The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-02
REACTION IN SPECIALTIES
1T CAUSES WEAKNESS IN THE EN-
TIRE LIST OF SHARES.
Railroad Stocks SIumped In Spite of
Splendid Reports of Earnings-Third
Avenue Led the Toboggan Slide.

At New York yesterday money on call
was steady. actual transactions ranging
from to 21z per cent; last loan, "a per
cent: ruling rate. "a per cent; closing.
2Q21z per cent.
Prime mercantile paper, 41zd5ik per cent.
Sterling exchange was weak, with actual
business in bankers bills at s4.S6l4 for de-
mand. and s4.s27s for sixty days; posted
rates. Asrz and s4s71s; commercial bills.
$iS2@4s21z.
Silver certificates were 3sAQ6oAc; bar
silver. 5g7sc; Mexican dollars, 47%c. Bar
silver at London was q 7-1ed per ounce
The New York stock market reflected
from the outset yesterday the reduc-
ton OF the unwieldy short interest by the
large covering which took place Wednes-
day, and which caused so lively a rally
at the weak points of the market Prac-
tically all these stocks showed renewed
weakness. Third-avenue conspicuously so.
This stock fell In the last hour to a new
low level, full point below Wednesdays
lowest. and rallied but feebly. closing with
net loss Of S1z. Rumors were circulated
of g very heavy assessment to be levied
on the stock, to effect the reorganization
The other local traction stocks relapsed
weakly in sympathy, declines ranging in
the group from &c in Manhattan to 6zc in
Metropolitan. The shorts in Sugar were
much less eager TO cover, and that stock
also fell back, falling an extreme 4%4c, and
closing with a net loss Of 31ac. Very
marked weakness in the metal stocks was
an added factor towards reaction, Ameri-
can Hoop leading the decline with a loss
for the common stock Of 4Ac and for the
preferred OF 4 points. Colorado Fuel, the
Federal Steel stocks. Tin Plate. Steel and
Wire, National Steel and Tennessee Coal
lost from nc to SIC from the best prices,
strength I'm the early dealings. Peoples
Gas reacted &c. Outside business was very
much hampered on account of interrupted
telegraph communication, and the buy
Ing orders through COR .nercial houses,
which have been growing IN volume for
number of days past, fell to insignificant
proportions. There was. however, a good
demand early I'm the day for railroad
large earnings for January, in spite of the
high level Of operating expenses. The great
Pennsylvania system showed a gain in
net earnings for January of the lines di-
rectly operated, both east and west of
Pittsburg. of 70 per cent. The Chicago, Bur-
lfngton & Quincy, with only small in
crease In operating expenses, showed an
increase in net earnings Of no less than III
per cent. The c., c., G.. & st. Louis system
increased its surplus for January over ten
fold and L. & Ms net earnings were 46
table growth in earning power naturally
led to buying OF railroad stocks, many of
the less prominent stocks joining in the
movement. but the whole list succumbed
10 the influence of the weakness in the
epecialties. st. Paurs statement for Janu-
airy also had a discouraging effect. 1T
showed the gross increase nearly all
eaten up by additional operating expenses.
The decision of railroad presidents to give
official sanction to the notorious cutting
of grain rates from Chicago had some in
fuence on the railroad list. London was a
liberal buyer of stocks during the day, on
the strength OF the relief OF Ladysmith,
and took fully $1,000 shares. Sterling ex-
change rate yielded a on this account, and
on continued export demand for cotton.
The subtreasury absorption of cash since
Friday reached nearly 100000 yesterday.
III. spite Of the March disbursements both
for corporation and government account.
II Is realized that this must have a marked
effect on the showing of the banks in the
coming weekly statement. No effect was
manifest. however. in the days money
market.
The bond market was active and prices
were well maintained. Total sales at par
value were $2.54500o. United States fives,
registered, advanced &c In the bid price.
Following are the days share sales, and
the closing bid prices: