The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-10-03
STREET WAS STAGNANT
SAGGING IN LONDON
BEARED AMERICAN SECURITIES.
Foreign Liquidation Mount to FIJI
ty Thousand Shares-Moncy Rate
Touched Thirty-Five.

Money on call at New York was unsettled
at sass per cent. last loan at IS. Prime
mercantile paper was Jn5is per cent.
Sterling exchange was irregular, with ac-
tual business In bankers bills at $4.s52s6
4s5iz for demand and at $4.s07s@4.s1 for sixty
days: posted rates, A.S2G4S3 to $4S6d4S6Ia:
commercial bills. s4.so@4so1s.
Silver certificates. 59d59hc. Bar silver.
5sssc. Mexican dollars, 47Ac. Bar silver at
London sold at rs 15-1sd per ounce.
The New York stock market had to face
yesterday morning the accumulated depres-
sion Of three days trading in a sagging
market in London. while the exchange was
closed here. The drop in prices at the OPEN
ing was a wide one, numerous railroad
stocks showing a loss of a point or over. and
Tennessee Coal showing an extreme decline
of seven points. The local traders were in
clined TO feel that London was unduly de-
pressed. especially with reference TO Amer
team securities. and they started to bid prices
up again. The first loan of the day was
made at s per cent, and this encouraged an
optimistic view of the money outlook. The
rally was short lived. and the course was
quite consistently downward for the rest
of the day. A sharp advance in the coal
ers on the advance in the price of anthra-
Cltt WAS tueiltCludi 10 CHECK the ueCi1ne.
London sold not enly during the first
hour. but as long as Offices there were open
for business. Liquidation from that source
reached between forty thousand and fifty
British consols had an important senti-
mental effect. although IL was afterward
explained that this was partly due to the
expectation of a new issue. But the new
issue is as significant of the practical GER
tainty or war as any incident that has thus
far occurred. so that the explanation did not
nor aItQf m tho EfnaE ~ rEnf 1nnaAzatD,
The sharp rise in London discount rates
caused an advance of sc in the actual rate
~ marked effect on the sterling exchange
rate both at London and Paris. This de-
velopment is equivalent to notice that Lon
don IL not prepared to part with more gold
TO New York without making every possible
effort to prevent it. Long sterling was weak
on selling against sterling loans.
The local money rate quickly moved up
wards when the renewal of loans carried
over from last Thursday began to influence
the market The call loan rate was car
market was still in full activity. 1t WIS
then rushed up to 30 per cent, after which
there were violent fluctuations down to 10
per cent. and up again to 80 per cent, at
which rate the last loan of the day was
mace. The closing was 30 bid and 80 asked.
Nothing OF the expected relief to the money
market was in sight to-day. The demands
In London lessen the probability to further
gold imports. and the condition of New
a continuance OF the demand for funds from
that source. The money left in the city by
the visitors to the Dewey celebration was
not In evidence in Wall street, though much
nad been said OF this prospect of relief by
the speculative contingent. The SUBJ
treasury has gained nearly H.5co.CW from
the market since Friday. Money seemed to
De In supply at the higher rate from the
proceeds or time loans made some time ago,
put the loaning resources of the banks evil
IDENTIFY are exhausted al present.
Ihe decline OF prices was made without
sny evidence of Generalization. and the
closing prices were the lowest. The selling
was well distributed through the list. Among
the leading specialties losses ranged from
Z 70 5%. the latter Sugar.
Inc bond market was not active. but was
weak. In sympathy with stocks. Total sales
par value. 81. 30. 900.
-~follow.ng is a list of stock sales at New
iork yesterday. with the closing bids: