The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-16
MONEY CONDITIONS POOR
THEY RETARD PRICES AND BUSI-
NESS IN WALL STREET.
Sharp Break I'm the List with q Few
Strong Spots-LocaI Trade Is ina
Satisfactory Shape.

At New York yesterday money on call
was firm at 4d5 per cent; last loan,
per cent.
Prime mercantile paper. 5q5h per cent.
Sterling exchange was irregular, with
actual business in bankers bills at $4S5S
for demand and s4S2N for sixty days; post
ed rates. s4Ss and s4.S7; commercial bills.
sLslAQ4.s1A.
Silver certificates were sOAaslAc; bar sill
yer, 59Ac; Mexican dollars. 47s4c. At Lon
don bar silver was 27sd per ounce.
The principal interest in yesterdays
stock market conferred in Sugar, Third-av-
enue and Burlington The rest of the mar
ket gave evidence of some disappointment
over the noneffect OF the currency and re-
funding law. Prices were sustained for a
time by the strength of the three stocks
mentioned and some others less promi-
rent. Burlington was most consistently
strong, and gave evidence of manipulation
said to be by a pool formed to advance the
stock. Its extreme rise was 2%s. 1t had the
most effect on the other grangers, but
served as a tonic on the whole OF the rail-
road list. The iron and steel stocks. as a
group. were inclined to firmness on the
confidence expressed by trade publications
in the maintenance OF prices. Third-ave-
nue. was feverish and active all day. Its
strength was attributed by many to opera
lions against a large outstanding short in
terest, and the stock advanced at one time
above 20. compared with SO on a drive at
the opening. The violent fluctuations in
the price reflected the doubtful and con-
ficting opinions of spectators in the stock.
1t closed with a net gain of 25sc. Sugar
was not SO erratic and did not move over
so vast a range. but its extreme rise of
S1z. after an opening decline, gave way to
reaction in the late dealings. and it closed
practically unchanged. There was a de-
cided inclination to throw over stocks by
the tired holders In the late transactions,
and the closing was quite active and weak,
the earlier gains, except in a few cases,
being wiped out. Reading first preferred
fell sharply, nearly 2 points, on the reports
by trade authorities of softness in the an
thracite market. Peoples Gas was also
conspicuous in the late break. The general
expectation of a poor bank statement was
the underlying motive for the selling. The
rate for call loans was, however, rather
easier than Wednesday under the influence
OF dividend disbursements. The prevailing
rate was 5 per cent, and loans were made
at 4 per cent. New York exchange at Chi
cago hardened sharply TO 10c discount,
compared with 25c Wednesday, and there
was a SlIlildT movement dl OtneTs points.
But the su%btreaSury made another large
draft on the cash resources of the banks,
bringing its total Withdrawals for the
week, thus far, up to A,273,000. AS the sur
plus last Saturday was below So, 100000 and
the currency movement is generally be-
lieved TO have been in favor OF the inter-
fcr since then, while the loans of the
banks have evidently been further expand
ed, IL is difficult to believe that anything
Will be saved In the way of a surplus for
the banks this week. The report of a de-
felt is bound to have an unfavorable SEN
timental effect on prices, however, and
some relief may be forthcoming from new
bank circulation or the disbursement of
the government bond premiums. London
sold stocks in this market, apparently on
account OF the conditions of the money
market there. which are called stringent,
and which the statement OF the Bank of
England shows no prospects of opening in
the immediate future.
Business in bonds continued on a large
scale. but prices yielded In som portions
OF the list. Total sales at par value were
$1.S20.o0. United States twos and new
fours declined y. and the old tours and
fves Il In the bid price.
Following are the days share sales and
the closing bid prices: