The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-15
MONEY MARKET
THE THING WHICH IS NOW FORCING
THE RELEASE OF STOCKS.
Many Shares Depressed and the Gem
eraI Trend to Prices Downward
Local Business I'm Good Shape.

Al New Yor,, yesterday money on call
was steady at 3G5 per cent: last loan. 3
per cent.
Prime mercantile paper. 31kG4A per cent.
Sterling exchange was heavy. with actual
business in bankers bills at s.s7A@4s7h for
demand and at s4.S4 for sixty days: posted
rates. s4.s5al.ss and s4sSq4.s3llz; commercial
bills. SASH.
Silver certificates. 6Od61c; bar silver. Coo;
Mexican dollars. 477sc. At London bar silver
closed quiet at 275sd an ounce.
The total sales of stocks amounted 10
34l ,06s shares. including: American Steel.
1900; American Sugar, 1900: Anaconda, IA
200; Atchison preferred, 1890; Brooklyn
Transit, 81, 1OO; Burlington, 1900; CONT
mental Tobacco. 1000: Federal Steel, 400;
Louisville & Nashville. 1900; Manhattan.
1900; Northern Pacific, % 100: Northern Pa
cifc preferred. 5000; Peoples Gas. $4,000;
Rock Island, $500; st. Paul, 1900; Union
Pacific, 800: Union Pacific preferred. 1890;
American Cotton Oil. 1000; American Tin
plate, 1900; c. & o., 5000; Missouri Pacific,
q, 100; Pennsylvania, 100: St. Louis South
western preferred, $500; Tennessee Coal and
Iron. $40; Texas Pacific. 1900; United
States Rubber. 400; Wabash preferred,
500.
There was a short period of strength in
some stocks on New York Change yester-
day morning, but IL was insufficient TO
overcome the sagging tendency in the gen.
eral market. The weakness of Brooklyn
Transit coming on the dull market empha-
sized the reactionary tendency.
The main cause of the general weakness
was the increasing fear that money diff
culties abroad would cause future trouble
for the New York money market and would
take out gold as soon as the local rate for
money fell to a point where the London
rate would prove attractive. Rumors were
abroad all day yesterday that a shipment
of gold was contemplated for to-day's
steamer. but up to the close none had been
announced. Money worked easier, call loans
ranging from 8 to 5 per cent. The call rate
in London went to 3s per cent. and dis
imum rate of 35 per cent. London sold
moderately IN New York. but gave good
support to a few fayorites in the Ameri,
was no quotable change in sterling exchange
rates. but sight bills showed a hardening
e esaTeh Sot w So much che co5nrIHidgensss is felt in e a
favorable bank statement for to-day. The
amount of the loan contraction is an I'M
hDOWH quantity III WHICH UtptnuS III ldt
of the surplus reserve. The banks have lost
nearly $2.500.OO to the subtreasury, largely
on account of heavy customs payments.
They have gained a small amount on the
regular currency movement with the inter-
ior, but the large sums of money known
TO have been sent here early In the week
from other Eastern financial centers may
have gone to other institutions than the
banks. and would thus not figure in the
returns. These considerations prompted a
pause in the buying movement in stocks
and the early strength in the Southwest
ern group, the trunk lines and Northern
Pacific gave way in the afternoon to decid-
eddy lower prices. The talk of crop damage
in the Northwest affected the grangers un-
favorably in the late trading. Losses from
the top point In many active railroad stocks
ranged from 1 10 2 points. Northern Pa
cific was marked up above Thursday nights
level in the final dealings, though 1t was
little affected during the day by the report
ern interests. Chicago Terminal was strong
on the reported sale to the Alton syndi-
cate. Brooklyn Transit was weak through
out on the prospects OF a strike and closed
at the lowest, ~ below Thursday night.
The early strength in Sugar gave way to
weakness and Rubber dropped ~. with a
subsequent partial recovery. Manhattan was
marked up to 120 at one time on the theory
that a surface railroad strike would add to
its business. Covering by shorts was an ele-
ment of it's strength. Missouri Pacihc re-
acted sharply and closed a point lower on
the day. A number Of specialties showed
some strength during the day on individual
causes. Cotton Oil. National Biscuit pre-
ferred, Tin Plate. Anaconda and Steel and
Wire were among these. New York Air
The bond market was dull and prices
yielded with the weakness in stocks. Total
sales. par value: SS,510.Ooo. United States
threes advanced Il IN the bid price.
The following table, prepared by L. W.
Louis. Room IL. Board of Trade, shows the
range of quotations.: