The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-10

At New York yesterday money on call firm
at 21kQ4 per cent; last loan per cent
Prime mercantile paper. 4@411 per cent.
Sterling exchange firm. with actual bust
ness in bankers bills at $4.S6G4S61z for demand
and at s4S21zG4.S2S4 for sixty days. posted rates.
$.sah and s4s51zQ4.s6; commercial bills. s4s1@
ASIA.
Silver certificates. sO1k@61c; bar silver. e01zc;
Mexican dollars, 46s4c. At London bar silver
closed steady at Esd ounce.
Total sales stocks. $1,000 shares. including
Il, 100 Atchson preferred. $3.50 Baltimore & Ohio
300 Chesapeake G. Ohio, 29,14O Chicago, Burling-
ton & Quincy, 3,947 Illinois Central, s,750 Louis
vile & Nashville, t,75o Manhattan, $50 Met
ropotan, $3.50 Reading preferred 1000 Missouri
Pacific, 1920 New York Central 2s.920 Northern
Pacific. O.150 Northern Pacific preferred, 1890
Rock Island. 1926 Union Pacific, S4,S44 st. Paul.
3433 Southern preferred, 24,750 Union Pacific pre-
ferred. S.21O Union Pacific. Denver Gulf. 5000
Cotton OIL S7s45 Tobacco, 9,240 Chicago Great
Western 1850 Peoples Cas- 1900 General Elec-
trio. O,42O Sugar. 1910 Tennessee Coal and Iron
1920 Leather preferred, 1875 Rubber. 1850 West
ern Union
There was further drastic liquidation in the
stock market yesterday at expense to the price
Of stocks Of between 81 and 50 a share in great
many cases. Disappointment over the fixing of
the st. Paul dividend at only 215 per cent con-
tnued the prevailing influence and no attention
was paid to favorable developments or to the
indications Of easier condition in money. The
selling evidently in the nature of speculative
profit taking and came from an element that has
persisted in the confidence that prices
tain of further advance. A great part of this
confidence has been based the supposition
that the ST. Paul dividend would be increased
and would waken general activity and wide
spread outside interest, the with the
increase in the Burlington dividend. There was
short-lived period of firmness to prices early in
the day demand to cover some of the shorts
put out yesterday. This movement was encour-
aged by the failure of the London market to
reflect any violent depression account of the
st. Paul dividend. but the advance in prices was
met by continued heavy offerings and by noon
the movement to throw over stocks was in full
force again and prices were tumbling throughout
the list. Early gains in a few special cases were
almost completely wiped out. Among those stocks
which have recently been subject to attack on
account of individual causes of weakness there
was noticeable hestancy on the part of the
bears about putting out short lines Manhattan
and Brooklyn Transit were conspicuous examples
1t in fact evident that fresh commitments
either on the short or long side were not in order
and the activity of the market was almost en-
tirely liquidation pure and simple due to the
hardness of the money market. There was also
some disposition to apply the ultra-conservative
standard adopted by the ST. Paul directors to
some other properties which have made more lib
eral disbursements of expanded earnings. and to
question somewhat the integrity of the dividends
thus established.
The distinctly easier tone of money in the after
noon brought recovery in prices aside from that
due to covering by the traders. How far
the easier tone in money is due to the increase
in government bonds available security
to release cash from the treasury, and how far
to the contraction of loans incident to the stock
market liquidation itself is not clear. The reduc-
ton of the call loan rate to 212 cent. resulted
in the steadying of foreign exchange and check
to the advance the London money rate. New
York banks continue to lose cash very heavily to
the subtreasury and the shipments of currency
to the interior show large increase over those
of last week.
The bond market showed the effects of liquida-
ton, though to less degree than in stocks Total
sales, 81, 100000. United States twos advanced IL
and the twos a, while the threes, when
issued, declined u in the bid price There
large sales of new threes, with prices ranging
from 1851 down to 1851 at the close.
The following table, prepared by l.. W. Louis.
Room H. Board of Trade, shows the range OF
quotations.:
Touy