The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-11-18
LIQUIDATION WAS HEAVY
RESULT WAS A MARKED BREAK IN
MOST NEW YORK Stocks.
Prices Reacted sharply Toward the
Close of the SessiOn-GOOd Business
and SITTER Values Locally.

At New York yesterday money on call
was firm at sac per cent; last loan, 6
per cent; ruling rate, s per cent.
Prime mercantile paper was 5fl5A per
cent.
Sterling exchange was firm, with actual
business in bankers bills at s4s6G4- S6A for
demand and sIa3sq4s2 for sixty days;
posted rates, As21z and s4.s7; commercial
bills. $4,000. sOss
Silver certificates were 5slzd591sc; bar sill
yer was 5S1zc; Mexican dollars were 41Ac
Bar silver at London was steady at I'D
per ounce.
The steamship Lucania, sailing for
Europe to-day, will take out $4,000 ounces
OF silver.
The New York stock market had TO alb
sorb a very large volume of selling to take
profits on Thursdays rise during the early
hours of yesterdays trading. The tone of
the market for the rest OF the day was
rather fiat and disprited in spite of ag-
gressive strength by few prominent stocks
and notable advances by a number of rath-
er obscure stocks. The proft-taking was es-
pecially noticeable liz Southern Pacific and
Union Pacific, and held those stocks under
Thursdays price for the greater part of
the day. The buying in both of them was,
of loo shares and upwards of Union Pa
eific making their appearance frequently in
the record. The most conspicuous move
ment of the day was in the Baltimore &
Ohio stocks, the preferred leading. Its eX-
treme advance was rs. the closing being
1% to its price for the day. The various
metal stocks had a period of strength.
Otherwise the market was rather irregular
and disposed To reaction until a late rally,
xrbf WI lOSSpC-
'grangerS were conspicuous in the late move
ment, led by Burlington which rallied an
extreme rs. Isolated movements OF impor-
lance were advances in the Buffalo. Roch-
ester & Pittsburg stocks OF points for the
common and points for the preferred, the
latter reacting points. United States Mill
ing preferred fell an additional 3. max
ing 2s11 for two days, and Mailing preferred
lost 31a. The hesitating tone of the mar
ket was due to the recurrent anxiety over
the showing to be made by to-days bank
statement. This was accentuated by late
stinening of the call loan rate to per
cent on a demand from belated borrow
ers TO carry over until Monday The earlier
rate had been per cent and fell as low
as per cent. The Subtreasury yesterday
paid out about 100000 for bonds offered
for redemption and the subtreasurys debit
balance at the clearing house reflected it's
the amount being $3.35l.649. But these adj
ditions TO current supplies. coming late in
the week, will have diminished effect on
the cash showing of the banks owing to
the system OF averages The net result of
subtreasury operations other than these is
small. The interior money movement by
express and by subtreasury trans
fers has resulted in a cash net
loss to banks of over 81 ,O0OOOO
The heavy loan contractions of the latter
part of last week, however, will be partly
reflected in this weeks statement and will
help to reduce the reserve requirements.
Apparently there has been some expansion
of loans during this week by the banks by
the inflow of funds. The net result upon
surplus reserves Is thus very difficult TO
estimate Sterling exchange made further
progress upward yesterday and served to
add to the apprehensons that any actual
ease of money at this center would lead
TO a demand for gold upon IL from abroad.
Discounts in London and on the continent
/were somewhat easier and the course of
the interior exchanges in this country was
in favor of New York. London sold stocks
on balances in this market.
The demand for some of the low-grade
and organized bonds continued yesterday at
advancing prices. Total sales, at par value,
were 81 375.000- United States new tours ad-
vanced y in the bid price
Following are the days share sales and
the closing bid prices: