The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-15
PRICES BROKE FREELY
STOCKS UNABLE To HOLD UP UNDER
ADVERSE INFLUENCES.
Wall street Awoke to a Realization
of the Mine Strike situation-GOod
Showing I'm Local Trade.
At New York. yesterday. money on call
was easy at lIlG11z per cent.

At New York, yesterday, money on call
was easy at lAG1ls per cent.
Prime mercantile paper. 495h per cent.
Sterling exchange was steadier, with
actual business in bankers bills at s4S6ss
for demand and s4.SsA for sixty days;
posted rates. sls40lS41z and s61z64SS;
commercial bills, siS2lzQ4SS.
Silver certificates were 62%4q63zc; bar sill
yer. 62zc; Mexican dollars. 4SAc. Silver
bars sold at 2S 15-16d on the London market.
The stock market took on a much more
decided tone yesterday. Indications of Ii
quotation gathered force, and in the late
dealings the professional traders fell upon
the market and offered prices down all
around the room. They met with consid-
cradle success in bringing out offerings at
the decline. and when they covered on
moderate scale the rallies were feeble
that they renewed the attack, making the
close of the market quite active and easy.
The coalers were the most notable suffer
ers. though not on the largest volume OF
selling in the list. New Jersey Central fell
PA points and Lackawanna and Reading
first preferred lost over a point each. But
the weakness was quite general and well
distributed through the list. railroads and
period of strength. but closed a point be-
low Thursday night. The steel stocks were
generally heavy, and a number of them
were of point or over. The local traction
group, Union Bag preferred, Atchison pre-
ferred, Missouri Pacific, Southern Pacific,
Burlington, Louisville, Baltimore & Ohio,
Kansas d Texas preferred and Northern
Pacific preferred were down from 1 to III
per cent Growing uneasiness over the eff
"a NJ 10 N mi
of higher money rates combired to cause
reaction. Wall street has INDUCED a COM
Portable assumption that the dispute with
the anthracite coal miners was to be
settled before the curtailment of produc-
ton proceeds far. but the days news that
miners whose supply Of powder was ex-
hausted were laying down their tools with
out buying fresh supplies, dispelled much
of the optimistic feeling. The financial
world seemed to awake generally yester-
day to the realization that the cautious
conservatism displayed by the worlds
great banks was warranted by foreknowl-
edge. London discounts hardened sharply
and stocks were sold in New York for Lon
don account, the sterling exchange rate re-
covering fraction The official announce
ment of the subscription by New York
bankers to the German treasury bond issue
of 800O0,000 marks (s20 600. 00o) emphasized
the uneasiness over the effect Of this new
demand on the money market. The fore
casts of the weekly bank statement show
that the banks have lost to the subtreas-
o
of the currency movement to the interior
are confessedly conJectural, but the known
movements Of money by express accord
ing to statements by the banks themselves,
indicate that over 100000 has gone out.
This indicates a total loss In cash by the
banks OF about $, 000,0 The changes In the
loan item are obscured, but II the German
loan operation figures In the statement.
large increase in the loan item and a cor
responding expansion of reserve require
ments is to be counted in addition to the
loss I'm cash in estimating the shrinkage of
the surplus. This rapid rate Of inroad upon
the available bank reserve precipitated the
selling of stocks. Possibly the reaction in
the cotton market was also responsible for
throwing some securities on the market.
The bond market did not share I'm the
late activity of stocks and continued prac-
tically dormant. Total sales at par value
were $S45.000. United States threes ad-
vanced u per cent. and the fives u per
cent. in the bid price.
Following are the days share sales and
the closing bid quotations: