The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-30
PROFITS FREELY TAKEN
THIS CAUSED SOME UNsETTLING OF
THE SPECIALITY SHARES.
Railroad List Notably Strong, Except
i'm the CoaIers-LocaI Market Re-
tarded by the had Weather.

At New York yesterday money call
was steady at 3G4 per cent; last loan, 3
per cent
Prime commercial paper, 4as@5k per cent
Sterling exchange firm, with actual
business i'm bankers bills at $4.S6h for de-
mand. and $4s21ka4s2ss for sixty days:
posted rates, siS3A and s4S7; commercial
bills, $ls1iz04.S2h
Silver certificates were 60AG6lAc; bar
silver. 592sc; Mexican dollars. 47$4c. At
London. bar silver was q 9-16d per ounce.
The Stock Exchange atmosphere was
rather oppressive during yesterdays ses-
sion. and the offerings to take profits were
absorbed with less facility than on previous
days during the week. No better explana-
ton OF tine reactionary tendency of the
market can be found than the falling off
in demand for stocks There was some
manipulation for the decline. which was
effective among the industrials and spe-
cialties, and which brought out volume
of offerings that looked like the uncovering
Of stop-Ioss orders. But in the railroad
list there was no indication of forced sell
ing. The profit-taking proceeded apparent
~ in an orderly manner, and any consider
able recession in prices led to a decline in
the volume of offerings and "a dull mar
ket Stocks which have gone up the
most during the week were naturally most
affected. notably the transcontinental rail-
roads and the Southern trunk lines. There
was some indication of positive weakness
in some of the grangers and the coalers
the tendency in the latter group being due
TO the rather disappointing February state
ment of net earnings for the Reading COM
pany. There were not lacking, also. points
of strength in the railroad list The most
notable upward movement of the day was
IN stocks of railroads in Central Traffic ter
ritory, and what might be called subsidi-
airy Vanderbilt lines. Cleveland, Cincin-
nad. Chicago & st. Louis led the move
ment. and il was shared in by the Chesa-
peake &c Ohio, the Pittsburg, Cincinnati
Chicago & st. Louis, the Canadian South
ern and the New York, Chicago & ST.
Louis stocks. The professed ground for
this advance was a conference of railroad
officials in this city looking to the enforce
The Atchison stocks. Louisville & Nash
vile and some other less conspicuous
stocks continued strong Aside from the
desire to take profits, the halt in the buy
Ing demand was due TO apprehension over
the effect of the gloomy official outgivings
regarding the prospect for future dividends
on the stock of the Sugar company. A
sharp break in that stock at the opening
but when its weakness was seen to persist
sympathetic heaviness developed elsewhere
in the Industrial list and among the local
traction stocks.
There is no indication of stiffness in the
money market but probably the relaxed
demand for speculative purposes had some
thing to do with this. The subtreasury for
the first time this week. gained a small
amount from the banks. and the govern
ment institutions debit balance at the
clearing house fell to $3f0.69S, as against a
daily average of nearly a million hereto
fore this week. This symptom attracted
attention, Notwithstanding that the gain
by the banks from the subtreasury for
the week still amounts TO considerably
over million dollars. London continued
TO trade actively in this market but with
much less influence on sentiment than
heretofore. owing to the knowledge that
the purchases for that account are carried
TO large extent by money borrowed in
New York
The bona market continues active, and
for the most part strong. though there
were points OF weakness I'm the list. To-
tai sales at par value were So, SIS, 900. Unit
ed States bonds were unchanged in bid
quotations
Following are the days share sales and
the closing bid prices: