The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-26
CALL LOANS II PER CENT.
ONLY SUSTAINED A SHORT TINE BY
MANIPULATION.
Little to our Those I'm the New
York stock Exchange Who Be-
Iieved i'm Easier Conditions.

At New York yesterday money on call
was firm at 51za12 per cent, the last loan
being made at 6 per cent.
Prime mercantile paper. 5laG6 per cent.
Sterling exchange frmer, with actual bus
mess in bankers bills at s4S2sd4s5h for
demand and at s4.s1%d4s2 for sixty days;
posted rates, s4.S3 and A.S61s; commercial
bills, s4.s1.
Silver certificates, 59a592c; bar silver,
5s4c; Mexican dollars, 474c. At London bar
silver was 1-16d higher at 271sd per ounce.
Students Of New York stock market cy-
cles have observed that a violent movement
in either direction is certain to overrun it.
self. Thus, the forced liquidation of the
last few weeks has excited a horde of bear
followers. When the liquidation had spent
its force the short contracts of the bears
were left ov~ercovered and the demand from
that source worked a sharp rally. In the
normal course of things a period of dullness
was due, and it arrived on time yesterday.
With money still light no new speculative
demand is to be expected Immediately. On
the other hand, speculative accounts on the
long side have been pretty well shaken out
and the bears are rather chary of making
venturesome incursions into grounds that
do not promise large returns. But stagna-
ton of demand means declining prices,
though the progress may be but slow. The
conviction is not strong that the process of
loan contraction is completed entirely. A
study of the detailed statement of the clear
ing house banks reveals the fact that the
surplus is made up of the holdings of a
few Of the clearing house institutions. while
the majority of them are still below their
legal reserves. There was a sharp reminder
- 1900
of the trading yesterday. when call loans
were suddenly marked up to IL per cent.
The quickness with which they receded,
however, to 6 per cent. again gave the high
lated. Borrowers sometimes hold OF till
late in the day in a hope of getting better
largely curtailed. while their necessities
were still unsatisfied. The rate was down
to So per cent. earlier in the day. The
furry in the last hour caused the most &C
tive selling of stocks of the day.
Those who reason that the point has been
turned ,i t1War ;n t easier eav, money oec,r rencas0f fe
| encourage them. New York exchange was
heavy at practically all important interior
tinue. The New York subtreasury also
continues to absorb funds from the banks.
The large supply of gold certificates now
available, far from improving conditions
i'm New York. rather aggravates them. as it
simply facilitates the movement to the in
terror. A firmer tone of sterling exchange
i precluQeQ hopes Oh oil early SOlu luoNc~
| ment. Discounts in Berlin stinened sharp
ly and sterling exchange there fell a frac-
| ton. Discounts in London responded with
a rise of a fraction. No marked strength
was manifest in stocks at any time during
the day, in spite of the bidding up or
Brooklyn Transit and Leather preferred.
The specialties show the sharpest losses,
reaching between two and four points In
a number of instances. In the railroads
the grangers were most affected. but a
number of other representative stocks are
down as much Al q point.
Bonds were not as weak as stocks, as
there were a number of firm spots in the
market. The total sales, par value. were
81, 24O.C coo. United States twos declined one
quarter and the old tours registered adj
vanced one-eighth in the bid price.
Following is a list Of stock sales, with
the closing bids: