The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-14
AS WAS TO BE EXPECTED
NEW YORK MONEY MARKET WILL
GET A LIFT FROM THE TREASURY.
Sudden Reaction That Carried the
stock Market to Higher Prices I'm
Hurry-Local Trade.

At New York yesterday money on call
was easier at 2a711 per cent; last loan,
per cent.
Prime mercantile paper, 4kd5 per cent
Sterling exchange was weak, with actual
business in bankers bills at s4s5%q4.s6 for
demand and at s4.S2i9d4S2A for sixty days;
posted rates, $4.S3lz@4A and s4.SQ4s11z;
commercial bills, s4s2
Silver certificates. 59d5924c: bar silver. SIC:
Mexican dollars, 471sc. At London bar sill
yer closed steady at q 3-16d an ounce.
The recuperation of the New York money
market by means of the severe liquidation
of the last few days was reflected in much
improved tone in the stock market. Prices
were little inclined to advance in the early
dealings, in spite OF the buoyant tone of
Americans in the London market and the
vigorous strength shown by few special
ties. Early loans on call were made at
7Q71a per cent. and a decline in prices set
in soon after the opening, which carried
the level generally below that of last night.
The rate of call loans then fell to per
cent, and after stiffening again spasmod-
ically eased off in the latter part of the
day to per cent. About midday there came
the announcement that the Treasury De-
partment had decided to anticipate by about
ten days the October payments of interest
on government bonds which will amount in
the aggregate to over 1000 900. The shorts
took alarm at the steady advance which set
in and rushed to cover bidding up prices
in the closing dealings by wide advances to
the top level of the day. The closing was
very active and buoyant and shows net
gains ranging from one to six points. 1t
was the day of the fortnightly settlement
CT the London Stock Exchange, where
quite a large short interest is said to have
existed in Americans. The decline here
was therefore very opportune and London
bought to the extent of about 5000 shares.
Tennessee Coal was strong from the out
set, and after moving in an cratic way,
closed the day with an advance of 61s points.
American Tobacco also developed early
strength and left off over three points high
er. Brooklyn Transit was do. down A., nearly early
and shows fractional net gain. The new
United States milling stocks moved up all
day and show net gains OF over three points
each and Colorado Fuel as much. There
were active upward movements in the
leather stocks. The demand for the rail-
roads generally gained in volume as the
was quite uniform in the principal active
issues, which have net gains of between
one and two points IN many instances aaa s,
Lackawanna. Illinois Central, Cleveland.
Cincinnati. Chicago & st. Louis. Pittsburg,
Cincinnati, Chicago & st. Louis and Great
Western B., which ranged from two to
five points, the latter being Lackawanna.
The movement of money on balance con-
tinued in favor of the interior, but a debit
balance at the clearing house by the sub
treasury relieved the pressure somewhat.
So far as is known there was no fresh
supply of money in the market, though the
sharp break in the call loan rates suggested
that some hidden reserve might have been
brought forward. The extent to which the
loan contraction had proceeded can only be
estimated vaguely, but weaker speculative
accounts have evidently been shaken out to
a large extent, leaving the general tone
much healthier Sterling exchange fell an
additional fraction for actual rates and
posted rates were reduced 19c, but the fact
that discounts I'm London were easier in
dicated that gold movement is In pros
Bonds were inclined to recover in SYM
pathy with stocks. the speculative. issues
leading. Total sales, par value, 81, 115, coo
United States bonds were unchanged in bid
quotations.
Following is a list of the sales of stocks,
with closing bids: