The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-29
TO REACTION
STOCK MARKET SLIGHTLY WEAK
Err, SHORTS BEING SATISFIED.
Anthracite CoaIers Advance on n VA
riety of Causes-LOcal business
Makes a Good Showing.
At New Yo-k yesterday money on call was

At New Yo-k yesterday money on call was
steady at 1A02 per cent
Prime mercantile paper. 4itG5z per cent.
Sterling exchange was steadier. with actual
business In bankers bills at stS5& for demand
and $4s24g4.s2A for sixty days; posted rates,
s4.s3h and s4sTQ4.s71k; commercial bills. A.s2A9
4s24.
Silver certificates were s31k9sfkc: bar silver.
62Ac; Mexican dollars. 49%c. Bar silver at Lon
don was 2sAd an ounce.
Stocks were reactionary again yesterday, on
the substantial satisfaction of the urgent demand
from the short interest. The brokers were too
busy on the floor Thursday night in the closing
hour TO notice what was going on in the loan
crowd. but the fact was disclosed yesterday
morning that tie supply OF stocks was again
very abundant as a result Of the heavy reduc-
ton In the outstanding short interest and the
consequent borrowing demand for stocks. This
IN itself was sufficient to indicate a reaction. as
the existence OF a large short interest is n
potential support to prices. and its elimination
materially weakens the technical position OF a
market. In addition there was the usual lack
OF explicit official Information regarding Thurs
days rumored strike settlement and some nat
ural reaction in sentiment as a consequence.
But the underlying conviction remains mistaken
that a settlement Is in course of arrangement.
There were strong spots among the coalers,
Reading first preferred advancing at the opening
-
Lackawanna rising an extreme 81 on the dec
laration CT the regular quarterly dividend. This
ferved as something Of a drag on the downward
veioped among some OF the specialties, AMI
heavy liquidation was in evidence In Northern
facinc, this stock declining rs. The liquidation
was attributed to Berlin account, the Berlin
stock market continuing In a highly unsettled
condition. owing TO the growing stringency of
money. Declines for many OF the prominent
stocks ranged from 1 TO 2 points from the lowest,
and the demand to cover shorts at the decline
Was slight The market closed dull and heavy.
The prospect Of an unfavorable bank statement
was a notably depressing factor. The banks have
lost on suDt-eaSury account alone s.. 169, 0O0,
which includes deposits by the banks for pay
ments at other points. The export movement OF
aggregate loss In cash by the banks to above
$s,5eu,uJ0, or about a million in excess OF that Of
last week Liquidation in the stock market has
not been as large as last week, but a small de-
clease In loans is expected The inroad on
surplus reserves. nevertheless, will be Of formid-
the clearing house yesterday for upward of
E.zo0.0o0 as the result OF two checks for golr
recelved from Australia at San Francisco &
week ago. But this gain by the banks will
figure for only one day in the averages. A DIS
lasch from Australia announces the shipment OF
1900 BOO In gold 10 San Francisco. which will
Ultimately become available TO the New YORK
market Sterling exchange steadied in New
York, but exchange on Berlin and Paris fell
sharply.
The reactionary tendency was not so manifest
IN the railroad bond market as for stocks. Total
sales at par value, were $3.50. 900. United States
refundlng twos. when issued, advanced u in the
Following are the days share sales and the
Closing bid quotations.: