The Indianapolis journal., 1899-11-15
BULLS LOSING COURAGE
MONETARY SITUATION DIsCOURAGES
THE EFFORTS FOR An ADVANCE.
After a Brief spurt stocks Take
Downward Course, and Close ut the
the Lowest Price Of the Day.

At New York yesterday money on call
was firm at eGS per cent; last loan, per
cent.
Prime mercantile paper. 5G5%4 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.A for demand
and 81 s0&494S1 for sixty days; posted rates,
s4s11kG4S2 and 81 S6Q4. .s61a, commercial bills.
s4soA.
Silver certificates were 5sd6oc; bar silver
was 5s1kc; Mexican dollars were 47lzc. Bar
silver at London was lower, at 26 15-16d per
ounce.
Prices of stocks at New York traversed
quite wide range during the day through
out the list, but net changes were almost
all fractions. and the majority on the side
of losses. Money market prospects con-
tinued the dominant influence in the trad
ing. The events of Monday had turned
nearly all the traders on the bull side and
the market opened with upward move
ment of prices which extended to a large
fraction on the average before reactionary
tendency developed. Continued buying by
London helped on the advance and there
was special streug tn in a number of individ-
ual stocks, notably in General Electric,
which rose an extreme four points
mors OF an extra dividend, and Consolidated
Gas, which was up at one time five points
on periodical rumor of a settlement of the
local gas war. There was a continuance Of
the heavy absorption of Southern Pacific,
which gave healthy tone to the railroad
list. Profit-taking sales in this stock were
detected at early period Of the trading
and had not little to do with checking the
general upward tendency. The decisive in
fuence in turning prices downwards was the
realization that Mondays easing of the
money market was due to a sporadic supply
of funds and not TO any radical change in
funds loaned Monday was attributed L to Ia a
cash deposit by one OF the railroads for the
purpose of taking up an old underlying is
effect OF offsetting the calling of loans at
the banks. made necessary by the depletion
the money market which had been feared.
The effect was manifest yesterday, as well
as Monday, tn call loans not going above Z
per cent. and ruling generally below that.
The sterling exchange rate showed quick
response to this easing of the local money
rate and moved an addlelonai traction up
This caused cessation Of the talk OF imme-
diate gold imports, on which was based the
Thus the hope of relief by an inward move
ment of gold had 10 be abandoned for the
time being In the meantime the absorp-
probable continuance of demands from the
interior have still to be recokned with. Dis
ONeTCdI1e the operators lot Il
rise and they proceeded to sell out their
holdings. wiping out the earlier gains and
carrying prices below Monday nights level.
Considerable speculative activity is diverted
to the cotton market. where the develop
ment of foreign demand indicates the re-
linquishment by foreign buyers of their at
titude of waiting for lower prices. AS bear
ing on the general money situation it is inn
portant to note that advices from the South
report money in abundant supply there, so
that planters have been able to obtain ac-
commodations for holding their cotton for
higher prices. The large increased supply
of cotton bills in the exchange market in
the last few days. with the movement in
cotton, will naturally result in the early re-
lease OF funds in the South and hasten the
return flow of money from that region.
Prices OF bonds moved somewhat irregu-
larly, in sympathy with stocks Total sales
at par value, were $2,030O0O. United States
new fours and fives advanced Is in the bid
price.
Following are the days share sales and
the closing bid prices: