The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-15
MHRKET.W ASIRREGULAR
NO CERTAINTY IN THE PRICE con-
OPTIONS AT NEW YORK.
Gains of the Day Nearly Wiped On,
During the Late Weakness-Lo-
cal Trade Makes a Good start.

At New York yesterday money on call
was steady at 2Q2A per cent; last loan.
per cent.
Prime mercantile paper. Ssz94ls per cent.
Sterling exchange was irregular. with
actual business in bankers bills at 81 SSb
@4ssrs for demand. and s4S4ss94s47s for
sixty days; posted rates, s4.s5@4S51s and
s4sgIk; commercial bills, s4.S4d4.S411.
Silver certificates were 60Q6O12c; silver
bars, eOc. Mexican dollars, 4719c. AT Lon
don bar silver was unchanged at q 9-16d
an ounce.
The price movement in the New York
stock market was extremely irregular and
uncertain all day. The last prices of the
majority of stocks were higher than at
Saturdays close but the best prices of
the day were nowhere maintained and
there were wide inroads made in some of
the industrials and specialties. The pro-
fessional traders were inclined to take a
bearish view, and came down to the street
in the morning prepared to sell the whole
list. They were not deferred by the evil
dences of strength IN the London market
which were due to the progress of General
Robertss campaign and TO the easier
money conditions. While selling the gen.
eral list of traders made fierce raids on
the specialties. Sugar. Metropolitan, Peo-
pies Gas and Brooklyn Transit were all
subjected to attack and yielded from / to
over points. The bears found, however
that the heavy offerings TO liquidate
which were a feature of last weeks mar
ket. We're not forthcoming, and they also
found themselves in numerous company
anxious to secure stocks to cover short
contracts. BY bidding against each other
they effected a material rally in prices.
They then paused In some encouragement
and confusion. Some rather positive evil
dences OF strength at different points add
ed to their difficulties. There was large
buying OF Burlington all day at an extreme
advance of over points, on renewed
rumors that plan had been perfected TO
refund the consolidated bonds of 1908. The
movement helped the whole granger group.
The efforts to bid up Missouri Pacific were
resumed with some success and the Pa
cites generally showed good recoveries.
The borrowing demand in the stock loan
Indicated that the short interest
had become somewhat unwieldy and
the market oversold. The demand from
that element is the cause for the most
part of the days show of strength. New
York Central advanced a point. but the
Southern group of trunk lines, which have
been influenced by the Pennsylvania Com
panys extensive operations for control,
were generally heavy. Baltimore &c Ohio
sold down at one time to 72h 1t is ar
gued that since the stock is allowed to de-
cline the syndicate which underworld the
new issue of stock at 50 has probably
realized on it's holdings. In the late ueal-
fngs. while the market was hanging in
an unsteady condition at the high level,
the steel industrials suddenly gave way
all around. Federal Steel and Wire losing
points and Tennessee Coal about 2i2.
Other members of the group showed
smaller declines. The general list gave
way under the influence OF this break and
the closing was active and weak with the
gains largely reduced. Fears are felt that
the easier money conditions abroad are
only temporary. and disposition is man.
ifest to curtail speculation until they be-
come more settled
There was considerable activity in the
bond market. but the tone was irregular.
Total sales at par value were 81 80 OOU
United States registered new fours de-
clined Il in the bid price.
Following are the days share sales and
the closing bid prices: