The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-12-13
FEVERlSH, BUT BETTER
NEW YORK STOCK RECOVERING
FROM MONDAYS LIQUIDATION.
Sugar and the Changers the Only
Really Weak SpOts-Strength Of
administrative Local Trade.

aAho AtPOAtNa eNN
they were Withdrawing their money from
New York for the purpose of loaning it
abroad. New York branches OF Canadian
banks have been purchasing exchange free
ly OF late. and one institution reported yes
terday that most of the money would prob
ably be sent TO london, where it could find
profitable employment. 1t was pointed out
that with both markets Offering similar
attractions, it was natural for Cana
dian funds to seek British en-
ployment. 1t is not known exactly
how much Canadian money has been
loaned in New York since the period Of
stringency began, but it is stated that the
amount is in excess of SIS. OOO.O and more
than has been employed in this city at
any one time for years. From Sl.OOo,0O0 to
5000. 600. it is believed, has been withdrawn
by the transfers already arranged.
A week ago yesterday Chicago exchange
on New York was selling at 80 cents per
$1,000 discount, which was nearly the ship
ping point. Since then it has gone up to 80
cents premium. or practically the receiving
point. These fluctuations were referred to
as indicating that the West is likely TO re-
lieve things at this center, and that bids
for interior money were under way. Eight
per cent. was the prevailing rate for money
on the stock exchange yesterday. New
York banks arranged at the subtreasury
for the transfer of 100000 to Southern
points. Should Secretary Gage anticipate
the January interest. about S,5oo.OoO will be
released by the operations. Seventy per
cent. OF the payments called for would
probably be disbursed in New York
At New York yesterday money on call
was steady at 4 to s per cent; last loan, 4
per cent: ruling rate. s per cent.
Prime mercantile paper, 514d6 per cent.
Sterling exchange was firm, with actual
business in bankers bills at s.S67sq4-S7 for
demand. and $4s1h for sixty days; posted
rates, 4.S2G4.S2la and A.S7la; commercial
bills. si-sOd4s0A.
Silver certificates were 59d6Oc; bar silver
was 59Isc; Mexican dollars were 47Ac. Bar
silver az London was steady at 27Ad per
ounce.
The New York stock market displayed a
feverish tone as a consequence of the vio-
lent shakedown of Monday. Although there
was some belated liquidation, prices were
not without support at any time, and where
breaches were made in values the charac-
ter of the buying at the decline made it
look as If the manipulation for a fall was
for the purpose of taking on stocks There
was a notable volume of commission house
buying. which indicated that outsiders had
been attracted by the lower level of prices.
There were points in the industrial list
which displayed notable resistance all day,
and during the latter part of the trading
notable strength. Some of the railroads
showed declines, notably the grangers,
which were attributed to a shifting of hold
ings In that group into some OF the indus
trials. The grangers touched lower prices
than in the decentralization of Monday, and
they were practically the only stocks in the
list TO do so. That there is still a large and
aggressive bear party in the market was
evident. Their tactics were moderately
successful in the morning. especially in the
cases Of Tennessee Coal and Metropolitan
Street-railway, which were forced down
81 and So respectively. Money at no time
ruled over S per cent, and I'm the afternoon
was offered down TO 4 per cent. The i'm
preston was abroad that some of the very
large individual operators had become pos
sessed OF a liberal supply OF funds, and
were taking on stocks. Traders generally
turned to the bull side. and marked up
stocks to the neighborhood of Monday
nights level. and In some instances mater
iaily above ii. Prominent specialties showed
recoyeries from the low point. ranging
from two to over five points. Sugar. Brook
lyn Transit and Tobacco were especially
notable in the rally. In the railroad list
the Trunk lines, the Pacifics and one or
Two OF the COalerS rose from Ia TO =, anu
Southern Railroad preferred rallied 21s.
After touching 1872. Sugar suddenly broke
four points to near the lowest. and very
much unsettled the whole list. Reactions
were confined TO fractions, outside of To-
bacco and Brooklyn Transit and a few 9TH
er industrials. The closing was thus made
Irregular. and with mixed net changes.
The action of the directors of the Federal
Steel Company in declaring the dividend of
8 per cent. on the preferred stock, thus
making the full 6 per cent. for the year.
and clearing the way for promised divi-
dends on the common next year. was not
announced until the close OF business. but
IL explained the relative firmness of the
iron and steel stocks. Sentiment as to the
future of the stock market Is still conflict
ing and unsettled in view OF the continu-
6nce of the factors which have restricted
the money supply and led TO the forced
liquidation.
The bond market was less active than
stocks, and prices were comparatively
steady. Total sales at par value were
S.2s5.OO0. United States new fours advanced
~. old fours "a. and the fives q in the bid
price.
Following are the days share sales and
Ah4 Aafr Nil