The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-10-28
WEAK MONEY SITUATION
1T HAS A VERY BAD EFFECT ON
SHARES IN WALL STREET.
Early Strength Followed by Marked
Rain Makes a Dull Day Locally.

At New York yesterday money on call was
firm at 71zd10 per cent; last loan was per
cent: prime mercantile paper, 5q5A per
cent
Sterling exchange was firm, with actual
business IN bankers bills at s4s7d4S714 for
demand and at ST. S3G4S3A for sixty days;
posted rates were 81 S4d4 s41z and s4sS1s;
commercial bills were s4.S2Q4.s2l4.
Silver certificates were 5Sd5sc; bar silver
was 577sc; Mexican dollars were 4714c. Bar
silver at London was firm at 267sd per ounce.
The New York stock market made con-
siderable display OF strength during the
early hours Of the day. Later there were
occasional advances by individual stocks or
groups, some of which saved gains on the
day, bit in the majority of cases the active
movement OF the last hour wiped out the
earlier gains and carried prices in some
cases sharply below Thursday nights level.
The motive of the selling was the fear of
an unfavorable bank statement Saturday, as
well as to take attractive profits on the
weeks advance. The high-priced Industrial
specialties and the iron and steel stocks
were conspicuous in the late reaction. The
most notable movement of the day was the
rise in some OF the railroads running
through the South and Southwest. Louis
Vile and Southern Railway led with an ex-
treme advance of IL. Missouri Pacific was
q close second. There was notable frmness
also in Mobile & Ohio, Chesapeake & Ohio,
Texas Pacific, st. Louis Southwestern, and,
after an early weakness, the Baltimore &
Ohio stocks. The large earnings shown by
monthly reports caused the movement. The
same motive advanced the price of Atchison
preferred and Northern Pacific. The specu-
lation mixed during the greater part
of the day. many of the leading industrials
drifting up and down at level either side
OF Thursday nights price. This was true of
Sugar. Tobacco. Manhattan and the leather
stocks The last-named were reactionary
early in the day, but the preferred stock
came into active demand later, with rise
of 2ie Other points of strength at different
times were Rubber. Republic Steel. General
Electric, Laclede Gas, Tennessee Coal Col
orado Fuel and Chicago & Eastern Illinois
preferred. New York, Chicago & St. Louis
preferred cropped over five points on
Cingle transaction without exciting any at
tention- There were various points of weak
ness in the minor SpecialtieS. Stocks of
Companies having to do with the metal in
dustries were all inclined TO heaviness on
account OF the reactionary tendency in the
price of metals. TIE iron and steel stocks
were not exempt. Steel and Iron dropping
an extreme %, with only a feeble rally.
Call money fiurried to 10 per cent. with
the late demand for loans TO carry over till
Monday and was quite firm at 6Gf1 per cent.
all day. According 70 statements by leading
banks. the net shipments Of currency to the
interior. both by exports and by deposits
with the subtreasury for telegraphic trans
fer. amount to about s. 100000. After allow
ing for receipts of considerable sum in
gold from the assay office by the banks
their loss to the subtreasury still amounts
TO upwards OF a million dollars. Saturdays
statement is therefore expected to show
loss In cash OF fully 50. 100000. Unless the
lean account of the banks has been largely
diminished IL Is evident that the surplus
reserve, which stood last Saturday at only
u Al, 0l5. must have been wiped out and a
deficit established.
The bond market eased off late in the day
IN sympathy with stocks, but earlier gains
were not in all cases wiped out Total sales
at par value were 81, 915.0O0. United States
bonds were unchanged in bid quotations.
Following are the days share sales and
the closing bid prices: