The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-08
RESOURCES ARE REDUCED
MONEY MARKET CONDITIONS WEAK
EN- THE TONE IN STOCKS.
Nearly All Securities Broke Heavily
Check to Local Activities.

At New York yesterday money on call
was firm at 4d5 per cent last loan, 5 per
cent.
Prime mercantile paper, 4d4A per cent
Sterling exchange was weak. with actual
business in bankers bills at A.S5h for de-
mand and A.S1A for sixty days; posted
rates. s4S21s and s4S61k; commercial bills,
sLS0Aq4.S1A.
Silver certificates. 64Q65c; bar silver,
64hc; Mexican dollars, 50%c. Bar silver
was % 13-16d an ounce in London.
The prospect Of a decline in cash re-
sources of the banks of upwards of $780,
600 proved too much for the fortitude of
spectators yesterday. and they sold stocks.
reversing the movement of Thursday. AL
though they had the advantage of new
points of strength in a number of individ-
ual stocks, among the low-priced securities.
a demoralized tone in one or two of the
industrials more than offset this advantage.
The subtreasury alone. has taken up from
the banks during the week $500, 600, in
Guiding the deposits at the subtreasury for
Geographic transfer to the interior. The
direct movement by express, although sup
posed 20 be small on balance, is certainly
in favor of the interior. There is a sus-
RA~ASA oASO bha1 tic lOOdl ulONClucHl u
cash. which has helped out the showing
OF the banks for the last few weeks, is
not to be relied on this week. These gains
have been due. to a large extent, to the
operations of a single bank, in which is
conferred some of the most important in
terests In the financial world, including
copper mining stocks. The course of
Amalgamated Copper has given rise to the
apprehension that interests identified with
II need not be expected to have taken
measures TO conserve the general money
market situation. The loan item also Is
the subject OF much perplexed surmise.
While there has been some speculative
liquidation In the stock market, there has
been some borrowing for financial concerns.
including subscriptions to a $40, coo, 600 issue
OF T~hird-avenue Railroad bonds, which
closed yesterday with the announcement
that It had been largely oversubscribed.
Liquidation was not urgent in the stock
market, but was quite general. Even the
Erie securities yielded temporarily on the
denial OF a story attempting to explain
their movement by alleging that the COM
pany had purchased the Pennsylvania Coal
Company Both the stocks and bonds,
however, rallied subsequently to top prices.
Besides this, strength was shown by the
ST. Louis & San Francisco stocks, led by
the second preferred. with an advance of
"a, and the New York, Chicago a. St.
Louis. led by the second preferred, with an
advance of AS. On the other hand, there
was continued weakness in Tennessee Coal
auQ lTOu OH TuIIOTS JndI the QlN10enQ
would be passed. The stock fell at one
time ~. and after fluctuating feverishly
closed within Is of the lowest. Coincident
with the meeting of the directors of the
United States Rubber Company the COM
mon stock broke four points and the pre-
ferred stock So without meeting any eff
fective support. 1t was rumored after the
meeting. without equal authority, that the
company had reduced the price of its goods
% per cent, and doubts were expressed of
the maintenance OF the dividends on the
preferred. Pacific Mail broke nearly 4 per
cent. on the large increase in net earnings
report for October. There was weakness
in Peoples Gas. Tobacco and the local
fractions. The closing was moderately ac-
tice and easy and many stocks were at the
low point.
Business in bonds continued large. There
was profit taking In some of the specula-
tive Issues, but there was a notable increase
IN the demand for high-grade bonds which
made the market very broad. Total sales.
at par value. were 81. 1885, 600. United States
threes and fives declined 4 per cent. on the
last call.
Following are the days share sales and
the closing bid prices: