The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-05

Close Was at Marked Declines, Fol-
lowing a short Period OF Strength
Local Trade Was Active.

At New York yesterday money on call
was steady at sac per cent; last loan.
per cent.
Prime mercantile paper, per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.STS@4S7sl
for demand and sls2@s@4SS for sixty days;
posted rates. si.s5lza4. $50; commercial bills.
s4S11z04S2iz.
Silver certificates, 5S1zd591sc; bar silver
was 5S7sc; Mexican dollars were 47Ikc. Bar
silver in London was steady at q 1-16d per
ounce.
The most conspicuous feature in the
days trading in New York stocks was the
continued heavy selling for foreign ac-
count, about which there was considerable
mystery. The orders to sell in New York
came from London, but London attributed
them TO Berlin account. Vienna $50 re-
ported sales on its exchange for Berlin ac-
count. In spite of the explanation that
the Berlin selling was forced by the money
stringency the Berlin discount rate showed
a rise of only rs. In Berlin itself the de-
preston was attributed to the decline in
English consols and TO the capture by the
British of the German steamer General
While the motive OF the foreign following
was obscure and explanations confused,
the fact of 1t was beyond doubt. Sales
by the arbitrage houses in New York again
footed up $1,000 shares of the various in
ternational stocks. There is undoubtedly
some uneasiness in financial circles abroad
over the possibility of friction between
Germany and Great Britain over the seiz-
ures OF German vessels. 1t Is worthy OF
note that while interest rates declined in
London and the Bank of England showed
notable recuperation in resources, in it's
weekly statement sterling exchange at the
important financial centers advanced
sharply in spite of the hardening money
rate in Berlin and Paris. The New York
sterling exchange rate advanced at the
same time without affecting the local
money market in which the rates ruled
from to . per cent. The inference Is war
ranted that London is preparing to make
further acquisitions for foreign gold supply
and that her money market Will have to
meet the demands for coming government
loans IN our own stock market the con-
siderable offerings for foreign account
drove prices down at the opening nearly
a point in the principal international
stocks The level of prices thus attained,
coming after Wednesdays sharp reaction,
proved so inviting that large and substan-
tial buying appeared, which forced
covery in prices by the end OF the first
hour. Later New York Central was bid
up sharply to 49,, and the short interest in
Sugar was driven to rout by stories of
settlement OF the trade war. Wednesdays
reactionary market induced quite an en-
largement of the short interest, and their
demand TO cover was an important ele-
ment in the days recovery i'm prices. The
specialties showed wider changes than rail-
road stocks. but the demand for railroads
was large and well distributed, and. except
for the special strength of trunk lines,
their gains were quite uniform. move
ment to take profits in the last hour caused
a material reaction reaching to over three
points in some of the industrials and be-
tween one and two points in many rail-
roads.
Dealings In bonds were not large and the
market was irregular. Total sales at par
value were H.755-000. United States new
threes. coupon. advanced g, United States
registered old fours and fives Il and the
new fours. coupon, Is in the bid price
Following are the days share sales and
the closing bid prices: