The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-10
MARKET DULL BUT R
PRICE CHANGES FEW AND WITHOUT
ANY GENERAL CAUSE.
Money Situation Holds the Center Of
Interest I'm Wall Street-Local
Trade Shows Improvement.

At New York yesterday money on call was
steadier at Sd4 per cent; last loan, 3 per
cent.
Prime mercantile paper, 41za5 per cent.
Sterling exchange was heavy. with actual
business in bankers bills at s4s6 for de-
mand and a.S2E for sixty days; posted
rates. $4s3hQ4.s4 and si.S7G4S7h; CONNER
ciai bills, s4.S1A94s24. Silver certificates
were >60A961Ac; silver bars. 597sc; Mexican
dollars. 47%c. Bar silver at London was
ZSSsd per ounce.
: A day of remarkable dullness in the trad
ing and slight movement in prices in stocks
was nevertheless highly significant in a
negative way. There was some interest in
Sugar, which recovered two-thirds of its
dividend. There was pressure against Met
ropolitan, which fell at one time to 162. and
Pittsburg. c., c. & st. Louis dropped
IA, without explanation. Third-avenue.
Consolidated Gas. Peoples Gas and some
other specialties recently under pressure
showed a tendency to rally on covering by
shorts. Rubber was raided down 6 points
and recovered 3. There were sharp ad-
vances I'm the Linseed Oil stocks and de-
clines in Manhattan and Western Union.
These changes were quite independent of
any common influence and reflected no fea-
fure OF the general outlook. But the fact
that the small bear traders were moved to
cover their short contracts before the close,
the resistance to decline offered by the
general list. In the face of notably weak
bank returns, which authorities agree
must be faced to-day, exhibited very strik-
tngly the underlying strength of the Sc
curities market. Apparently the banks will
SHOW a loss IN In cash by to-day's statement
ing the week that the payments of pensions
would decrease the absorption of funds by
the subtreasury. and the fact that the last
weeks gains by that institution included
the payment of $1,000, 900 to the govern
ment by the Central Pacific allowed that
much margin for a favorable showing this
week Nevertheless. the subtreasury has
taken from the New York banks during the
week as much as last week, the total foot
ing up S.57S.000. In addition the net ship
ments of cash by the banks TO the interior
by express amount TO nearly $4,000 900, CON-
pared with a small gain from the same
source last week. This may be partly OFF,
set by the registered mail covering. Con-
low Sl4. 600 last week. and that the money
market has shown no other sign of disturb
ance than a slight hardening In call loan
rates to 4 per cent. the street is prepared
Tor some surprising showing in the loan
account In to-day's statement. The unruf-
fled demeanor of the stock market I'm face
OF this drain OF money resources makes Ii
clear that loan obligations on account of
stocks held are small. Sterling exchange
was heavy yesterday. in spite of some
small selling of stocks for London account.
The question is canvassed for the effect
upon the New York money market of the
easier tendency OF money in London. which
IL Is expected will be caused by govern
ment disbursements for the purpose of
making a market for the new government
loan. Easy money In London would invite
gold imports TO New York. 1t is worthy of
comment in considering the sterling ex-
change outlook that announcement was
made in Wall street yesterday that sub
scriptfons would be received for the new
English loan. The reported initiative by
President Kruger towards negotiations for
peace seemed TO have very slight influence
in the market.
Bonds were dull and prices were irregular
In their changes Total sales, at par value.
were $1.6f5. 600. United States bonds declined
y in the bid market.
Following are the days share sales and
the closing bid prices: