The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-15
LATE PRICES FELL OFF
MOST OF THE rive DAYS ADVANCE
IN STOCK WAS WIPED OUT.
Money Market Easier and the Ffnan-
ciaI Situation Gives Less Alarm
Local Markets Active.

At New York yesterday money on call was
firm at n per cent; last loan. 51a per
cent.
Prime mercantile paper. 4AG per cent.
Sterling exchange was steady, with actual
business in bankers bills at A-S4hq4S6 for
demand and s4.s2kd4.s21z for sixty days;
posted rates, $4.s3d4.A and s4s7ie; CONNER
cial bills, "a. S11zG4.s3.
Silver certificates. sac; bar silver, SEC;
Mexican dollars, 471sc. At London bar sill
vor was steady at q 3-1ed an ounce.
The greater part of the gains In stock
prices which were established Wednesday
and during the early part of yesterday was
wiped out In the latter part of the days
trading. A period of almost stagnation
succeeded until the announcement of the
fixing of the St Paul dividend at the regu-
lar rate. The large selling of the grangers
induced by this news was met by support
ing orders. which rallied prices from the
lowest. Losses were the rule of the day,
however. which extended to a point in many
active stocks. The rate for money was
not lifted above the lower level established
in Wednesdays relapse, and the reaction in
prices cannot be attributed TO calling of
loans. 1t was rather due TO, a reconsidera-
ton of the optimistic view engendered
Wednesday by the easing Of the money rate
and the sentimental effect of the Treas
ury Departments decision to anticipate the
payment of October interest on government
bonds. Wednesdays upward movement has
been reduced to its true proportions of a
bear scramble to cover short contracts,
having oversold the market in the rush of
heavy liquidation on the preceding days.
Estimates varied widely as to whether the
lfUui6afi0p had nrnooo6od fo sufficient
lengths to reinforce the banks against the
present and future demands on their cash
resources. Money continues to move to the
interior and the banks have parted with up
wards of 81 900 to the subtreasury since
last Friday. There was no evidence yes
terday of a further. urgent contraction or
credit. but the outlook for the future is
that further liquidation may become neces-
sary. Foreign houses are reported to have
put out considerable sums in loans Wednes-
day and the day before and this may ae-
count for the comparative frmness of the
foreign exchange market. Discounts hard
ened In London and Berlin i'm spite of the
improved condition reflected by the Bank
of England's weekly statement, and London
bought stocks moderately in New York in
continuation of the fortnightly settlement.
The failure to increase the st. Paul dividend
il accepted as an intimation that present
prosperous conditions Of the railroads are
not so well established, but that ample pro-
vision must be made against a recession. The
extreme decline from the early high point
ranged from one to two points very gener-
ally among the active railroads. The
granger and trunk lines were especially
| affected. In the specialties movements were
wider. Brooklyn Transit was under pres
| sure all day and on the final dealings broke
it's previous low record on the movement
! and fell TO MA. at which point 1t closed.
AZ points below Wednesday. Tennessee
with a net loss of two points. Sugar
Tobacco, tle local New York municipal
| stocks, Peoples Gas, the iron and steel
Il cforLc all Uoak hafOra the Cl0SQ A
| number of obscure stocks showed wider
movements than the average. Pullman,
Twin City, Rapid Transit, Mobile q
| Ohio and Pacific Coast common and second
preferred gained between 2s and four points
and Knickerbocker Ice dropped 51z. The
| upward course and gained IA each.
Bonds were only moderately active. Total
| sales, par value. 81, 9S5 900. United States
| bends unchanged in bid quotations.
following is a list of stock sales yester-
| day, with closing bids: