The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-07
STIFFER MONEY RATES
HELPED BRING A MARKED REAC-
TION IN STOCKS YESTERDAY.
Changers Suffered on Apprehension Of
Crop Damage, hut lndustrials
Were Firm-LOcal Trade.
At New York yesterday money on call was sHas

AT New York yesterday money on call was 3l2ds
per cent: last loan. ga per cent.
Prime mercantile paper 3hd4 per cent
Sterling exchange was steady, with actual bus-
ness in bankers bills at s4s7AG4s71z for demand
and at s4s5A@4s5iz for sixty days; posted rates.
81 ssd4 ss11 and "a. $751; commercial bills "a s4t.
Silver certificates eoaslc; bar silver, eo7sc;
Mexican dollars 4shc. At London bar silver
closed steady.
Total sales Of stocks amounted to 5A911 shares.
including: American Cotton Oil. 500; American
Steel and Wire. 2O.7OO; Sugar, $500; American
Tobacco. q 200: Anaconda, 1000; Atchison pre-
ferred. $1,000; Brooklyn Transit $1,000; Burling-
ton, $500; Continental Tobacco 14SOO; Federal
Steel. 10. 500: Louisville Nashville. q. 100; Man
haitian. 1900; Mexican Central, 400; New York
Central 1000; Northern Pacific. 100; Pennsyl-
vania. 1850; Peoples Cas- $500; Rock Island.
$500; st. Paul, 80, 70O Tennessee Coal and Iron,
12.4O0: Union, Pacific $500; Union Pacific pre-
ferred, 1000; United States Leather preferred
1880; United States Rubber. $500.
The New York market for stocks was reaction
airy yesterday. Last prices Of most railroad
stocks were the lowest and net losses for the
most prominent railroad stocks average about n
per cent. These include the great trunk lines
Pennsylvania and New York Central and about
all the grangers. There were spasmodic advances
In a number Of Industrial specialties but these
were not held. the last prices showing ranges of
between one and two points. Realizing sales
were in evidence from the opening but were we'll
absorbed in an active market. business continuing
of all proportions pretty well up to noon. The
weakness of the grangers was especially notable
and was undoubtedly associated with the reports
of too heavy rains in the Northwest and Of
consequent damage to the spring wheat crop
The damage in the Southwest by floods was also
a depressing influence to some extent Undoubt-
eddy there large short interest closed out
Wednesday and yesterdays market lacked that
sustaining force. But the most potent influence
towards reaction was the continued frmness Of
money. The promised abundance Of funds to flow
into New York from July disbursements of divi-
dends and interest did not materialize and in
terror exchanges continued to against New
York. The rate of call money held near per
cent. all day. stiffenng in the London money
market also caused some uneasiness lest it might
lead to a renewal OF gold exports. The prevalent
weakness of railroad stocks was in contrast to
a sharp upward movement in a number OF in
dustrial specialties. Sugar being most prominent
Strength also shown by the Tobacco stocks,
Steel and Wire, Tin-plate Tennessee Coal, Ana
conda, Manhattan. Rubber. Leather preferred and
Cotton Oil. In the outside market Amagamated
Copper was strong selling at 9S%c. All Of the
specialties. however showed reactions in the late
dealings.
Bonds showed decreased activity and price
changes were mixed. Total sales, par value
s2.5S5.OOO. United States threes and the new tours
advanced u and the fves " In the bid price. The
old fours registered. declined u.
The following table, prepared by L. W. Louis,
Room IL. Board Of Trade. shows the range Of
quotations.;