The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-13
All Stocks Affected and Leading Is
sues Declined from One to Three
and a Quarter Points.
SHORTAGE IN BANK SURPLUS
CAUSED BY HEAVY LOSSES IN CASH
TO THE sUBTREAsURY.
Much Money Being Transferred to
Move Crops Assigned rs One Rea-
son for the High Rate.

NEW YORK, Sept. 12.-Call money ad-
vanced to 20 per cent. shortly before the
close of to-day's market, and the list which
had been heavy throughout, closed with
marked declines. Opening prices were
lower. though mostly fractional. but the
unsettled tone which characterized the
days comparatively moderate transactions
was apparent from the outset. London
came lower in the absence of New York
support, though later there was consider
able improvement and a better demand for
internationals in that market.
Missouri Pacific was the chief sufferer
in the early trading, selling off about two
points and making no recovery. The de-
cline in the grangers and Pacifcs was in
part due to reports of frost In the corn
belt The selling of Baltimore & Ohio was
accompanied by reports that insiders had
discounted the extra stock issue. st. Paul
received better support soon after the
opening, but In the main stocks which then
held their own, were Of the so-called pool
class. There was no great pressure against
any particular stock. but the early high
rate for call money. 10 per cent. coupled
with reports that some Of the banks were
showing discrimination in the matter of
collateral, added to the increasing uneasi-
ness. Louisville Nashville and Rock
Island were among the few stocks that
reflected firmness at this juncture, the lat
ter selling ex.-dividend. Trading received
another check in the second hour when
call money advanced some more, but no
great amount of long stock seemed to be
offered. Nevertheless 1t was clear that a
number of weak accounts were shaken
out. There was a rally in the granger
group on reports that the frost had done
little damage, and at the same time, Man.
haitian, also selling ex.-dividend, was be-
| ing absorbed in small lots on rumors OF
| closer relations with New York Central.
| The United States Steel shares were
heavy, with little or no evidence of sup
| port. but the strength of Union Pacific and
| st. Paul was suggestive of pool support,
while the weakness of Chesapeake & Ohio
was attributed to inside selling. A further
| reactionary movement set in during the
second hour of the afternoon, when money
| advanced to 15 per cent. Declines at that
| time embraced practically all the active
| level of the day. Maximum declines of 2
| per cent. were registered by st. Paul, Mis-
souri, Pacific, Norfolk & Western and
| Northwestern, with a 3L point decline in
Louisville & Nashville and even greater
losses in the specialties. Announcement of
the ~ per cent rate in call money was the
/ slSiiSl announcer SelllnS movement, Dut
| partial recoveries were made by St. Paul
and Louisville & Nashville.
The final dealings brought some more
| liquidation and the closing was heavy and
| unsettled. In addition to the net losses al
| ready mentioned net declinese of a point or
| over were made by Atchison. Baltimore &
Ohio, Chicago & Northwestern, Minneapo-
lis, st. Paul and Sauit Ste. Marie preferred
| North America, Reading second preferred
| Westinghouse Electric. New York Air
| brake, General Electric, Virginia Carolina
| Chemical issues, the copper stocks and
numerous others. The gains were the ex-
| ception and mostly fractional. London
traded In about 1900 shares, mostly on the
buying side during the decline. Aside from
| the squeeze in call money the monetary
outlook generally was disquieting
| Forecasts showed further heavy losses
| Of cash by the banks, the greater part of
| 1t TO the subtreasury, which paid out over
$4,000 for pensions and almost 5000 900
! for gold, also transferring $4,000 to New
| Orleans for crop purposes, but these opera
tons Will not show in to-morrow's bank
| statement. 1t was understood that the
| heavy loss in the surplus reserves had been
met by a calling of loans. Reports of ap-
preaching imports of $6,OO0OO to this CEN
ter and Boston were not confirmed.
The bond market was less active TODAY
and reactionary, in sympathy with the de-
preston in stocks. Total sales, par value.
$,505,OOO. United States bonds were all un-
changed on the last CALL