The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-22
A RECOVERY in STOCKS
BETTER TONE TO SPECULATION AND
MONEY SOME EASIER.
Exchange Almost to she Point of Gold
unprecedented Markets
am Even Tone.
At New York. yesterday, money on call

AT New York, yesterday, money on call
was easier at pa per cent.
Prime mercantile paper, 3@4q4 per cent.
Sterling exchange was heavy. with actual
business in bankers bills at AS5AG4.S51s
for demand and si.Si4G4.S3 for sixty days;
posted rates. s4.s31z and s4.Se: commercial
bills, $.S1m4.ak.
Silver certificates. 5s65slsc: sales. 5000
ounces bar silver at So 9-l6c; Mexican dol
lars, Axe.
The tone of the trading in stocks was
much quieter yesterday than for some time
past. No such pressure Of forced liquidation
was observable as on Wednesday and sew
eral preceding day AS a result there was
q very general and substantial recovery in
prices. There was a large demand from the
extensive outstanding short interest and
probably this constituted a principal ele-
ment in the recovery, but there was also a
very good absorption of some of the rail-
road stocks. which had the appearance of
coming from large interests who were sat-
isfied to take on stocks at the present level.
Brooklyn Transit continued to comprise a
large proportion OF the dealings and the
cessation Of pressure against it and other
members of it's group had an important in
fuence in the recovery in prices. A revised
Interpretation of New York's new franchise
tax bill, which would bear less heavily on
corporations than has been estimated. found
general acceptance among spectators. The
enormous selling for some time past of
Brooklyn Transit gave color to some cur
rent rumors that the control of the prop
erty has changed to new and strong hands.
Those two influences were effective in re-
lievtng the local traction stocks from the
fierce attacks TO which they have been sub
1ecsed for many days past and removed
from the situation the most potent element
of depression. The bears made some effort
to contest the advance, and they found vul-
nerable spots in Peoples Gas, Sugar, To-
bacco and Tennessee Coal. But their sue
cess In the general market was very mod
crate and their efforts to cover in the very
stocks which they had attacked helped on
the late advance. In the railroad list ag-
gressive buying first developed in Southern
PACING, but an excellent demand spread to
other points in the list. notably the grang-
ers, which are all up from / to III on the
day. There were notable movement in Pull
man, which rose 87s, and Anaconda, which
Jumped ~ points in the late dealings on
the extra dividend declaration. The Chicago,
indianapolis & Louisville stocks gained 2M
and ga respectively. The Chicago Great
Western stocks showed rather sensational
declines, but later rose above yesterdays
level, except for the ~debentures, which are
of 4 points. London was a seller in the
early dealings, owing to anxiety over to-
days meeting Of the British Cabinet and
thus aided the bears In the early part of
the day A favorable effect was exercised by
the reported purchase, in London, OF $780,
900 of gold In the open market for ship
ment to New York. No trace could be found
of the destination of this shipment and for
eign exchange maintained that gold could
not yet be imported at a profit. Sterling
exchange dropped a fraction nearer the
gold import point, but is still we'll over 1
cent above that level. The call-loan rate in
New York dropped late in the day after the
days demand for mOney had been met. But
the condition of the local money market
was not materially changed. A drop in New
York exchange in Chicago indicated re-
newed pressure from that source for funds.
Saturdays bank statement is now expected
to show the New York banks in a some-
what stronger position. owing to the weeks
| large contraction Of loans, but there has
been no known replenishment of cash re-
sources and the future of the money mar
ket depends on the prospective needs of the
interior and the prospective demand for the
subtreasury for revenue payments.
The bond market was firm I'm tone, except
for a late reaction in st. Louis Southwest
ern issues. Total sales, par value, 81, 2J6. OO1.
] Following is a list of sales yesterday with
| closing bids: