The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-13
MONEY UP TO 9 PER CENT.
DEMAND FOR QUICK RELIEF RE
SUITED IN DECLINES IN STOCK.
Vanderbilts Death Also Contributed
to Weakness at Times-Local
Trade Active.

At New York, yesterday, money on call
was firm at 51ad7 per cent; last loan, per
cent.
Prime mercantile paper. 44G5 per cent.
Sterling exchange was weak, with actual
business in bankers bills at A.S6d4s6h for
demand and at s4.s21sd4s234 for sixty days;
posted rates, $4.S4 and s4.S71z; commercial
bills, $4.S2
Silver certificates, 59d5sAc; bar silver.
595sc; Mexican dollars. 47i1c. AT London,
bar silver closed steady at 27Ad an ounce.
Values of securities suffered yesterday on
New York Change from a further drastic
liquidation of speculative accounts, induced
by the contraction of loans by the banks
for the purpose of replenishing their de-
pleted reserves. Some sentimental effect
was produced by the sudden death of Cor
nelius Vanderbilt. But this event, though
sudden, was not wholly unexpected, and
those properties with which the name is
most closely associated gave evidence OF
support. Late in the day, after the loans
had been either readjusted or paid off.
there were some notable recoveries in
prices, not few of the railroad stocks ris-
ing above Mondays level. In the final hour
there was a rather urgent demand from the
shorts to cover. which helped the rally.
Some stocks gave the appearance also of a
demand from bargain hunters. All grades
of stocks were thrown on the market during
the day as the rate for call money was
marked up by successive stages, or loans
were called outright. The standard railroad
stocks suffered in equal degree with the
industrials. as evidenced by the weakness
of the grangers and a two-point decline in
Pennsylvania on large offerings. The bears
xf,.I oil n nd
were quick to take the market away from
sellers. They had their greatest success in
Brooklyn Transit. which broke to par on
the opening TRANSACTION. The most strenu-
Gus efforts at support failed to hold this
stock and it fell to 95. The Flower group
showed keen sympathy with the weakness
in this stock. Peoples Gas. Federal Steel
and International Paper dropped from to
8 points below last nights level and Rock
Island leading the of the Changers.
Tennessee Coal opened off 9le points and
| fiuctuated very feverishiy over a range of
| 5 points Colorado Fuel moved in sympathy,
but otherwise the iron and steel stocks
were relatively firm and came up in the
final dealings to a level above Monday S
close in several instances. Sugar was one
of the heavy sufferers on the active list
Some of the less active stocks to snow nov
nois. Consolidated Gas. Mobile q Ohio
Cleveland Lorraine & Wheeling preferred,
Minneapolis, ST. Paul & Sault Ste Marie
Omaha q Lackawanna, in which the de-
clnes ranged from to 5l2 Manhattan was
weak at one time, but rallied strongly on
| the declaration of the regular quarterly
dividend of per cent The newly-liSted
milling stocks gained "a and 1 respectively.
Railroads In the Southern group, the Pa
cific & Atchison preferred, showed a better
resistance to the weakness than the general
| list and in some cases established net gains
before the close.
The heavy liquidation of the last two days
has undoubtedly resulted In greatly
strengthening the condition of the banks.
The call loan rate, after rising to per
| cent, fell again to 6. but this was only
after the days demand had been satisfied.
| Reports from Washington indicated that
| the Treasury Department was indisposed to
offer measures of relief so long as liquida-
| ton was not forced beyond purely specula-
tive limits. The foreign exchange rates on
London, Berlin and Paris yielded frac-
ton, but discounts at those centers did not
respond with an advance as they would al
most certainly do If a movement of gold to
New York were impending. New York
| banks, generally. marked up the time-loan
| rate to per cent, though the demand in
| that depart ment is not heavy.
Bonds were weak, in sympathy with
| stocks and there was considerable liquida-
| ton manifest in the speculative issues. To-
| tai sales, par value, ,495 900. United States
old tours. coupon, declined u in the bid
price.
| Following is list of the stock sales, with
| closing bids: