The Indianapolis journal., 1899-11-29
FURRY IN CALL LOANS
1T EMPHASIZED DISTRUST Of MON
EY CONDITIONS At NEW YORK.
Price of Stocks Lower on the Day 3
Business-Local Trading Reflects
the Usual Holiday Sentiment.

At New York yesterday money call
closed firm at 5a1O per cent; last loan,
per cent; ruling rate, s per cent.
Prime mercantile paper, 5l296 per cent.
Sterling exchange was easier, with ac-
tual business in bankers bills at s4S57s9
4.S6 for demand and s4.s1d4S1A for sixty
days; posted rates, s4S2Q4S212 and s4.G.
Commercial bills. $3.50.
Silver certificates were 5S7sQ59c; bar sill
yer was 5s7sc; Mexican dollars were 47Ac.
Bar silver at London was firm at q 3-16d
per ounce.
The furry I'm call money in the last nalf
hour yesterday induced selling movement
at New York which carried prices I'm the
majority of the list below Monday night
Stocks which had advanced strongly suf-
fered from proft-taking and their gains
were much reduced where they were not
entirely wiped out The market was spotty
and irregular throughout, and the main
change of the price level was due rather
to a cessation of Mondays factors of
weakness than to any elements of posi-
tive strength. London, which was heavy
seller Mon-ay. was inclined to buy yes
terday on the new account succeeding the
settlement. The large proft-taking in Bal
timore 6 Ohio socks was so far digested
that those stocks resumed their advance
United States Leather, by comparison with
recent performances, displayed a stable
equilibrium and the increase in the divi-
dend rate on the preferred stock did not
move 1t over fraction. Mondays aggres-
sion upor Sugar was also discontinued and
the stock was strong for the greater part
of the day. When these conditions were
developed an attempt was made to inaugu-
rate bull campaign in the iron and steel
stocks, but 1t proved abortive. The move
ment IN the Baltimore * Ohio stocks,
Pennsylvania and New York Central was
the most conspicuous movement OF the
Cay, and did more than anything else to-
sustain prices Chesapeake & Ohio also
rose above its previous high level. There
We're notable advances I'm a number of OBJ
seure stocks, including Peoria, Decatur &
Evansville, Duluth, South Shore & At
lanta, Buffalo, Rochester & Pittsburg
stocks. and some of the minor industrials.
Manhattan lost all its gain before the
close. Enthusiasm over Saturdays strong
bank statement was much diminished by
the discovery that the whole streng tn of
the showing was due to the operations of
one bank. The renewal of apprehension
over the money outlook was emphasized by
several developments. There We're renewed
shipments OF currency to New Orleans
through deposits for transfer at the sub
treasury, and New YOr-- exchanges at Chi
caSO weakened suddenly 10 1Uc discount,
compared with par Monday. The opera
tions of the subtreasury Monday with the
banks resulted In a gain by that institu-
ton of sS2O.OOO. IN spite of the government
bond redemptions. Mondays receipts of
revenue by the United States treasury ex-
ceeded expenditures by 81, ,097, more than
offsetting the total of bond redemptions for
the day. The further rise in the London
money rate and She prospect OF an adj
vance In the Bank of England rate on
Thursday aroused apprehension tnat Lon
don would want money from New York
which Is likely TO displade loans by Canad-
dian banks, which have been placed here
In large volumes. " hen these various
symptoms of the money condition culmi-
mated In the furry in the call loan rate to
10 per cent. prices turned downward
throughout the list and the tone at the
closing was easy.
The bond market moved I'm sympathy
with stock early firmness yielding in the
late dealings. Total sales. at par value
were N,S75.0O0. United StaCes fives advanced
u and the old fours and new fours a in
the bid price
Following are the days share sales and
he oIn