The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-13
QUICK TURN IN STOCKS
SNOWSTORM AND FEARS OF MONEY
MARKET SENT PRICES UP.
Reported Conference of Leading New
York Bankers to Consider the Sit-
uatiOn-LOcaI Trade Active.

At New York yesterday, money on call
was firm at S@4 per cent; last loan, per
cent.
Prime mercantile paper, <12@51a per cent.
Sterling exchange was heavy, with actual
business in bankers bills at $4.S414 G4.S41s for
demand, and at s4.S2A@4s211 for sixty days;
posted rates. $4,S31z and s4S51z; commercial
bills, $4.81h and $4.S5.
Bar silver 6Od6O5sc: Mexican dollars, 6034c;
silver certificates. 6OQ61c At London bar sill
yer closed steady at q 15-16d an ounce.
Total sales of stocks, $40 800 shares, includ-
ing 1880 Atchison preferred, 1S.405 Chicago,
Burlington & Quincy, 6,492 Louisville &
Nashville, 1885 Manhattan, 1882 Metro
politan 1923 Missouri Pacific. 1893 New
York Central, 1867 Northern Pacific, 4,4OO
Northern Pacific preferred 10S30 Rock ISL
and, 1906 Union Pacific, Al ,31S st. Paul, 1856
Southern preferred, 16,4SS Union Pacific pre-
ferred, 5000 Minnesota Iron, 5000 Cotton Oil,
$685. Tobacco 5000 Chicago Great Western,
1885 Peoples Gas, 23,4S4 Sugar, 4,O65 Ten
nessee Coal and Iron, 4,321 Leather preferred
and 1865 Rubber.
There was continuation of apparent
liquidation on the New York exchange yes
terday morning, caused by covering of short
stock, which speedily wiped out the re-
coveries of Saturday and carried prices
sharply below the lowest level of last Fri
Gay for nearly all standard stocks. But the
pressure of liquidation seemed to be relieved
by noon and there was disposition to pick
up stocks quietly and to accord support to
weak spots, notably st. Paul. The dealing
in odd lots in some of the standard dividend
payers also became quite feature, indi-
eating supply of money for investment
Notwithstanding the stiffness of the local
call money. market. Weakness in some. of
the Industrial speciaIties caused the market
to ease off again before the close, but last
prices of the railroads were in many cases
at sharp recoveries from the lowest. Never
theless marked net losses resulted from the
days trading owing to the severity of the
pressure early in the day. There was appre-
hension over the outlook for money, but the
government crop report and the SnowStormS
in the West were also material factors. The
crop report though bearsh on the corn
crop as a whole, showed sharp deterioration
for Kansas. Nebraska and Iowa. This,
coupled with the snowstorms in the corn
belt, was very clearly indicated in the weak
Pacific.
There was no actual development to ac-
count for decline of apprehension over the
money market outlook and how far this
feeling was connected with reported con-
ference of leading bankers is not certain.
There was a growth of conviction that there
is q large available supply of money at least
outside of New York city. Money rates
easy at interior points and there is even
York market by Western banks. 1t is quite
possible also that a larger amount of the
new government threes might be made
available both for purposes of circulation
and as secruity for government deposits in
the banks than has yet been the case in
the event of any real stringency of money.
Nevertheless the drain of cash from the
banks to the subtreaSury on account of sub.
scriptionS to the loan continues and the SUBJ
treasury was even creditor at the clearing
house to-day on account of an accumulation
of drafts from interior depository banks in
which government deposits have exceeded
their security by reason of heavy internal
revenue collections. There were rumors all
day of engagements of gold for import but
none of these were confirmed. The easy
tone of the money market and the conse-
quent recovery in the stock market were
apparently due to other causes. The large
foreign demand for wheat and the evidence
of underlying strength in the wheat market
In the face of bearSh government crop
port, had some influence in the stock mar
ket
The bond market was dull and showed
some weakness in sympathy with stocks.
Total sales, $1.267,O00 United States twos
advanced and the old tours, registered, a in
the bid price.
The following table. prepared by L. w.
Louis Room II. Board of Trade, shows the
range of quotations: