The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-16
NO DEMAND FOR o
PR PROFESSIONAL TRADERS LEFT TO
MANIPULATE THE MARKET.
Outside Public Stayed Out and Prices
Were Somewhat Reactionary-A
Few NotabIe Movements.

AT New York yesterday money on call
was easy at 2q2lz per cent: last loan. 20
2z per cent.
Prime mercantile paper. 4d5 per cent.
Sterling exchange was irregular, with
actual business in bankers bills at si.S71s
G4s7A for demand, and s4.s4Q4sfA for
sixty days; posted rates, $4.S5 and zGsS1k;
commercial bills. &.S3A@4SsA.
Silver certificates were 5sA@60Zc; bar
silver, 59Ac; Mexican dollars, 4711c. Bar
silver, ct London. was quiet at 27hd per
ounce.
The movement Of prices in the New York
stock market yesterday reflected very
clearly the doubtful and conflicting spec
ulative opinion of the outlook for prices.
The opinion reflected was almost wholly
that of professional operators in stocks.
as they were the only ones who took any
notable part in the trading. The general
public persisted in keeping out Of the stock
market, and this continued Indifference
had not a little to do with doubts from the
professional SPECTATORS, some of whom
sold stocks before the close of the day,
prompted by their disappointment over the
failure of any general demand for stocks
to develop. A number of factors contrib
ute ! to an early advance in prices. The
initial impulse came from the London
market, where prices advanced on the
cheerful feeling en~gendered by the for
ward movement Of British troops in South
Africa. London was a buyer here at the
opening, but the demand from that source
was satisfied with the taking of Is. 900 to
$1,000 shares. The iron and steel group
advanced in company in the morning.
under the active bidding up Of professional
traders, American Steel and Wire rising to
within a fraction of 80. Tennessee Coal
rose an extreme "a. The impulse to these
stocks came from the allegations con-
tanned in a pending lawsuit of notoriety,
regarding the enormous profits of the steel
trade for the past year and assertions of
the likelihood Of still larger returns for
the current year. The strength in Sugar
was based on rather vague rumors of COM
ing advance in the price of the product,
and the resumption of operations by re-
fneries recently closed down. But the
strength from these causes was not well
maintained in face OF the apathy of the
demand and the notable weakness in some
special stocks. A break of ga in Third
avenue was due to the announcement of a
banking house of its withdrawal of a
proposed loan to this company. This
caused sharp sympathetic declines in the
other local traction stocks, the iron and
steel stocks and Sugar. and. in fact, un-
~ AO A4ots NdAiWa 0lothS lOcl
The early gains. but became dull and
notably firm near to Wednesday nights
level of prices. All reports continue TO re-
fleet a high level of prosperous business
activity and an unprecedented level of
railroad earnings. But this very activity
In business arouses question whether the
prosperous use of money thus involved is
not likely 10 deplete the supply of funds
available for speculative purposes. No
better explanation has been found OF last
weeks enormous loan expansion than the
demand for mercantile uses. which is
taken TO be on a very large scale. Rates
Tor call loans still continue easy, but only
the choicest grades of mercantile paper
can be placed now as low as 4 per cent,
most transactions being made at 4IaG5
per cent. Time loans for sixty days are
also in large demand at AZ per cent. The
subtreasury has already absorbed over
$.600,0O0 from the market this week, and
the course OF New York exchange at inter-
Tor points gives little hope of any gain in
cash from those sources. Taking into ac-
count the recent tendency toward large
expansion of loans, a further large in
road upon surplus reserves Is regarded as
inevitable IN the coming bank statement.
Business In bonds continued on a fairly
large scale and price changes were ir-
regular. Total sales, at par value. were
$@.1S5.00 United States bonds were I'M
changed IN bid quotations.
Following are the days share sales and
the closing bid prices: