The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-28
CESSATION OF INTEREST
OUTSIDE SUPPORT WITHDRAWN AND
STOCKS FELL SHARPLY.
Railway Earnings Reports Also ON
the side of Reaction-week Prom
Uses to Bread Records Locally.

At New York, yesterday. money on call
was steady at 2Q21z per cent; last loan,
2h per cent.
Prime mercantile paper. 445 per cent.
Sterling exchange was firm, with actual
business In bankers bills at $4.SS1s for de-
mand and $4.s41s for sixty days; posted
rates. s4S5@4Sh and $4.s0aLS91s; CONNER
cial bills. A.S54Q4.S4A.
Silver certificates were 591z66Oc; bar sill
yer, 594c; Mexican dollars. 47Ac. At Lon
don bar silver was q 7-16d an ounce.
Thursdays show of strength in stocks
was dissipated in the course of yesterdays
trading on the exchange. The market
opened quite generally higher, and an at
tempt was made TO continue the upward
rush in Pennsylvania and B. & o. 1t was
very soon found. however. that the gen.
eral demand for stocks was quite insignifi-
can at the higher level Of prices. Thurs
days operations having So far diminished
the short interest that the demand from
that source was no longer an effective sup
port. In Sugar, especially. Thursdays
urgent demand from the shorts was decid-
eddy relaxed The price was run up after
the opening to 1885. but the realizing sales
from buyers on the recent advance over
powered the stock. 1t got back once again
above Thursday nights close. and then fell
an extreme 6%. with a feverish and uncer-
tain rally. There was the same absence
of authentic news concerning the stock as
on the advance. and its movement was due
entirely TO technical causes. The same was
true of the general market. The reaction
was due to the general recognition that
Thursdays sharp advance was due to a
demand from an overextended short in
terest. Some effort was made to combat
the reaction by bidding up different stocks.
There was a show of strength at different
periods in the Tobacco stocks, the Leather
stocks, Brooklyn Transit and New York
Central, but these maneuvers proved I'M
availing TO hold the market. The opening
strength was due in no small part TO the
buying for London account, which amount
ed to 5000 or $1,000 shares. The railroad
earnings reported for the day were on the
side of reaction. St PauIs net earnings
for March fell on by reason OF the high
level of operating expenses. The state
ments of the Reading company and New
Jersey Central for the same period were
distinctly weak. Following the Ontario &
Western statement of Thursday. the re-
dictionary tendency in the anthracite group
IS sufficiently explained. The probability
of a favorable bank statement to-day failed
TO help the market. The gains in cash from
interior sources are expected TO show an
Increase Of nearly s., 900. 600 over last weeks
gain from the same source. but on the
other hand the gains from the subtreas-
ury by the banks have fallen on almost
as much from last week On Thursdays
operations the banks lost TO the subtreas-
ury some $1,000. and that Institutions
debit balance at the clearing house yester-
day was again below $500 900. Decline in
the government bond refunding operations
has evidently about brought TO an end the
process or disbursement TO the money
market hV the SlIbtrpaS urV. The weeks
gain by the banks in cash Is, however,
nearly S,000.000, thus promising an increase
In the surplus. even though the loan ex-
pansion has been quite liberal. No gold was
engaged for export yesterday, which was
according to expectations. Whether there
will be a further movement next week is
still an open question.
Railroad bonds held firm to-day. but the
volume of business was rather light. Total
sales at par va.ue were 81. 4S5. 900. United
States new fours advanced u in the bid
price.
Following are the days share sales and
the closing bid prices: