The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-09
PRESSURE FROM ABROAD
STILL HAVING ITS EFFECT on THE
WALL-sTREET TRADING.
Brokers Refuse to Bid Up Shares
While Selling for Foreign Account
II I'm Such Strong Force.

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 irregular, with ac-
tual business in bankers bills at $4S746
4S71z for demand and s4S315 for sixty days;
posted rates. s4S4q4 $40 and s4sS1s; COM
mercial bills. s4.S21z@4S3.
Silver certificates were 5s1k659Ikc; bar sill
Yer was soc; Mexican dollars were 471kc.
Bar silver at London was steady at 271sd
per ounce.
The volume of trading in New York
stocks yesterday was small and DISPOSE
ton was manifest in Wall street to await
the development of events before taking
CIV stocks. The sensitiveness of the market
&c the influence of foreign events was a
leading motive. Notwithstanding the down.
ward course of interest rates in London
and the continent, it is clear that
there is need of more money abroad. For
eign observers of good authority offer the
suggestion that the present ease of money
abroad is due to artificial causes on gov
eminent initiative. In England it is evil
dent that the purpose OF this maneuver is
to prepare the money market for placing
government loans at an advantage. In Ger
many IL is designed to strengthen conf
dence and help out the vast Industrial en-
terpriSeS which have been undertaken
there. In any event, the effect is to draw
gold from New York under pressure and
TO send American securities home to mar
Yet. The foreign exchange houses assert
that the present level of discount in Lon
don leaves no margin of profit on the
special attraction offered by the Bank of
England on loans to be repaid in gold. The
arriving shipments or American gold are
the cause OF current ease in London dig
counts. How long the ease would endure
In face OF cessation of the shipments is
doubtful. Meantime. rates for money at
interior points In this county are rising
sharply and il Is a question how long the
New York market could lock to that source
10 rcplenish a drain TO the London market
In these circumstances there is little dis
position in American financial circles to
hold up prices or securities merely to af-
fcrd a market for foreign LIQUIDATION In
yesterdays market opening prices were
Well down TO or below the London parity
and so long arbitrage selling was i'm
evidence they were allowed to remain
there or nearly So Later in the day there
was sharp recovery in prices. when the
pressure of the London selling ceased
This recovery was partly due to London it
self. which bought back few stocks sold
earlier in the day on General Whites re-
pert OF repulse of the Beers at Lady
smith. While there was no effort TO bid up
prices there was good absorption at the re-
cesSiOns, some very heavy blocks of promi-
nent railroad stocks being taken on. New
Jersey Central was bid up 81 points the
increase of the dividend rate without any
sale. Sugar. Brooklyn Transit and some of
the iron stocks recovered sharply from
early weakness. The demand later in the
day In the general list found such a light
supply that prices hardened steadily to
about Saturdays closing level Net losses
were reduced to fractions where they were
not entirely wiped out.
Dealings in bonds were on a small scale
and the tone was heavy, with few rallies
in sympathy with stocks. Total sales. at
rar value were S1.360.000 United States
bonds were unchanged in bid quotations.
Following are the days sales and the
closing lid prices: