The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-10-27
LATE DROP In PRICES
MORE THAN WIPED OUT AN EARLY
GAIN IN NEW YORK STOCKS.
A Few of the New IndustriaIs Showed
Marked strength-LocaI Trading I'm
Large voIume-Prices Steady.

At New York, yesterday, money on call
was easier at 2a7 per cent; last loan. 3 per
cent.
Prime mercantile paper, 5d51z per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4.S6Hq4.S for
demand, and at si.s2s4d4s3 for sixty days:
posted rates were S4S4G4s 41z and $4SS1a;
commercial bills were $4.s2.
Silver certificates were 5Sd59c. bar silver
was 577sc:. Mexican dollars were 47Ac. Bar
silver, at London, sold at 269sd. in dull
market.
The evidence of strength in Wednesdays
stock market attracted quite large buy
ing interest in Wall street yesterday morn
ing. and the market, during the first hour,
took the upward course with very active
trading. The demand showed, however,
remarkable falling off during the rest of the
day, and the interested point Of strength
which developed from time to time proved
unavailing to sustain prices and the drift
was downwards until the close, which was
very generally at the low point of the day.
and at a level below Wednesday night. The
market, during the first hour. was con-
spicuous for the great breadth OF the de-
mand, the number of stocks which moved
being no less than 125. The aggregate num-
Der Of shares dealt in was also very large.
Broadly speaking, the market was re-
versal Of that of Wednesday In that rail-
roads, generally, were inclined to react,
while the Industrial stocks moved upwards.
The evidences OF proft-taking In the coal
ers, which were manifest, even in the open
Ing dealings, prompted selling TO realize In
the railroad list. The outside demand for
stocks was very much increased, andit was
this which was fed by the professional OPP
orators who have been accommodating stocks
at the lower level. AT the same time the
vigorous strength of Sugar. Tobacco.
Brooklyn Transit, Rubber and other indus
trials, and the continued speculation In the
leather stocks helped to sustain the list,
while the realizing was going on. These
stocks all suffered to the extent OF from 1
10 over points in the late downward
movement; Inside support was manifest ain TN IN
been the target, recently, Tor pear attack;
This was notably true of the mailing and
glucose stocks, Mailing preferred leading
with a rise of nearly s points. OF the low
priced stocks, Standard Rope and Irvine
was brought forward with an advance OF
The iron and steel stocks also received
favorable attention, especially Federal
Steel but gains in them were no better
held than elsewhere. There were other in
dividual stocks which were strong at differ
ent times including Atchison preferred on
Its September statement OF net earnings
Southern Railway preferred and Chesa-
peake & Ohio. London was a buyer here,
though on a smaller scale than "Wednesday.
and sterling exchange yielded q fraction In
consequence Apprehension of an unfavor-
able showing by the banks, on Saturday,
was an influence In the growing heaviness
of stocks. New York exchange shows some
recovery at few important interior points.
but continues downward with others, and
the downward movement of money has not
yet ceased. The banks net loss to the sub
treasury thus far foots up over 81, 10000 for
the week. The rate for call loans dropped
suddenly, near the close, 10 2 per cent, but
not until the bulk Of the days demand had
been met at 61aG7 per cent. Lenders of
money, on time, hold out for per cent,
and exact choice collateral The fact is,
some Of the large interests operating in the
money market have been lenders of money
and are calling their loans for operations
An stocks.
The dealings in bonds disclosed the same
breadth of demand as those in stocks, many
dormant issues being brought into the trad
ing Standard Rope and Irvine incomes rose
an extreme of 35 and reacted 2iz. The bond
list reacted, in sympathy with stocks, the
latter part OF the day. making the changes
somewhat mixed: Total sales, at par value
were $2,195,00o. United States new fours,
registered. and fives. registered, declined Is
IN the bid price.
Following are the days share sales, with
the closing bid prices: