The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-01
HARDER MONEY RATES
FINANCIAL SITUATION ABROAD FELT
ON NEW YORK CHANGE.
Engagement of Gold at London for
America-DecIines In stocks
Local Trade Reviewed.

At New York yesterday money call was
steady at 2q21z per cent; last lean, per cent
Prime mercantile paper, ShG4A per cent.
| Sterling exchange firm with actual business
in bankers bills at sf.S44Q4S4h for demand and
at s4S1kQ4S1A for sixty days; posted rates
| $4.S2lk@4.S3 and s4.s5hQ4Se; commercial bills
s4.sO1a
silver certificates. eO1kQ6l1kc; bar silver 6O1sc
Mexican dollars, 451sc. At London bar silver
closed quiet at p 9-16d an ounce
Total sales of stock We're 423 700 shares, incud-
ing: Atchison, 4SS2; Atchison preferred, $780,
Baltimore & Ohio. 3475; Central Pacific $685.
Chesapeake & Ohio. 500; Chicago Burlington &
Quincy, 5000; Hooking Valley 1916 Louisville &
Nashville u $50; Manhattan. $500; Metropolitan
Sueet-railway. $3.50; Reading first preferred,
ALSO; Missouri Pacific 7.471; Rock Island, 6.772
St. Louis & San Francisco. 1850; Union Pacific.
1920; Union Pacific preferred. 1925; st. Paul,
1900; Southern Railway, 900; Southern Railway
preferred. 5000; Tobacco, 81, 105 Federal Steel
preferred, 5155; Peoples Cas- $780, General Elec-
tric 64CO; National Linseed Oil. $3.50; Pacific
Mail. APO; Sugar, 244O; Rubber 1926; Chicago
Great Western, 5,1S5
The New York, market for stocks in Wall street
hinged very largely yesterday on the financial situ
alton abroad Berlin was again evidently the
| source of the pressure for accommodation and it's
urgent needs resulted in the sympathetic harden
ing of the rates for money at London and Paris
call money at London rising to per cent. The
price of gold bars rose an additional fraction in
London but gold to the amount of SO, 400 coo
withdrawn from the Bank Of England. OF this
amount 81 GOO shipped TO the United States
and probably the rest went to Germany. The
engagement for the United States the out
come of the recent tendency towards lower rates
for money at foreign centers, which left
a margin of profits the withholding of the
change, which is constantly accommodating New
York a result of the continued heavy exports
OF merchandise, that the movement of gold is
necessary to meet the obligations. The rise in the
money rate in London Tuesday effected a margin
| Of profits loans made abroad and the result
was in rise in sterling exchange in New
! York, rejecting renewed demand for invest
ment in sterling, which will necessarily put an
| end to the gold movement for the present The
| incident may be accepted admonition to the
foreign markets that they must pay good rate
| of interest if they want the use of the credit
established by this country's favorable trade ball
ance. Otherwise the activity of business and the
needs for financing enormous consultations and
the formation of huge corporations will necessitate
| the calling home of these receipts. The effect of
| the tightening money markets abroad was to
throw burden OF liquidation on the local stock
| market, the international Stocks of course show
| ing the greatest weakness. In view of the large
| German holdings of North Pacific, it was per-
| haps natural that this stock should be most
! acutely affected. But there remains feeling
| of apprehension still over the relations between
| Northern Pacific and its competitors. The story
| reported account for the strength of Union
| Pacific of a plan for the exchange of oregon
! Short-line stock and Union Pacific Company
mon stock indicates rather aggressive strength
| ening of resources than resignation to
compshed agreement, Oregon Short-line
a majority of common stock of Oregon Naviga-
ton, thus insuring outlet for Union Pacific
! to the northwest coast. The latters strength in
| the market radiated from Union Pacific. Sugars
strength due to the rumors of consolidation
with the Glucose Company. Rubber stocks made
| the usual response TO the prevailing gum shoe
weather. General Electric advanced belief of
| a pending disbursement of accumulated dividends
| on the preferred stock There strength also
| in a few of the obscure low-priced stocks. The
rise in Manhattan unexplained The declines
were largely recovered, but the days net changes
were decidedly mixed.
| The bond market was irregular in sympathy
with the stocks, but business fairly large
| and well distributed. Total sales, So, 1915, 900.
| United States twos advanced Ii in the bid price.
The following table, prepared by l.. w. Louis,
| Room II. Board of Trade, shows the range OF
| oIOta