The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-22
FEW SHARES TRADED In
MARKET WAS NARROW AND THE
NET CHANGES SMALL
I'm the IndustriaIs Were
the Features-LocaI BUS
mess fn n Quiet Way.

At New York yesterday money on call
was steady at 1Aq1h per cent.
Prime mercantile paper. 4d5 per cent.
Sterling exchange was frmer, with actual
business in bankers bills at s4.S7ss for de-
mand and s4.s41sG4.s4A for sixty days; post
ed rates. $-s5Q4S5h and s4.SS12Q4.S9; COM
mercial bills. $.sshq4s3A.
Bar silver was 6lhc; silver certificates,
61ha62zc; Mexican dollars. 4s11c. At Lon
don silver bars sold at 2SAd an ounce.
The stock market was narrow yesterday.
the only incidents of note being the move
ments of certain industrials. The opening
was easy on London's weakness. Sugar
was depressed on the strength of a reduc-
ton in coffee prices. which was taken to
indicate a possible resumption of the trade
war in sugar. despite the recent mainte-
nance of similar prices with consumers.
The stock went off IA on the offering of
some large amounts. a continuance of the
recent bear campaign against Peoples Gas
accounted for its point fall. Small de-
clines In railroad stocks were in sympathy
with London and reports of unfavorabIe
conditions in crop districts. Business was
only moderate during the selling. and. as
liquidation was not forced. the shorts COM
mencea 10 cover. Before the forenoon ex-
pired prices were on the mend, and there
were Indications Of confident buying in
spots. Rallies were most pronounced in the
stocks which had suffered earlier, and the
general level was lifted above Monday
night. Conspicuous strength was shown by
Brooklyn Transit. Manhattan and Console
dated uas. the latter rising "a per cent.
from the lowest. New Jersey Central then
assumed a commanding position in the
market, rising ia per cent. to 1914, which
u a record price In Its recent upward move
mont. Revived rQpOrfS were current nf 1S
probable absorption by the Baltimore &
Otio Railroad In the interest of the
pe5ansyivania. the latter being cred
In the management of the Baltimore az
Ohio No corroboration of the report was
had up to the close OF business nor of the
statement that an advance In coal prices
was imminent Coincident with the high
price registered for New York Central the
July statement of earnings for the road
were reported. showing a decrease in gross
OF only S,fei. but a reduction I'm net of $685.
$50. This showing and Eealization forced
the stock off to 1S6 at the close. Reading
first preferred was the only other coaler
TO show any reflection Of the movement i'm
New Jersey Central. the stock rising ~
and retaining the gain. While the specula-
ton In these stocks was being carried on
the general list was largely neglected and
showed no inclination to rise above the
level recorded about noon. This circum-
stance caused small selling all around in
the final hour and the market Yielded, clos
Ing easy IN tone with net changes generally
a small fraction either way. A feature of
the closing dealings was the rapid advance
or ga points I'm st. Joe * Grand Island first
preferred. which was unexplained Lon
don operations I'm this market were unim-
portant. but consisted of sales of a few
Thousand shares on balance. Monetary
conditions abroad showed a further relaxa-
ton, discounts at London declining and
exchange on London at continental points
also yielding. In the local market money
rates were unruffied.
Business In bonds expanded yesterday
and there was an active demand for ST.
Louis -thwes preferred, which adj
vanced them 81. The general marked was
Irregular. but variations were slight. Total
sales at pa value were 81, lis. 900. United
States refsnding twos, when issued de.
ciined u and new fours advanced y in the
bid price
Following are the days share sales and
the closing bid quotations: