The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-06
SOME LIVELY ADVANCES
TENNESSEE COAL AND IRON HAS
GONE UP 20 POINTS IN SIX MONTHS.
Buoyancy IN q Handful Of Stocks
Helps the Entire New York Mar
ket-LOcal Trade Quiet.

At New York yesterday money on call was
3Q5 per cent; last loan, per cent
Prime mercantile paper. 4Aq5 per cent
Sterling exchange was firm with actual bust
in bankers bills at A.ssAa a. s6lz for demand
and at s4ssA for sixty days; posted rates. Asa
and As7h; commercial bills. $.s3
Silver certificates. 5sa.a6oc bar silver. 50 7-1sc
Mexican dollars, 471kc. At London bar silver
closed quiet at 2s%d ounce.
The buoyancy of a handful OF individual stocks
gave an appearance of considerable strength and
activity to the stock market, but outside OF these
few stocks the market narrow and apathetic
TO the last degree. Shortly after the opening
Northwestern marked up sharply and the
usual response made in other numbers or the
Vanderbilt group, Union Pacific also following the
lead. AS was the last week, the heavy
offerings of Union Pacific brought out on the
advance checked the enthusiasm Of the buying
and operations in that particular group were for
the most part discontinued. Northwestern's ex-
treme rise was 47sc. the preferred eight points
above the previous sale. Omaha two New York
Central and Union Pacific over point. New
York. Chicago & st. Louis stocks advanced from
IL to points a rumor that judicial aid was
to be sought to enforce asserted rights to divi-
dends The coalers in good demand
Iackawanna leading with rise OF 81. Gains In
this group were not maintained entirely. Other
railroad stocks which rose a point or over were
ST. Paul preferred, Colorado Midland preferred,
Wheeling & Lake Erie second preferred, Hooking
Valley and Chicago Great Western preferred, A
and stocks Transactions elsewhere in the
railroad list quite Insignificant. There was
a slight response in the early dealings to the de-
preston in the London market. The bulk Of the
trading in the volatile specialtes
Tennessee Coal was the most conspicuous figure
frao inn
1t was aggressively lifted by successive stages
nine full points and closed at 1OS the top price
Colorado Fuel apparently sympathized with its
movement and rose extreme SIS. There was
good demand for Republic Steel at an advance of
2lz and Federal Steel point. Otherwise the
iron and steel stocks showed but a slight re-
Spouse. The New York municipal stocks, includ-
ing both the gas and traction stocks. were quite
buoyant and show gains Of from two to five
points, the latter in Metropolitan Street-raiway
American Tobacco rose extreme three points
and Sugar is. Chicago Terminal Transfer pre-
ferred gained two. Rates for call loans were
firm at 8 per cent over, and the first deposits
of money at the subtreasury for shipment to the
South amounting to 100000 were made in the
morning The decline in the item Of due to other
banks In the statement of New York national
banks is cited to explain in part the recent drain
on the deposits of New York banks. A concident
increase in the same item of the Philadelphia
national banks indicates that outside banks have
transferred their deposits on a large scale from
New York banks to other cities. The explana-
ton is the rule of New York clearing house banks
lately enforced to charge for collection of checks
from outside points. The announcement last week
Of the withdrawal of prominent trust company
from the clearing house privileges with its de-
csion to discontinue the practice Of charging for
the collection of outside checks has brought the
subject prominently into notice. One effect evil
IDENTIFY will be to shift part Of the demand for
money to move the crops from New York to other
cities which have increased their deposit account
by the deposits of Eastern and Southern banks.
The bond market was quiet and changes were
small and mixed. Total sales, s1.455,0OO United
States bonds were unchanged In bid quotations.
Following IS list of stock sales yesterday. with
closing bids: