The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-10
SMALL RAID BY BEARS
ONLY FEATURE IN THE WALL
STREET STOCK MARKET.
Trend Was Generally Downward,
with a Few Feeble RaIlies-LOcaI
Trade Shows Great Vitality.

At New York yesterday money on call
was steady at 41zq51z per cent; last loan,
51z per cent.
Prime mercantile paper, per cent.
Sterling exchange was easier, with actual
business in bankers bills at s4.S7s4 for de-
mand and at s4.sS1zQ4S3s4 for sixty days;
posted rates. si.S41z and ASIA; commercial
bills, $4S21zQ4S3.
Silver certificates. 5S1zd591zc: bar silver
was SIC; Mexican dollars were 471kc. Bar
silver at London was steady at 27lsd per
ounce.
The stock market was practically inert
during the early part OF yesterdays ses-
sion. the buying and demand falling to
scarcely appreciable proportions. The bear
traders watched this inviting field with
longing eyes until the attraction became
too strong for them, and they put out SELL
ing orders through the greater part of the
list They succeeded in affecting very
marked declines and bringing out certain
amount Of offering by uncovering stop loss
orders. But the volume of the selling was
not important and the success of the bears
was due to the listless attitude of the
public toward stocks. and the indisposi-
ton Of insiders to support prices. There
was no positive incident in the days events
for the bears to base their operations on.
Their conclusion was rather negative
one as to the chances of any favorable
change from the present depressing in
huences. For the present it is obvious that
capital has no inclination to move into
stocks, and IL is noticeable that the quiet
investment absorption which was a feature
OF the market during the last week in
December, and which continued into the
a int emf
and purposes, ceased at the present level
of prices A series OF encouraging events
has afforded pretty good test of spec
ulative sentiment by being totally ignored.
There have been no entries TO the list of
o1V1dend-paying stocks or increases in the
dividend rate of established dividend pay
ers. The money situation has ceased to
cause anxiety, owing to the return flow
from domestic centers and the cessation
OF the drain TO the subtreasury. Money
markets abroad have come through the
crisis of the yearly settlements, and are
steadily working toward ease so that the
drawing OF gold from New York is now
believed TO have ceased, at least for the
time being. Far-reaching accomplishments
toward harmonizing great railroad systems
have been announced, and disastrous trade
wars have been patched up, according to
all appearances. .ne small effects produced
by all these important Developments are
cited by the bear element as indicating
small hopes for any advance in prices.
y There was a small opening advance I'm
stocks in opposition to the heaviness in
London, and in sympathy with the
strength In Sugar and Brooklyn Transit
The almost entire disappearance of buy
Ing demand, in spite of very little Offer
ings, then allowed prices to generally sag
until the active selling movement OF the
last two hours, which forced prices easily
and rapidly downward. There was a few
feeble rallies, sufficient to cause some re-
covery, but the tone, in the MAN. con-
tfnued weak until the close. The dividends
In Louisville and in Federal Steel common
were not announced until near the close
but the bears counted upon their exer-
cising an unfavorable effect as not being
up TO expectations. The possibility of fur
Their reverseS to Great Britain in South
Africa and rumors of foreign complca-
lions, involving further embarrassment for
Great Britain, were used with effect
The bond market was dull and heavy
In sympathy with stocks Total sales at
par value were s., $4,000. United States old
Tours, registered, and old fives. coupon.
declining y. and the threes. coupon new
Tours Old fours, coupon, and fives, regis
tered, IL in the bid price.
Following are the days share sales and
the closing bid prices: