The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-28
CALL N WAS EASIER
LAST LOAN IN NEW YORK WAS AT
O PER CENT.
Predictions of n Favorable Bank
Statement To-Day Caused a Firm
ness of the Mnrket.

At New York yesterday money on cali
was easier at 3G20 per cent. the last loan
having been at 6 per cent.
Prime mercantile paper 519@s per CEN.
Sterling exchange easier with actual bus
mess in bankers bills at A.s5A for demand
and at s4s11s for sixty days; posted
rates s4.s3A and S4.S6ils; commercial bills $3.50
Q4S1.
Silver certificates 5saeOc; bar silver, Sc;
Mexican dollars. arc. AT London bar silver
was sd lower. at I'D.
The stock market fell a degree further to-
wards stagnation during the day and the
activity, such as il was, showed an added
tendency TO center in q few speculative
specialties. Tennessee Coal was relatively
much more prominent than for some time
and registered an extreme decline of GA
POINTS. American Tobacco showed the con-
tinued effects of the pressure to which II
has recently been subjected up to the time
of the announcement Of the declaration of
the regular dividends. The weakness IN
these two stocks served to hold back the
market, which showed a tendency to ad-
vance from an early point In the DAY.
Early advices from abroad made the open
irg higher, and the announcement OF an
additional engagement OF $7oo.V0 In ola
in London for import added to the conVlc-
ton that the exchange situation admitted OF
regular import operations. The continued
high price for money, in spite of the gold
announcement served as a setback to the
advance. as was the case Tuesday. Late
i'm the day rumors were industriously cir
culated of the early approach of gold inn
ports on a large scale AT the same time
the money late was quickly offered down
by successive stages to 8 per cent, but be-
fore 2 o'clock call loans had been made at
said that money could be had at a lower
rate on some high grade railroad stocks,
but the higher range was that quoted On the
Stock Exchange. Even on the higher grade
of collateral the margin required was
| widened materially. Under cover of their
requirement and of what were called COM
manipulation of the quoted rate. This was
true In the time loan market, in which there
was considerable demand for short i1ans:
little was doing in mercantile paper. but
rates. were firm Predictions Of a favorable
| clearing house institutions are 10 max their
weekly return. were a factor in the firmness
Of the market. The outgo to the sub
a million dollars. Shipments to the interior
have continued Oh a considerable scale:
| How far they have been offset by small
money rate, cannot be clearly estimated. So
| far as stock market operations go. there
| has evidently been a further contraction OF
loans. The character of the statement will
largely depend on how far the demand for
accommodations in preparations for October
| settlements has offset this contraction
The movement Of prices in the railroad list
was very narrow. Atchison preferred en-
| joyed a belated demand on account of its
| August statement, and Southern Pacific
rose quite strongly late In the day. The
stringency of the money market resulted in
a decline in the sterling exchange rate In
spite of the further advance in the private
discount rate in London.
The bord market was without any spec
ial feature but was inclined to frmness
The total sales. par value, Were H,050,0N
United States threes declined Il and old
fours coupon a in the bid price.
Following is a list Of stock sales, with the
closing bids: