The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-27
M%ONEYBOUNDED UPWARD
LAST GALL LOAN IN NEW YORK WAS
20 FL CENT.
S~tatements of Railroad earnings
Added to a strong UndertOne-Lo-
cal Trade GOOd-Prices Sti6.

At New York, yesterday, money on call
was strong at 6G0 per cent, the last loan
being made at ~ per cent.
Prime mercantile paper. 5lzd6 per cent.
Sterling exchange was steady, with actual
business in bankers bills at A.s5%G4So1a for
demand and at A.S1%d4s1zs for sixty days;
posted rates, S.s3 and 81. S61a; commercial
bills. $4.s104S1A.
Silver certificates, 591aQ6oc; bar silver,
5S%c; Mexican dollars, 47Ac. AT London bar
silver was unchanged at 271sd an ounce.
The stock market continued dull and list
less in character yesterday. Several favor
able incidents impaired an undertone of
strength and discouraged operations for a
decline, but the soaring tendency of the
money rate discouraged all speculative de-
mand on the long side and the day closed
with nearly all stocks showing losses. The
incident which attracted most attention was
the engagement I'm London of $,Oo,OO in
gold for New York. Prices rose to the high
est on this announcement and for a num-
Der of stocks reached a level above Mon
days close. Money, however. rose upward
by quick stages 10 20 per cent, and the
heaviness of the market was renewed. The
gold engagement, in face of the firmness OF
exchange, is obviously based on the ex-
pcCldllon that lie HfOhCy iotC VIII III
high until the receipt of the gold here, when
the profit of the loaning rate may make
good the loss involved in the simple i'm
portation. The course of the local money
market yesterday contradicts the assertions
made Monday that the higher rate was
pective condition of the money market Is
undeniably light. Rates advanced not only
both East and West. New York exchange
at other points shows continued pressure on
this center. The announcement that more
gold is on the way from Australia to San
Francisco had no effect, the promised re-
lief being so remote. The fact of a three
days holiday approaching had its influence
also on the prevailing dullness. The weak
ness in foreign stock markets was an in
fiuence in New York only indirectly and so
far as 1t was a deterrent to gold imports.
The series of railroad which ap-
peared yesterday was a real and effective
prop to the market and undoubtedly in
duced some good buying from substantial
interests such as are not dependent on bor-
rowed money. The overnight statement of
st. Paul for the third week In September
showing an Increase over last years UNI
precedented level of $4,000, led the list.
Even more striking was the statement or
increase in the income from operations of
SOS, $685., a result In large part due TO the
heavy decrease in operating expenses; In
way, in spite Of liberal increases in operat-
ing expenses there was an increase in net
earnings for the former OF s2Si'S0 and Tor
trunk lines was reported on an unprece-
dented scale. These facts gave the under
tone Of firmneSS TO the market, the stocks
especially affected being those whose re-
ports were published. The days net de-
clines reached a point in only a few cases.
A number of the industrial Specialties were
at one time 1 to 3a points below last night,
but covering by the shorts worked a partial
rally. Brooklyn Transit continued very
active. though American Tobacco exceeded
ii and was we'll sustained after an early de-
cline, rising to a point over yesterday and
closing with a net gain.
The bond market was dull and prices were
lower. Total sales, par value, 1890, OO0.
United States twos advanced g, old fours,
coupon, a and the new tours Il in the bid
price.
Following is a list Of stock sales at New
York Yesterday, with the closing bids: