The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-07-13
DAY OF FUTILE EFFORT
BULLS UNABLE TO SECURE CONTROL
OF THE MARKET.
Made Sporadic Efforts I'm Union Pa.
cific md II. 4 O.-LocaI Trade Is
in Excellent Volume

At New York yesterday money on call
was steady at il1G1z per cent; last loan,
IL per cent.
Prime mercantile paper. 334d4ls per cent.
Sterling exchange was firm. with actual
business in bankers bills at s4.S69s for de-
mand and s4.4 for sixty days; posted rates.
Sass and s4.s7i1; commercial bills. S4.s3AQ
1851
Silver certificates were 61AG621ac; bar
silver. e1ssc; Mexican dollars. 4sAc. At
London silver bars sold at Is 7-16d an
ounce.
The phrase "petered OUT best expresses
what happened to the upward movement
OF prices yesterday. The action of the
stock market was entirely aside from any
news of the day, as was the case with
Wednesdays sharp rise. In fact, the news
of the day was for the most part favorable
TO higher prices. The reaction must. there
fore, be attributed TO purely technical
causes. 1t seems to demonstrate that
Wednesdays jump in prices. which was
primarily directed against the short in
terest. has resulted in eliminating the weak
portion of the uncovered shorts. That con-
siderable rise invited heavy profit-taking
yesterday morning, but after prices had
fallen considerably pressure from that
source relaxed. and an effort was then
made to renew the bull demonstration of
Wednesday. When Union Pacific got up to
IS 1T became manifest that the orders to
sci! at that level were larger than the
present bull managers were prepared TO
absorb That stock then fell back, and its
hcaviness was practically unrelieved for
the remainder of the lay. The efforts of
the bulls were then shifted to Baltimore &
Ohio. which, as a consequence. was rushed
up 2ss from the low point This maneuver
proved unavailing to hold the market. and
the latter part of the day showed almost
unrelieved stagnation. The offerings were
a mere dribbIe. but even that could not be
absorbed by the feeble buying demand. and
about all of the earlier gains were wiped
out, the level of prices generally falling
below Wednesday night. The market ig-
nored completely the crop prospects as re-
fected i'm the grain market The active
liquidation in wheat, induced by sanguine
estimates of some of the trade juornals,
failed entirely to sustain the prices of the
grain carrying roads. st. Paul dropped
the best part of another point from its
price. and fractional losses were the rule
throughout the railroad list. The btu
minors coal and the corn carrying roads
gave some early evidence of strength, but
their gains were lost in the late reaction.
The steel stocks were dull and moved I'M
certainly. The market was entirely with
out any point of strength which to fix
a resistance to decline. The closing was
dull and heavy at about the lowest. The
foreign stock markets were reported heavy
on recurrence of fears of a tragedy in
the Chinese capital, but London bought
about 10000 shares of stocks here. Not
withstanding this buying and a decline in
London discount rates, sterling exchange
here rose q fraction. The weekly state
ment of the Bank of England occasions
renewed question whether the export move
ment OF gold will not soon be renewed.
That institutions loss of gold for the
week exceeds 00,000. which has largely
gone 20 France. and reaction in sterling
exchange at Paris yesterday to the recent
low level shows the demand there for gold
stiIi Unsuitable The Bank of Frances
weekly statement shows a gain i'm gold of
less than a million dollars. so that il has
OF that metal. Meantime large supplies of
gold are on the way TO New York from the
Klondike receiving points in the West and
from Australia.
The bond market continued dull and ir-
regular. Total sales at par value were
$1.150.000. United States registered twos,
when issued. ard new tours advanced "a,
and the fives y In the bid price.
Following are the days share sales and
the closing bid prices: