The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-22
TOWARD BETTER PRICES
MONEY RATE EASIER AND THE
STOCK MARKET ADVANCING.
some Foreign Selling of American Sc
curities without Eject on This
Side-LocaI Trade Active.

At New York yesterday money on call was
easier at 2@'5 per cent; last loan, per cent.
Prime mercantile paper, 4Q5 per cent.
Sterling exchange was weak with actual BUSH
ness in bankers bills at $.S3% for demand and
at A.S1Ik@4.s1A for sixty days; posted rates.
s4.S21zQ4.Ss and s4S5 commercial bills s4SO1s@
Ash
Silver certificates, 61hQ62c; bar silver, 81 5-16c
Mexican dollars, 471ac. At London bar silver
closed steady at 20 5-1sd an ounce.
Total sales stocks, 395.1OO shares including
IL, 259 Chicago Burlington & Quincy. 23.695 Man
haitian, sl274 Northern Pacific, 6,062 Northern
Pacific preferred, 4.779 Rock Island. $3.50 Union
Pacific .270 st. Paul, 49, 400 Union Pacific pre-
ferred 46o0 Wheeling & Lake Erie. 1910 Cotton
oil. $3.50 Tobacco. 700 Peoples Gas, 1880 Gen.
eral Electric 1o3, 622 Sugar, ,266 Leather pre-
ferred and 1900 Rubber.
The course of Sugar the New York Stock
Exchange yesterday indicated that the long bear
turn in that stock has to end for the
present. Dealings in this stock continued to abb
sorb an important proportion of the total trans
actions. Efforts to hold the money rate proved
unavailing in view Of the disparity between the
New York call money rate and other markets and
call loans on the board fell to per cent. AS
result Of relief from these important reactionary
tendencies. the market was strong and recovered
quite generally from Tuesdays decline. But the
strength confined largely to spots and the
market is still in the hands of professionals and
reflects outside interest There still some
apprehension that the rally in Sugar might be
simply the result of manipulation directed against
a large bear account The sudden penitude of
money was also looked at somewhat askance and
with some remains the fear that further furry
in call money might be possible. The fact that
money has been easy to obtain for several days
in almost all markets, but not on the Stock Elk
change, encourages this feeling. But the call
money market was unable to Withstand the in
fuence of the various agencies which have been
at work for its relief. The subtreasury had
other debit balance of nearly $2,OOO,OOO at the
clearing house. rejecting in part the presentation
Of checks for the anticipatory October payment of
interest on government bonds. Transfers of cur
rency from New York to the West through the
subtreasury amounted to only $50, 900. There
further engagements of gold in London for i'm
port, resulting in a sharp rise of 1aQ1 per cent.
in the money and of ss61z to 21s@2A per cent. in
the discount rate in that market The stiffening
of the London money rate begot dizziness in the
stock market there, the heaviness extending to
the American group and resulting in some selling
for London account in New York. Except for
one or two instances, this selling was without
much effect A number of stocks responded
sharply to special causes, for instance Manhat-
tan the return from Europe of the dominant
capitalist; Brooklyn Transit, talk of the alb
sorption of another line; General Electric the
belief that ii would benefit from the recent COM
bnaton of electrical interests. and Leather pre-
ferred covering of shorts, who Inexperienced
the meaning of the new leather company
nounced Tuesday. The coalers. Cotton OIL Rub
ber New York Air-brake and some other special
ties showed conspicuous advances. In the rail-
road list outside of Northern Pacific, dealings
not large, but prices in a number of cases
advanced point net. Last prices were the best
and the market strong and the most active
at the close.
Prices of bonds recovered in the late dealings
from early tendency towards decline. Total
sales, $1.610.O00. United States fves declined u
and the threes, when issued, - in the bid price.
The following table, prepared by L. w. Louis.
Room IL, Board of Trade, shows the range of