The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-11
SUGAR BEGINS TO SPOIL
FERMENTATION, CAUSED BY TRADE
WAR, FORCES PRICES DOWN.
slump Affects All the Industrial List
Railroads Are I'm Good shape
Local Trade Conditions.

At New York yesterday. money on call
was steady at 4ikQ5 per cent; last loan,
AZ per cent.
Prime mercantile paper. 51zG6 per cent.
Sterling exchange was easier. with actual
business in bankers bills at $4.S7Q4.S7A for
demand. and s4.ssh@4saA for sixty days;
posted rates. sIS411z and s4.SSlz; commercial
bills, $4s21kG4S3.
Silver certificates were 5SG59c; bar silver,
was 5S5sc; Mexican dollars were 471kc Bar
silver. at London, was steady at q 1-16d
per ounce.
The stock market was dull and narrow,
except for the sensational developments af-
fecting the stock of the American Sugar
Refining Compay. Previous to the stock
holders meeting there was a considerable
show of strength In this stock, owing to a
general conviction that the sugar trade war
has more shadow than substance in it, The
declarations contained in the presidents
annual report took Wall streets breath, and
caused fear that unless conditions change
dividends on the stock may be suspended.
The stock declined rapidly. the price vary
Ing as much as ~ between sales The
first drop took the stock to 122, when it
again to 117x. bringing out heavy stop
loss orders on the way down, rallied 70
near 10, reacted 8 and again raliied in
the final dealings. The large and persist
ent outstanding short interests in the
market served as recuperative force by
buying to cover contracts. All the prom
inent industrials were quite sharply affec-
ted In sympathy, the bears selling the OPP
IN of or rarfa Il
stop loss orders. The railroads were much less
affected, although the earlier gains were
mostly wiped out. There good buy
Ing In the railroads at the decline, led by
the b. & o. stocks, on the company's
strong statement of December earnings
The general relaxation in money rates,
all over the world, had induced a convic-
ton that the official discount rates both
OF the Bank Of England and the Imperial
Bank of Germany, will be reduced to-day
and board room traders were inclined to
buy stocks In anticipation of a foreign de-
mand on this account. Stocks were gen.
orally firm yesterday In foreign markets
on account of the easier money rates but
1t Is very clear that the money market
owes its abundance and ease TO the thor
ough liquidation in speculative accounts
which has been effected all over the
world, In the last few weeks. and to lack
OF renewed speeuiation; Spectators are
stocks and yesterdays market was but
q narrow affair. even taking into account
the violent price movement OF some OF the
specialties. The prevailing dullness is at
tributed by traders to fears of unfavorable
news from South Africa, but il is not i'm
probable that the existing conditions there,
as well as In the financial world, have been
accurately discounted in the speculative
markets. New developments are awaited
10 warrant a new adjustment of values
Inc BOND market was dull, and moved in
sympathy with railroad stocks. Total
sales, at par value, were 81 ,025. Co., United
States new fours and fives, registered, de-
clined Ac in bid price.
Following are the days share sales and
the closing bid prices: