The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-10-30
PUT OUT SHORT LINES
BROKERS PREPARE FOR THE ANTE
ELECTION DEPRESSION.
Prices on a Somewhat Lower Range
Warm Weather Affects the Vol
ume of Local Business.

At New York yesterday money call was
steady at 36T4 per cent: last loan 31z per cent
Prime mercantile paper. 5Q6 per cent.
Sterling exchanges was frmer. with actual
business in bankers bills at s4S37s for demand
ami S4S4S for sixty days; posted rates. sa.SlU
4SIlz and 81 S4izG4.S5: commercial bills. S47s5z
G40
Silver certificates were Coo; bar silver. e4&c;
Mexican dollars. 507sc- Silver bars at London
were % l3-16d an ounce.
The New York stock market showed plainly
enough Monday morning that the recent head
long speculation has overdone the prosperous
conditions offered by the renewed outside inter
est IN stocks. There conspicuous absence
OF any sensational story of vast continental rail-
road consultations and new ocean-to-ocean COM
binations such as were feature of every day
last week Like a topper. the stock market quick
~ felt the need of the customary "bracer." and
began 10 fall away in a mood OF depression
People who bought stocks last week the
strength Of some Of the startling stories current
were uneasy yesterday morning. when prices be-
gan 70 go downward. in spite OF the absence OF
lad news, and fastened TO sell. adding to the
depression. Among professional traders there
was a general feeling that a reaction was over
due and they were influenced also by the rrin-
ciple that the week before national election Is
a bad time to go long Of stocks, owing TO the
probability OF alarmist rumors becoming current.
Thus the market ignored various favorable fac
tors in the situation, and either sold to realize
OF put out short lines. The resumption Of work
among the miners in the anthracite district was
one favorable factor. putting end. as II does.
% a long standing drag many widely varied
Industries and settling the persistent uncertainty
a tc the hnaI outcome OF the controversy
Nevertheless the coalers were heavy. preIim-
spary decline in Tennessee Coal uncovered a
stop-loss order. causing violent break OF four
points IN the stock and sympathetic weakness IN
the whole steel group The shutting down OF
some departments OF the Federal Steel Company
plant at Joliet seemed also to depress the group.
TIE important specalties and industrials showed
a rather acute reactiOnary tendency following
The highly artificial advances or last week. De-
Clnes ia this group from a traction over a
York STOCKS In the railroad group the declines
were more moderate. but heightened list IeiI
! O. Ii. below Saturday Northern racine was
Inclined 70 resist the depression al Gay ana IN
the late dealings IL was run up Z points from
the lowest. giving better tone 10 the WhOle
Market The sympathetic rally exceeded polnt
~ a number 81 cases. but the closing was sui
Money conditions were distinctly easier and
the maximum call loan rate was per cent 4 ne
tone 90 the time money market was also easy
elrerently there was no further uneaslness over
tne fu-ure - the money market The news OF q
llftner sn qment from Australia on SATURDAY Oh
Slpo 9f iu gold furthered this feeling. Sterling
exchange hardened IN response TO the nrmer
Tie dealings in bonds were large, but the
Trlfe movement was irregular TotaI safes AT
Iar value we're Sl,sf5.ooo. United states new
tours advanced y and the threes and nves, reg
istered. = per cent. the last call.
Following are the days share sales and the
Closing bid prices: