The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-12-14
Eject of British Reverses in South
Africa Precipitates Heavy Liquf-
dalton and Big Losses.
THE MONEY MARKET DANGER
LIES IN THE PRESSING NEED OF
MORE CAS- AT LONDON.
Outlook Is Considered Gloomy i'm the
Arbifer-LOcaI Trade News.

AT New York yesterday money on call
was firm at 31a@S per cent; last loan, 5
per cent. ruling rate, 6 per cent.
Prime mercantile paper. 5k46 per cent.
Sterling exchange was strong. with actual
business in bankers bills at &.S6tQ4.S61a
for demand, and $4.Slss@4S1% for sixty
days; posted rates, $4.S2Q4.S2h and A.Ss9
ASH; commercial bills. $4.Soq4.So1a.
Silver certificates were 59Q591ac; bar sill
yer was 591kc; Mexican silver dollars were
471sc. Bar silver at London was steady at
27&d per ounce.
The market yielded to Generalization
during the early part Of yesterday. and
| stocks were thrown over wholesale on the
down grade. Prices went below the low
point of Monday all around. and the mar
ket closed in a highly excited condition.
The few rallies which were effected were
due to the hasty landing of profits by the
bears, which were sufficiently attractive on
the day to induce the closing out of short
accounts by the professional operators,
| who persistently sold the market at the
higher level. The market made some head
way against the depression during the
early dealings. and at one time had very
largely overcome the opening losses, which
were reflected from the foreign exchanges.
The weakness abroad was due to the grow
ing seriousness of the situation Of the
British campaign in South Africa. London
was a heavy seller in the New York mar
ket. but it's offerings seemed well absorbed.
The grangers rose notably above Tuesday
nights level. and Sugar and Brooklyn
Transit also made conspicuous progress
towards recovery from the recent depres-
4 sion R,1f during the Iatter art Of the dav
the operators in stocks shut their eyes to
everything but the gloomy apprehensions
over the future. The existing condition of
the money market was at no time strin-
gent. and in the late dealings the rate for
call money ran down to 3s per cent. The
announcement of the determination of the
Pennsylvania Railroad to distribute stock
at par to the extent of 10 per cent. Of the
capital came as a total surprise, and under
ordinary circumstances would have been a
determining factor In rallying the market.
1t lifted Pennsylvania 8 points and New
York Central 2s and caused a temporary
lull in the spasm Of liquidation. But the
pause was only momentary. Equally with
out effect was the extra dividend declared
on Northern Pacific common. bringing the
rate for the year up to 8 per cent. The
persistent liquidation in Sugar gradually
spread throughout the list. In the final
dealings Sugar went II points below the
highest. Tennessee Coal 1917. Continental
Pacific preferred 81, Great Northern pre-
ferred z. Metropolitan z, American Tobac-
CO 5h and L~ackewanna s.. Although losses
In the railroads are not so wide as a rule,
the liquidation In them was very heavy.
The declines reach 3 points in St. Paul,
Louisville and a number of the ~coalers, and
eXDaQn " III 4 n nm Wanda Hat MI
conditions were apparently much easier in
the money market, but sentiment regarding
the outlook was exceedingly reverish and
unsettled and the street was full of con-
Trajectory rumors regarding Developments.
The violent jump Of sterling exchange
rates both here and at other points made
II sumcientiy evident that London was the
real seat OF trouble, and apprehension was
expressed of future difficulties there. The
denial of Tuesdays canard Of a loan of
xlo,oVo,WO by the Bank or france to the
Bank OF England was a potent influence in
upsetting the market. Indications pointed
to a hope on the part Of London of obtain
ing gold In New York. The old story of a
loan by banks of the United States to the
Bank of England was revived, with the adj
ditional detail that the banks had accumu-
lated government bonds which the secre-
tary OF the treasury was to hJy, thus sup
plying the needed gold from the United
States treasury. The amoInr rumored was
Us. oo0.0 00. In the morning the Canadian
banks were said to be calling in their ex-
sonsiNc iodHs, Win Il view OF renting
gold 10 London. but In the afternoon came
the report that the Canadian branch banks
had received $1,000. 600 in gold from Canada
since Friday and had been free lenders of
money yesterday. The fact that the sub
treasury this week already has absorbed
S4.530. 900 from the money market arouses
hope in speculative circles or some measure
of relief by the Treasury Department.
But the certainty that any plentiful supply
of money would necessitate to
London on account OF the imperative needs
of that center deprives the stock market of
any hope of real relief until the situation
I'm London becomes easier.
Bonds went off sharply in the late deal
ings. but declines were relatively small
compared with those I'm stocks. Total sales
at par value were 81. 795. 900. United States
fves advanced II in the bid price.
Following are the days share sales and
the closing bid prices: