The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-10-04
N RATE IS HIGH
THE SCARCITY Is CONFINED To MAR
ROW SPECULATIVE INTERESTS,
some Relief Hoped for from October
Dfsbursements-A Great Financial
Stringency Abroad.

Money on call at New York yesterday was
irregular at $40 per cent, with the last
loan at 10 per cent. Prime mercantile pa
per brought 5d5h per cent.
Sterling exchange was irregular. with &C
tual business In bankers bills at A.S5@4S5z
for demand and at $4.sessa4.SOA for sixty
days; posted rates, s4s1kG4S2h and A.S615;
commercial bills. As0Q4-d-
Silver certificates were quoted at 59q5915c;
bar silver, Sc; Mexican dollars. 47c- Bar
silver at London was quoted at 26&d per
ounce.
The disturbed condition of the foreign
markets for securities and the upward ten
dency Of foreign discounts caused a break
In prices at the opening OF the New York
Stock Exchange yesterday. The selling
movement was quite active in the first
hour and low prices for the day in the
majority of stocks were made i'm that time.
There was some pressure later In the day
in obscure quarters of the stock list, but
prices generally were better by the end Of
the first hour. In the latter part of the
day the small volume Of offerings invited
the bidding up Of prices. The level OF many
stocks was carried above that of last night.
both in the railroad and the industrial de-
partments. No large offerings were brought
out by the advance and even the violent
upward leap in the money rate to 40 per
cent. after 2 o'clock caused only a slight
setback in prices. They had hardened
again and the closing was very firm in an
almost stagnant market. only slightly be-
low the best OF the day. There Is a very
fair mixture of net gains throughout the
list. The stock market was strikingly indif-
ferent to the gyration. There was consider
.hra roI1fnU NJ hans i'm the early hours
by national banks whose reserves are below
the legal limit. But the money rate did
not get above 20 per cent. during this period,
and at the opening loaned at 8 per cent.
back again to s per cent. 1t was after 2
o'clock when the rate spurted TO 40 per
cent. and then dropped back again before
the close. The urgent demand for money
seems confined to Che Stock Exchange, and
the small disbursements created by to-dayS
high rate indicate narrow l tbaH 81 Do hr gof
loans, are not offered in large vol
ume. Call loan rates at neignDoring
to advance to-day. But the severe stringen-
CIV seems confined to New York and to a
narrow r speeui ia ne e eViden ia t as y yetco Of ma" amy
disturbance OF the course OF general
business for lack Of money. The action Oh
the London and Berlin money markets to-
day and the weekly return Of the Imperial
Bank OF Germany indicate an urgent neeo
for money there. Obviously, no furtner
movement OF gold to New York is TO be
expected in the immediate future. No eff
feet is yet apparent from the October dis
bursements Of dividends and interest, but
some funds are expected TO make their way
from this source into the New York money
market before many days. A nope Is en-
tertained in stock market circles that some
measure Of relief by the Treasury Depart
ment is imminent. as the absorption OF sur
plus revenues Is the principal cause OF ex-
haustion OF the local money reserve
The bond market was dull, but prices
were lower in response to the hign money
rate. Total sales, par value, $l,ZSo,VOV
United States twos declined o~ne-quarter IN
the bid price.
Following Is a list of stock sales at New
York. with the closing bid price: