The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-09
DECENTRALIZATION SIGNS
LONG LIST OF STOCKS SHOW WEAK
NESS AND DECLINES RESULT.
Heavy Decrease in Rank Reserves Exc
pected To-Day and Further Losses
May Follow-Local Trade.

At New York. yesterday. money on call
was firm at 2I6 per cent; last loan, 3 per
cent
Prime mercantile paper, Fs@5 per cent.
Sterling exchange was easier, with actual
business in bankers bills at "a. S3laG4. s6iz
for demand and at s4S3lad4.s6i4 for six
ty days; posted rates, $4S604S71z; CONNER
cial bills. s4s2.
Silver certificates. 5sa5sAc: Mexican dol
lars, 471kc.
Considerable stock was thrown on the
market yesterday on fears of war between
Great Britain and the Transvaal, and the
condition Of the local New York money
market was a continued cause of uneasi-
ness. The market took the offerings very
well, and so no very wide breaches were
made in prices. First prices of number of
the internationals were the lowest of the
day. notably Kansas & Texas preferred and
Norfolk & Western preferred, which fell 1as
and /, respectively. Declines were not down
to the London parity as a rule, and vigorous
support was forthcoming at the decline.
Kansas & Texas preferred and Norfolk pre-
ferred recovered their losses and there was
rally all along the line. Near noon there
was renewed weakness on circulation of
alarmist rumors regarding the outcome of
the British Cabinet meeting. The general
level Of prices fell lower than on the first
dip. There was a movement to cover short
contracts when authentic reports were re-
ceived of the better feeling engendered in
London after the Cabinet meeting. About
the same time Manhattan was taken in
hand and marked up over points. Metro
politan Street-railway. Sugar and Brooklyn
Transit rose simultaneously. The general
level OF prices rose large fraction, suffi-
cient In many cases to wipe out earlier
losses. There were some subsequent wide
movements in special stocks, but the general
market continued quiet and dull, and prices
were not materially changed. Tennessee
Coal rose aggreSsively to III in the final
dealings and Manhattan touched l16 the
speciaities generally showing some response.
Pacific Mail suffered a loss of nearly 4
points on the statement of a decrease in
july. earnings. but rallied afterwards. Other
stocks 10 show acute depression were Tin
Third-avenue, Metropolitan, West Side Ele-
vator preferred. Leather preferred and Ma
tional Steel. and among the railroads Erie
preferred, Northwestern, Omaha, Lacka-
wanna, Hooking Valley preferred. Fort
Worth Rio Grande and Pittsburg, Gin
cinnati. Chicago e. st. Louis preferred.
unrelieved. The time loans were held at 5
per cent, and call loans for the most part
cent. The late fall in call loans occurred
after the needs Of most borrowers had been
met and was without significance. A
further decline in surplus reserves in to-
days bank statement is a foregone conclu-
sion. The movements Of currency by ex-
press indicate net loss to the interior by
the banks of considerably over $3,O000O0, and
the subtreasury has gained from the banks.
including payments for taxes and deposits
for telegraphc transfer to the interior,
50, $4,000. No set-off is apparent against this
loss Of cash of upwards of IS, 800, 600. Ster-
ling exchange in New York fell a sharp
fraction in the morning in spite of higher
discount rates in London. but the bankers
rates for demand sterling partly recovered
in the afternoon. The recent firmness of
sterling exchange is attributed to a dema nd
for bankers bills to cover short sales made
against cotton bills.
The bond market showed a yielding ten
dency on moderate volume of transac-
TONS Total sales, par value, 5000 600.
United States bonds were unchanged in bid
quotations.
Following. is list of stock sales, with
the closing bids: