The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-04
BERLIN WAS A MENACE
A SHARP REACTION IN MANY
STOCKS ON WALL STREET.
Several Industrials Were Strong in
the Face of Liquida ton, but Could
Not Check the Tide.

At New York yesterday money on call
was steady at 4d6 per cent: last loan,
per cent.
Prime mercantile paper, 6 per cent.
Sterling exchange was firm. with actual
business in bankers bills at &.S71s for
demand and s4S2 for sixty days; posted
rates. $i.sS and s4.SS1k; commercial bills,
AslG4S112.
Silver certificates were 5S1kQ5s1zc; bar
silver was 5sa4c; Mexican dollars were
47lkc. Bar silver at London was steady
at q Lied per ounce.
The stock market was unable yesterday
to resist the factors working towards re-
actions and closed at losses, both for spe-
cialties and railroads. running from to
points. Depression was manifest from the
opening in sympathy with the earlier de-
clines in the London market, but the
downward tendency was resisted. num-
Der of the Industrial stocks advanced in
a somewhat excited manner in the first
hour and induced a sympathetic hardening
of prices all through the list. Consolidated
Gas jumped points on the report Of its
absorption of an electric lighting COM
pany and incidental advantages in the To-
cal gas war American Tobacco rose an
extreme points and the Continental To-
baccos were strong. Sugar showed dis
position to continue its advance and some
of the iron and steel stocks maintained
Tuesdays show of strength in the group.
Later in the day there was a vigorous up
ward movement in New York Central. with
a slight sympathetic response in other
Vanderbilt stocks. The isolated points of
strength in the market, however. proved
entirely insufficient TO sustain prices in
face of the constant dribbling of sales for
foreign account and those for local ac-
count, which were sentimentally influenced
by the weakness abroad. rumor circlat-
ed that Ladysmith had capitulated to the
Beers. The effect was significant of what
may be expected in the security market
In case OF further reverses to the British
arms in South Africa. for traders who
were long of stocks FASTENED to take their
profits in face of the possibility involved
The later news of the day made it clear
that the real source of the days weak
ness was Berlin. Selling from the center
in London and of American securities in
New York was on a large scale. Ii was
based on the weekly return of the German
Imperial Bank, which showed a loss of
Sl05O0.0eO In cash, loan expansion in face
or this drain or Sl2,SO0,OO0 and in addition
TO the notes In circulation of upwards of
So. 100000. which was an exhibit OF pres
sure for credits in Germany which served
rather 10 startle the financial world. The
effect was not apparent, however. in the
Berlin discount market, and sterling ex-
change advanced at Berlin in spite OF a fur
Their decline in interest rates in London.
Berlin exchange in New York, however,
rose sharp fraction. Those stocks
which were strongest Tuesday did not
entirely lose their gains of that day. but
in the case of the Baltimore & Ohio
stocks. the Pacifics and number of
Southern stocks large inroads were made
on values. Conditions in the local money
market were undsturbed
The bond market showed a yielding ten
dency in sympathy with stocks Total
sales. at par value, were s1.975,000 United
States new fours, registered. advanced y
and United States new fours, coupon. and
old fives II in the bid prices.
Following are the days share sales and
the closing bid prices: