
Louis. Room IL, Board of Trade, shows the
of