The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-26
At STAGNATION'S LEVEL
MARKED DIZZINESS IN THE NEW
YORK MARKET FOR STOCKS.
spasmodic Efforts to Change the
Course of Prices Were without
AvafI-LocaI Trade Circles.

At New York yesterday money on call
was steady. at 21zas per cent.
Prime mercantile paper, 41zG5 per cent
Sterling exchange was firm. with actual
business in bankers bills at s4s7 for de-
mand and s4sf1z for sixty days; posted
rates. AS5a4sS; commercial bills. $4s39
4S3h.
Silver certificates were 591zG601kc; bar sill
yer. 5e1Sc; Mexican dollars. 47lkc. Bar silver
at London was firm at q 7-16d per ounce.
Prices on the New York Stock Exchange
at the opening yesterday reflected, in de-
gree. the news that General Warren had
captured the Boer position at Spion kop
There was a brief period of active buying
by professionals in expectation that the
spell on the market would be broken, and
an outside demand for stocks attracted,
but the traders quickly detected that there
was no competition outside their own ranks
and the demand for stocks. and they turned
to the short side almost Immediately. The
sagging of prices below the London parity
made operations profitable for the for
eign arbitrage houses, since prices in Lon
don were well sustained at the higher level
Buying for foreign account in the interna-
: TO 10000 shares, and even this demand was
largely met by sales for short account.
The Industrial specialties showed gains in
sympathy with the internationals, but they
were not so we'll sustained in the absence
OF foreign demand. The absolute i,ertness
of the buying demand prompted some SELL
ing pressure by the bears against the in
dustrials in the last hour, but prices seemed
unwilling to move downward as up
ward, and the shorts covered before the
close, which was firm at slightly below
the opening level in most cases. The weekly
returns of the Bank of England and the
Bank of France disclosed continuance of
the notable refiux into the cash reserves of
those institutions, accompanied by con-
tinued liquidation OF loan obligations to
them Open market discount rates abroad
continue soft in spite OF the continued in
crease in reserves of the government insti-
tutions, and in London are still nearly one
per cent. below the bank rates, even after
yesterdays reduction to per cent The
demand for money in New York also con-
tinues very sluggish, although the inflow
OF cash 10 the banks continues to decrease,
ewing TO the large revenue receipts by the
government. Mercantile paper is coming
into increased demand, and lenders OF
money make additional concessions in the
placing OF time loans. All this has not
the slightest apparent effect in attracting
any operations in the stock market which
went through the whole day after the OPEN
ing squirt very near the level of stagnation.
A feature on the outside market was a de-
mand for Standard Oil. which sold at SIP,
G. record price
The bond market was rather broader
than that for stocks, but showed q falling
of from the recent active business. Prices
were well sustained throughout. Total
sales at par value were S23f5,000 United
States new fours, coupon. and fives, regis
u in
Following are the days share sales and
the closing bid pr ices: