The Indianapolis journal., 1899-11-14
TOOK AN UPWARD TURN
NEW YORK STOCKS STRONGLY RE-
ELECTED IMPROVED CONDITIONS.
Shares Closed at Highest Price of the
tive for First of the Week.

At New York yesterday money on call
was firm at 4@12 per cent, last loan per
cent. ruling at Sq9 per cent; prime mer-
camille paper 5Q5A per cent.
Sterling exchange was weak, with actual
business in bankers bills at AS5q4.S0A for
demand, and s4.s0a4G4d for sixty days:
posted rates, SN1sGG4s21. and si.s6lzd4.S7;
commercial bills. $3.50.
Silver certificates were 59A a60c; bar sill
yer was SOC: Mexican dollars were 47l4c.
Bar silver at London was quiet at 291sd per
ounce.
The New York stock market showed a
short-lived hesitation after the opening yes
terday morning, and then turned upward.
There was more important backset for
the rest of the day. and the market closed
firm and quiet at the top level, at an aver
age of prices a point more above that
OF Saturday. The early hesitation was
caused by the general conviction that the
Increased deficit in the banks surplus re-
serve. shown by the Saturday statement.
would necessitate large loan contraction
There was large demand for money dur
ing the day. but it became manifest early
that there was an abundant supply. The
bears, who sold stock Saturday In antici-
patton of forced liquidation, began prompt
ly. yesterday, TO buy to cover their short
contracts. This was a, considerable element
IN the days strength. So also. was the
buying for London account, which reached
as high as $1,000 shares. This buying, De-
sides it's direct effect, had a sentimental
influence indicating a reserve force in
that market against possible Withdrawals
OF gold for shipment 10 New York. The
course of the foreign exchange market. dur
ing the Gay. gave color to the conviction
near at nand. The tone of the exchange
market during the day was characterized
as demoraliZed. Demand sterling was sold
NJ .nrar ffrsa1 thr.A lou nf nnn m
below $4N At that rate it Is believed a
small loss would be involved in the importa
tion Of gold. But 1t was the belief on the
stock market that an Importation would
be undertaken for the effect on the security
market. The exchange market steadied
somewhat with the late fall in the money
rate. The limited calling of loans made
IL manifest that the contraction OF credit,
last Friday. had paced the banks in bet
ter position than was fully reflected in the
weekly bank statement. Large loans were
made on account OF the local trust compa-
MES; and the rate was forced down on the
was some relief TO the money market by
receipts Of over $l0Ds0oO gold from Cuba
and several hundred thousand dollars to
the assay Office on account Of the gold de-
posted at interior points. Outside financial
institutions are q said aid to 3o be placing loans on
geStion OF possible source Of relief for local
borrowers. aside from the banks is found
Railway Company, where the item of loans
on call for Sept. 80. 1899. had expanded over
compared WITH the year before.
The fact that the general course of prices
of stock during the past six weeks has been
upward. while the New York banks have
been steadily contracting their credits, inGi-
Gates that borrowers must have had other
sources of supply on which they have free
~ drawn A feature of the days money
market was the enlarged demand in the
stock market for time loans. which were
firmly held at per cent.
Prices OF bonds did not fully respond to
the strength In stocks, but there were sharp
rallies in some issues that showed early
weakness Total sales, at per value, were
H.5S5oJ0. United States old fours. registered,
advanced i4c. and the thress sc in the bid
price. The flves declined &c.
Following the days share sales, with
the closing BID prices: