The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-07
STIFFER MONEY RATES
WITH sHRINKAGE IN BANK RE-
SERVES RETARDs SPECULATION.
Notable Advances in Some Of the
Speciality Stocks-LOcal Markets
Benefited by Rain.

At New York yesterday money on call was
firm at 21zqS per cent; last loan, 21s per cent
Prime mercantile paper 3%@4l3 per cent.
Sterling exchange was easy at s4S4ia64S4% for
demand and at $4s2s404ss for sixty days posted
rates. s4sSh@4.s4 and s4s51494Ss commercial
bills A.s1G4s2.
Silver certificates. 5s1s@So1zc bar silver solsc;
Mexican dollars, 4ss4c. At London bar silver
closed steady at 2%d ounce.
Total sales of stocks, 325, 700 shares. including
r. 243 Atchison preferred, 7s4O Baltimore & Ohio
6I0O Chicago, Burlington Quincy. 100 Denver
& Rio Grande preferred, S,0S6 Illinois Central
II, 2CO Louisville & Nashville, 1875 Manhattan
4s75 Reading preferred, 1850 Northern Pacific
1880 Northern Pacific preferred. 5.720 Rock
Island $40 Union Pacific q. 535 st. Paul. 5,525
Southern preferred 1850 Union Pacific preferred.
9106 Northern Pacific, Denver & Texas, 4.57O
Wabash preferred $3.50 Minnesota Iron, SS45 In
ternatonal Paper, $50 Tobacco 4535 Chicago
Great Western. SITS Peoples Gas. 7.1OO General
Electric and 10 3S5 Sugar.
Tuesdays New York stock market was variable
and irregular at all times, but was less
under the continuing influences of the shrinking
surplus of the banks and the SITTER rates
for money. General speculation was almost at a
standstill and the movement of the market was
confined largely to special stocks, the trading
being highly professional throughout. The open
ing higher. in sympathy with London. 1t
quickly became evident, however, that no outside
interest had been enlisted here and the profess
sional bears attacked the list in weak spots
notably Manhattan. Peoples Gas and Tobacco.
and soon wiped out the earlier gains. A number
of individual stocks showed conspicuous strength
all day and a rally in Peoples Gas drove the
bears to and made them more cautious.
The strength became general in the late dealings
under the leadership Of st. Paul and the close
strong at the best prices of the day and gen.
orally at a level with Fridays close. The fear
of interrupted traffic through yellow fever quaran-
tine was a factor in the early weakness, especial
ly in Southern Railway preferred but at the
same time there was an advance of 2ss in Illinois
Central and conspicuous frmness in Louisville
the prospect of resumption of Havana traffic.
Baltimore & Ohio was heavily bought by banking
interests all day and had excess gain of
points. Other strong features were Denver pre-
ferred. Atchson preferred, Reading first pre-
fened, Denver & Gulf the Pacific Coast I'm
provement stocks and the grangers. in sympathy
with St. Paul on the very advantageous showing
in the latters annual report.
The dominant factor in the situation continued
TO be the absorption of money by the United
States treasury account of subscriptions to the
new bonds. Call money continued quite firm.
with per cent. the ruling rate and no apparent
effect from the treasury announcement that the
currency skies due January next would be re-
deemed at 1t somewhat remarkable
that with money holding firm at level markedly
higher than the ruling rate in London and with
exchange falling under the pressure of grain and
cotton bills. there should yet be easing of
money rates in London The phenomenon is the
more remarkable there continued buying
of stocks in New York for London account
The condition of the money market had its
reflection also In the extreme dizziness of the
trading in bonds. but prices in the main
firmly held. Total sales. S244o.000. United States
old Tours registered. and the fives advanced 4
and the new tours and the threes, when issued
u per cent. in the bid price.
The following table prepared by l.. w Louis,
Room H. Board of Trade. shows the range of
quotations: