The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-08
STAGNATION IS MARKED
DULLNEss ALMOST ABSOLUTE IN THE
WALL STREET STOCKS.
Foreign Money Markets Influenced by
Retrenchment Po1fcfes-Local
Business Checked by Rain.

At New York yesterday money on call
was easy at 1A@2 per cent; last loan, Ia
per cent.
Prime mercantile paper, 31kq4 per cent
Sterling exchange was firm, with actual
business in bankers bills at s4sl7s for de-
mand and s4s4lz for sixty days; posted
$4s3iz64SS$4.
Silver certificates were 60061c; bar silver,
6oc: Mexican dollars. 471zc. At London bar
silver was 27ssd an ounce
Absolute stagnation characterized the
stock market yesterday. BY comparison
with Wednesday the tone was firm. but
that was only because the bears somewhat
overextended their commitments on the
short side. 1t was evident that the late
selling Wednesday was based on the ex-
pectation that selling by London yesterday
morning would offer an opportunity to get
back stocks at a lower level. London did.
in fact, sell stocks here on moderate
scale. but the demand from the shorts was
sufficient to overcome the decline and to
make some show of strength in the market.
The bulls attempted TO stimulate the move
ment by bidding up the coalers on vague
talk of further comprehensive traffic agree
ments This maneuver proved ineffective.
and the market relapsed TO about Wednes-
day nights level. and never got far away
from IL again, in either direction. New
York Air Brake was rushed upward 21s
points on talk of absorption by the West
inghouse Company. 1t showed a small net
gain In Sugar there was a demand from
an uneasy short interest, which had been
overextended during the decline of the
last few days. and the stock gained over a
point net. The loaning rates on stocks dis
closed the existence OF quite large out
standing short interest, we'll distributed
through the list In the entire lack of ami
nation in speculative spirit the profession
al traders are disinclined TO further COM
mitments on the short side. There was no
further evidence yesterday of the selling
through commission houses. which was
called outside liquidation Wednesday. The
incidents OF the day, taken in themselves,
Indicated declining values for securities.
but these events had been anticipated, and
therefore the movement of prices was dis
counted.
The iron stocks were rather firm on the
supposition that the cut in prices has
brought a step nearer the resumption of
the expected buying demand. Many alarm
list reports were current concerning the
Northwestern wheat crop. The continued
heaviness OF foreign stock markets, on ac-
count OF the complications in China. had a
sympathetic effect here. The selling OF
stocks for London was sufficient to cause
1rdctlOnal ADVANCE IN cdDle transfers on
London. The weekly statements of the
foreign government banks disclosed a con-
sentative policy still in force. The Bank
OF England returns show only f600,000 in
loans repaid to the bank. in spite of the
disbursement of government deposits TO
the amount OF over $S.000.000, and the pre-
vailing private rate of discount was well
below the bank rate. AS the bank is still
losing gold for export, the governors re-
Trained from reducing the rate of discount.
The Bank of France has resumed its policy
OF both note and loan contraction, which
was interrupted last week. and, in spite of
a gain in gold of 900. IL has decreased
its note circulation over $25,000000 and con-
tracted its outstanding loans over $4s. 000 :
0O0 In Berlin there were forced sales of
mining shares and reflection of the same
policy OF retrenchment. In New York, on
the contrary, money continues In very light
demand and increasing supply.
The bond market was quiet and irregular.
Total sales at par value were s.. $50. 600. All
United States issues declined Il per cent.
In the bid price. except the twos- Follow
ing are the days share sales and the clos
ing bid prices: