The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-12
GLOOMY CASH OUTLOOK
NEW YORK BEARS THE BRUNT OF
WORLDS NEED FOR MONEY.
Call Loans Rise to 10 Per Cent. and
stocks Drop tn n Low Level-For-
eign Exchange Is Weak.

NEW YORK, Dec. 1.-THE usual year
end activity of the money markets Of the
world was the feature in to-day's stock
market, to the exclusion of almost every
ether consideration. The darkening pros
poets of the money outlook were more per-
ceptible in New York than in other markets
and this was partly due to the fact that
New York was called upon for the relief
of other money markets. Engagements
made of gold for shipment to Berlin of
$4,000 were announced, and as much more
rumored. the reported shipper declining to
confirm the report, and over 100000 in
French coin to Paris. Deposits at the sub
treasury were made for transfer to Chi
cago of $4,000 and to New Orleans of $780,,
COO. This depletion of nearly $2,OO0,O00 in
cash was Offset by a payment from the
subtreasury Of S1.5491H in redemption of
United States bonds. But this was not suf-
ficient &c prevent late furry in the call
money market again, when belated borrow
ers sought to cover their needs, which ran
the rate up to 10 per cent. The subtreasury
already had taken from the market over
100000 before tO-days operations, in
Guiding deposits for transfer TO the interior.
1t was reported to-day that Chicago had
loaned some money on call on the Stock
Exchange, but this operation presumably
correspondents, and is therefore an unset
Ting influence in the local money market.
The course OF the loan account of New
York banks is beyond provision in advance
OF the weekly bank statement, but last
weeks unexpected increase in loans keeps
sentiment uneasy, various syndicate
operations remain to be provided for. Be-
lief in the purchase of the Pocahontas Coal
Company by Norfolk Sc Western continues
prevalent in Wall street in spite OF lack of
otficial confirmation, which would involve
large loan operations. The sharp decline
in Norfolk &c Western was connected with
this belief. What loan operations may be
involved in providing for the payment of
the s., 900 900 Standard Oil dividend on next
Monday Is not known, but the fact is
patent that the credits available in the
New York money market undergoing
construction and fiurries in the money mar
ket or frequent recurrence are looked for
until the end of the year. There was acute
weaknesses in the foreign exchange mar
ket to-day in response to the Stinening OF
money rates. There was some appearance
of nursing the market upon the insiders
here and there so as to suffer as little dam
age as possible from the inevitable liquida-
ton. The comparative frmness and resili-
fective aid in this purpose. The dealings In
that stock again overshadowed the whole
market, the price rising to 7234, and fall
ing again TO 69ls, closing with a net gain
of g. There a midday rally when
the redemption of a large block of govern
ment bonds was announced, which carried
many SlOChS dDON6 ySSltIudy lSNel, LUCK
awanna rising 515 and Delaware & Hudson
New York Central and Sugar about a
point Prices generally fell back to the
lowest in the late selling movement and
closed not much better The transconti-
nentals and the local traction stocks were
the principal sufferers.
Bonds were active and irregular Total
sales, par value, $4,000. United States old
and new tours and fves advanced Is pei
cent.
Following are the days share sales and
the recorded price changes: