The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-11-09
LEATHER WAS STRAPPED
SUPPORT WAS WITHDRAWN AND THE
SHARES DROPPED IL POINTS.
Brief Strength, Early, in Wall Street,
Followed by Decisive Lcsses-Hard-
ening Tone to Local Prices.

At New York yesterday money on call
was firm at 1912 per cent; last loan, II;
ruling rate, s; prime mercantile paper, so
So per cent.
Sterling exchange was easier. with actual
isiness in bankers bills AT SiS6is44S7 for
demand and A-s31s14A for sixty days;
posted rates, $is712a4.Ss; commercial bills,
s4.s2.
Silver certificates were 5Silad591kc: bar sill
yer was 5Sizc: Mexican dollars were 473sc.
Bar silver at London was firm at I'D per
ounce
The New York stock market started off
on an apparently prosperous and animated
career of rising prices yesterday, but be-
fore the trading had closed in the after
noon the early gains were practically wiped
out and a level of prices lower than Mon
day was established. Varied considerations,
connected with politics, were an influence
in the early rise Thus the London market
was encouraged by the more cheerful news
from the beIeagured British forces in South
Africa, and prices Of stocks were bid up
in that market. The Berlin market was
pleased with the report that Great Britain
had decided to relinquish her claims in
Samoa TO Germany. and one result OF this
was to prompt Berlin to buy some Ameri
can stocks. In this country the relief from
the uncertainties of election time. and the
hope of an easier money market prompted
some large buying Of stocks, which lifted
prices at the outset But there were large
holdings by professional operators. which
had been bought last week in the faith that
outside demand for stocks would de-
velop. and the first hour of the trading was
devoted to the selling of these holdings on
large scale TO take profits. When it was seen
that the buying demand was not continuing
in force the sagsing tendency set in. Efforts
were made to sustain prices by manipula-
ton OF special stocks, members of the Iron
and Steel group and the prominent high
priced industrials being conspicuous. The
violent break in Leather and the heavy sell
Ing OF Manhattan had an unSettling infiu-
ence on the whole market and the stiffen-
ing or the money rate and uneasiness over
the d.scoura cement of the bulls. The or
ganized support which has pushed up
Leather for several weeks seemed entirely
Withdrawn, and II was allowed TO drop by
successive stages to %, compared with 40
at the close on Monday. A sudden rally in
the closing dealings brought the price back
10 81. Manhattan had risen to Ills when
the statement for the fiscal year made its
appearance. showing failure 70 earn the
increased dividends paid on account of the
addition OF stock by a margin OF $2SS, 360
This carried the price down to 1O7l1 with
a final recovery of only =. The industrials
showed marked sympathy in this break and
the level Of the whole market fell below
Monday. the final rally being but feeble The
TALL In sterling exchange rates was a re-
Election OF the hardening money market
here but II gave no hope OF relief by gold
imports owing TO the urgent money need.
not only In London but at all continental
centers. There was evidence in addition OF
renewed pressure upon New York from in
terror points, New York exchange AT Chi
cago falling from 10 cents premium to par
New York exchange at New Orleans also
fell TO an additional discount. The subtreas-
ury yesterday showed credit balance at
the clearing house of over 100000 Hopes
OF relief to the New York money market
from any quarter were thus dissipated. but
the last hour OF the market saw an active
INCUBATION or stock holdings. with little de-
mand TO meet IL.
Prices OF bonds were better sustained
than those of stocks. but the changes were
mixed. Total sales at par value were 81
$4,000. United States new tours and the
h.es advanced y In the bid price
Following are the days share sales. with
the closing bid prices: