The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-11
CHECK in LIQUIDATION
INVESTMENT BUYERS MAKE THEIR
APPEARANCES ON CHANGE.
Stocks Hammered by the Bears Late
I'm the Day-Local Business Re-
tarded by the Cool Weather.

At New York. yesterday, money on call
was steady at 2d2A per cent; last loan.
per cent.
Prime mercantile paper. 31zQ4A per cent.
Sterling exchange was easier. with actual
for demand. and s4s4G4.s4ss for sixty days;
posted rates. As6a4 ssh and AssQ4s91a;
commercial bills. S.Ss94.s4il
Silver certificates were 6OQ601kc; bar sill
yer. 5e7sc: Mexican dollars. 471zc.
At London. bar silver was 2712d an ounce.
The active liquidation Of two previous
days in the stock market was relaxed, yes
terday. leaving the largely extended short
interest on the defensive. Wednesdays
final recovery gave an impetus to the de-
mand for Americans on the London mar
ket. which lifted prices for the opening
here. There was a slight outside demand,
through commission houses. showing that
there Is an element which is watching the
market closely for indications that Ii has
turned The opening strength from these
causes quickly gave way under the attack
by the bears, who used the statement of ST.
PauIs earnings for the first week in May
This statement showing q decrease from
last year for first time in many months
did In fact. have strong influence on senti-
ment- 1t was a forcibie reminder of the
fears which have found expression for
some time past in Wall street that the re-
action In the iron market and in general
business would inevitably lead to a falling
of IN railroad earnings. A continuance of
labor difficulties at various points caused
some uneasiness. and the bears professed
apprehension over the pessimistic tone of
Ga lieb VS. la mis-
Quite liberal buying Tor London account
served to counterfeit the last-named argu-
ment. the arbitrage houses estimating the
buying for London account as high as forty
thousand shares. But the most effective
success Of bears came from break OF over
five points In Tobacco and from persistent
drifted back to Wednesday nights level or
below. but at no time during the day did
the pressure of liquidation become severe
and the bears found difficulty in getting
stocks. The absence Of pressure prompted
some of the small pools to resume opera
tions. notably that In Missouri Pacific and
that stock was bid up during the day near
~ two points. The covering of short con-
tracts gave notable strength also to the
Atchisons, the Pacifics and to Louisville
The upward movement In the trunk lines
was not as marked as in other stocks. The
metal stocks were inclined TO be firm all
day. though they were not very actively
traded In American Steel and Wire led the
movement, both Its stocks rising over three
points on rumOrS tnat fe0erdl steer inter
ests would be represented In the board OF
directors. The money market generally i'm
proved. yesterday. on account of the easier
money conditions reflected in the favorable
reports OF the government banks of Eng
land. France and Germany. This was espe-
cially true OF the Berlin market, where the
iron and coal stocks have suffered acutely
from fears OF American competition. owing
to the reported decrease in consumption
here. There was some slight apprehension
that gold might go out on Saturday TO Eng
land. I'm response to Wednesdays advance
in the Bank OF England's paying price fol
American eagles. but the exchange experts
are generally agreed that gold exports tc
London offer no profit under existing con.
dit;ons. The local money market was not
cuotably changed yesterday, but the sur
plus OF the banks is declining.
Bonds recovered in sympathy with stocks
Total sales. at par value, were 81. 1900
United States old fours, coupon, advanced
u in the bid price.
Following are the days share sales anc
the closing bid prices: