The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-08
FIRMER MONEY RATES
AND SELLING BY FOREIGNERS OVER
COME ADVANCES IN STOCKS.
ST. Paul, which Has Been Showing
Fresh Strength, One of the Last to
Fall On-LocaI Market Steady.

At New York yesterday money on call
was firm at 4q6 per cent; last loan. AZ per
cent.
Prime mercantile paper. 4Aa5 per cent.
Sterling exchange was steady, with actual
business in bankers bills at "a. S64sq4.S6i2
for demand and at s4.S33s u4S311 for sixty
days; posted rates, AS4 and si-S712; COM
mercial bills, $4.S21z.
At London bar silver closed weak at
q 3-16d an ounce.
The New York stock market succumbed
to the influence of hardening rate on ac-
count of the gathering war cloud in South
Africa. A few of the highly speculative
industrial specialties were marked up In the
early dealings and at different times during
the day in an effort to resist the declines,
but the attempt proved unavailing to over
come depression in the general list and the
manpulative stocks in some cases nnally
weakened, though few retained net ad-
vance. Tennessee Coal was marked up
point at the opening and that was the high
est Of the day. Sugar. Tobacco. Brooklyn
Transit, Federal Steel and few other
stocks among the most prominent industrials
vibrated both above and below "Wednesday
nights price. Pullman Palace Car was at
one time up four points, but lost 1t all. Inc
American Car stocks rose two points each.
but the preferred receded to the level at the
opening Pressed Steel preferred advanced
point in the closing dealings. These move
ments a reflection of the large demand Tor
railroad equipment growing out OF the pros
perity of the railroads, had little effect on
the general list. The American Hoop stocks
were strong on reported large earnings,
for the preferred. There were some large
orders executed for United States Leather.
which raised the price a point The pre-.
N
all the gain. These were the only important
exceptions to the weakness of the active
stocks. ST. Paul showed some resistance,
but gave way with the other grangers when
intimations were heard of opposition TO an
increase in the dividend rate on the part of
directors. On Sept. a year ago St. Paul
was pushed up in the morning to lis on the
rumor that the Semi-annual dividend would
be increased over the PA per cent rate.
When the rate was announced in the after
noon the stock slumped nearly five points
and broke the whole market. The rate still
continues ~ per cent Declines in the rail-
roads were quite uniformly between L and
per cent, including the prominent grangers,
Southwesterns. Pacifics, trunk lines and
Southern railroads. Stocks which have had
Hooking Valley, Colorado Fuel New Jersey
Central, Northern Pacific, Republic Steel
stocks and Tennessee Coal are instances,
though the latter stock recovered its decline.
Money on call commanded per cent. most
OF the day and went as high as 6 per cent,
with only few exceptions below per cent.
The SubtreaSury had small debit balance
at the clearing house, but the banks have
lost over 100000 to that institution since
Friday and expect to increase that amount
before the close of the week. There were
further transfers to the South to-day and
the banks are still losing on balance to the
Interior The hardness of money did not
avail to lower the rate of sterling exchange,
i'll view of the increase of discount I'm Lon
don, which also had the effect of raising
the rate of sterling exchange in Paris and
Berlin. London sales of about 20 900 shares
| of stocks In New York helped to keep up the
exchange rate. 1t Is apparent that under
present conditions abroad considerably
higher rate for money here will be required
| to induce imports of gold.
Bonds showed weakening tendency in
| sympathy with stocks, Kansas & Texas
| twos being notably affected. Total sales,
| par value, 81 $4,000. United States bonds
were unchanged in bid quotations.
Following is list of yesterdays stock