The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-19
TENDENCY IS DOWNW ARD
Foreign and Domestic Money Market
Conditions Are Of Chief interest
situation I'm Local business.

At New York yesterday money on call
was steady at 1izQ1A per cent.
Prime mercantile paper. 41zQ5A per cent.
Sterling exchange was strong, with
actual business in bankers bills at s4.SIis
G4s74 for demand. and s4ss5s for sixty
days: posted rates. s4s4G4s419 and Sass;
commercial bills. s4.s21zQ4.SS.
Silver certificates were s2a49s3z4c; bar sill
Yer was 2sa4d an ounce in the London mar
ket.
The New York stock market demon
strated it's inertness again yesterday, and
the effort to continue Mondays course Of
recovery fell fiat Prices were at one time
advanced considerably above Monday
nights level. but they did not hold. and the
close showed some of the gains completely
wiped out and all of them reduced to small
proportions. The announcement during the
day OF failure of a stock exchange house
had rather depressing effect. although
the suspension seems to be due entirely to
private causes. About 1000 shares of stocks
were sold under the rule for the account
of the suspended firm on the exchange. and
the quotations for some of the stocks sold
were considerably depressed. They recov-
cred somewhat after the selling under the
rule was completed, but in the late dealings
Consolidated Gas was forced down again,
and sold pa under the high point. Laclede
Gas fell as much. London was inclined to
buy stocks IN the market, Notwithstanding
the general depression in that market. and
the demand from that source was a factor
in this market. With a general election
pending London expects a period of the
same kind of dullness as has been prevail
ing here. The expectation that a portion
of the American subscriptions to the Ger
man loan will be paid by the exchange of
sterling-exchange bills helped to weaken
. the London market. The strength of Amer
leans in that market, in spite of the gen.
eral weakness and OF the further rise in
discount rates, was distinction for that
group of securities. Notwithstanding the
buying here for London account and the
continued large exports OF merchandise,
the rise in London discounts was effective
in causing sharp upward jump in ster-
ling exchange, the price for demand bills
rising quite &c on the pound. Sterling ex-
change at Berlin, on the contrary, relapsed
y pfenning on account of the continued
hardness in the Berlin money rate. These
various developments and responses in the
worlds money markets were watched with
close interest, bearing the future of
our own money market. Dispatches from
Chicago reported that Berlin bankers were
applying TO banks there for loans for a
period of several months. The New York
money market showed a hardening tenden-
cy, and call loans commanded Ia per cent.
Time loans were also more firmly held.
The movement of money to the interior
continues large, both by express and regis
tered mail, and by telegraphic transfers
through the sub-treasury. The amount
transferred In this manner to New Orleans
yesterday amounted to s625,000. On the
other hand. the subtreasury was debtor
at the clearing house to the amount of
x.D3, 4SS. This was mostly represented by
orders on kl0ndike gold deposited at Pa
cihc coast points, but the payments for
pensions were also large.
The bond market was dull and irregular
Total sales at par value were $4,000
United States fours advanced Il in the bid
price.
Following the days share sales and
the closing bid quotations.: