The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-28
STOCK MARKET WEAK
SHOWED A SETTLING TENDENCY AT
NEW YORK YESTERDAY.
Sugar shares Were Sold Heavily and
influenced Other securities-
Local Trade Active.
At New York yesterday money on call

At New York yesterday money on call
closed steady at 1AG1h per cent.
Prime mercantile paper, 4q4lz per cent.
Sterling exchange was easy, with actual
business in bankers bills at s4-sTAG4s7ss
for demand, and at $4.s4d4.S4b fC- sixty
days; posted rates. SASSY and ASShq4Sy;
commercial bills, As3Rq4S4.
Bar silver, 61lkc. Silver certificates. 611z@
62sac. Mexican dollars. 1850. AT London
bar silver closed at 2S3sd-
There was some disposition to sell stocks
at New York yesterday, and the market
showed a settling tendency throughout the
day. Sugar was sold for one-fourth of the
total days dealings and its marked weak
ness doubtless had some sympathetic effect
on the rest of the list. Sentiment was az
fected also by the apparent aban-
Comment of any pool operations for a
a rise. Unless the weakness OF
Sugar might be called such. there was
TO aTsency in the liquidation. but there
was an absence Of buying demand. The
weakness of Sugar found no explanation
In any news announcement of the day. The
approach of a quarterly dividend period
gives opportunity for usual manipulation of
the stock. and the room traders jubilantly
trail on to any movement in the specula-
ti6n which promises an appreciable move
ment of prices. The stock got down to
within a of us. and closed only a fraction
above that upon the demand from the room
shorts. Pressure against Peoples Gas and
Brooklyn Transit seemed to be coupled
with the movement against Sugar In the
early dealings, and later American Tobacco
was forced down, but these stocks, except
the last. showed a tendency to recover.
Brooklyn Transit rising above Saturdays
level. Losses extended TO a point or over
here and there in other stocks, and New
Jersey Central fell IA
London discounts hardened yesterday,
and while money conditions in Berlin are
for the moment easier, expert authorities
affirm that very heavy obligations will
have TO be met in that market during the
coming month and later. Available funds
in New York continue apparently abun-
dant. but the season for the interior move
ment Of currency Is fast approaching. The
recurring relief. which has been Afforded
10 the New York money market by the
subtreasury operations for several months
past, seems 10 have about come to an end.
About $9.000.00 of the extended United
States two per cents. still remain TO be re-
deemed, the majority Of which are on de-
post at Washington 10 secure circula-
ton or government deposits. The banks
find difficulty in securing new two per
cent bonds to replace these, and they are
in consequence substituting lawful money
at Washington and retiring the circula-
ton secured by the called bonds, or are
leaving them on deposit in spite of the
tact tina interest on them has ceased
There remains about $1,000, 900 of circulation
which has been applied for by the banks
but which has not been issued. Beyond
this the banks show no disposition TO ex.
tend their circulation
THE bond market was duh and reaction,
airy. Total sales. par value, $4,000. United
states new tours advanced Il per cent. il
the bid price
the clOSinE bid quotations.