The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-20
A REVIVAL In STOCKS
RECUPER ALTON SETS IN AND MONEY
HAS A FTRMER TONE.
Until the Last Half Hour There Was
Steady Strength, Then Prices Col
lapscd Again-LocaI Trade.

AT New York. yesterday. money on call
was firm at 6q7 per cent; last loan. 6 per
cent.
Prime mercantile paper, 4%G5A per cent.
Sterling exchange was steady, with actual
business in bankers bills at A.s5lzq4-S5A
for demand and at sa.S2a4s2A for sixty
days; posted rates, A.s31a and s4.S6q4.S7;
commercial bills. s4.s1A.
Silver certificates, 59Ac; bar silver,
IS 11-16c; Mexican dollars, 47zc.
The delicate tension of the speculative
temper was well illustrated by the course
of yesterdays New York stock market,
which seemed TO be going prosperously on
Its way toward recuperation and recovery
in prices until the iast half hour of the
trading. After that time prices were bowled
over in every direction like a set of ten
pins which had been set up simply to be
knocked down again. The selling move
ment was in full force when the market
closed ard prices tending rapidly downward.
Some of the earlier gains were completely
wiped out. The market gave every ap~
pearance of having thrown off the incubus
Of the money stringency. The reports from
abroad were of a more conciliatory atti-
tude on the part of President Kruger, and
the decision of the French government to
PoAaO NaGSCa a AoAS III g
markets. There. as we'll as in New York.
the snort interest had been largely over
extended and they found SOM difficulty in
securing stocks TO cover short contracts.
Professional operators who had secured
stocks at Mondays low level had turned
bull. and there was a fair volume of buyine
orders in commission houses this morning,
attracted by yesterdays late recovery in
prices. Prices were marked high at the
opening and trading was very active for a
time, but on a descending scale. After
prices had got back TO near yesterdays
close a demand of a substantial charac-
ter developed for standard railroad stocks.
Some or the specialties, notably In New
YORK traction stocks. which have suffered
recent violent losses, were marked up rap
idly. Late In the day a very buoyant tone
of Lackawanna. which advanced an ex-
IRENE ll12. Other members of the group
rose from 2hz to 4 points; METROPOLITAN
up at one time AS. Many other specilaties
were up between 2 and 3 points. and the
active railroads very generally showed
of affairs when traders began to take profits
in the coalers and Metropolitan Street
Railway. 1t did not take the bears long to
wipe out all of the gains in Brooklyn
quickly downward. The selling movement
continued actively TO the close.
| The advance In prices was accompanied
by professions of confidence that money
market difficulties had been passed. Call
money ruled at 6 per cent. and above during
the day. The banks are not losing quite
as heavily as last week, either to the sub
treasury or TO the interior. But the out
ward movement of money is more than
sufficient to make inroads on the legal re-
| serve of the banks. 1t is known that many
| loans which have been called have been
placed with other borrowers or have re-
suited simply in a shifting Of collaterals
| while the loan was marked up, but left
| otherwise undisturbed. Reports found cur
rency that considerable money had been
| placed in call loans for account of Cana
dian banks. One New York bank took out
| additional circulation in Washington to the
amount OF $3.50, 900. for which notes had al
ready been printed and made available for
circulation. Except in these cases, there is
! no evidence of any actual repleniShment
Of cash for the New York market, nor is
any discernible in the Immediate future.
Banker express the opinion that money
will continue hard at 6 per cent. or above.
One of the vagaries of the situation is that
| sterling exchange held steady TO firm to-
day, with buying for London account of
over 1900 shares of stocks, while 1t dropped
sharply yesterday. in spite of London's SELL
ing of over 10000 shares. Competent au-
thorities do not look for gold imports UNI
| til much later in the fall.
| Bonds showed gains and held better than
| stocks I'm the late weakness. Total sales,
| par value, s., 100000. United States bonds
| were unchanged in bid quotations.
| Following is a list of the stock sales yes
| terday. with closing bids: