The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-19
OPERATORS WERE CHARY
UNWILLING TO SPECULATE HEAVILY
ON THE NEW YORK EXCHANGE.
stock Market Closed Sluggish at
Slightly Lower Prices-CaII Loans
Easier-LOcal Trade Improving.

At New York. yesterday. money on call
was easier at 219gSA per cent, the last
loan being made at 21z per cent.
Primo mercantile paper, 4l4Q5 per cent.
Sterling exchange firm. with actual bust
ness i'm bankers bills at $4.S79sd4.S7s4 for
demand and at $i& for sixty days; posted
rates. $4.s414 and SASSY; commercial bills,
AS3A@4S32.
Silver certificates. 6o1z0611zc; bar silver.
5sizc. Mexican dollars. 47aic. At London
bar silver closed steady at 27ssd per ounce
The uncertainties of the speculative situa-
tion were so great to-day that the opera
tors in stocks maintained a hesitating
mood and RETAINED from active operations.
Professional traders found it difficult to in
duce any following either for an advance
or decline. The street was full of discus
sion regarding conditions in the iron trade.
upon which the movement Of stocks seemed
to hinge. There were plenty of authori-
ties who were willing to be quoted in OPP
position to the gloomy view expressed by
the chairman of the American Steel and
Wire Company regarding the outlook in
the trade. News of concessions in prices
in some lines in the steel trade, however
seemed to sustain his views or WERE per-
haps, the result of the expression of those
views. The conflict of opinions brought no
definite conclusion either way, the whole
speculative situation remaining unsettled
Prices in the general list started upward
encouraged by higher prices from London
and under impulse of antagonism to the
hear campaign, which is alleged to be at
the bottom of the selling Of iron and steel
stocks. Spectators. however, lost conf
dence in their own views as to the insin-
certify of the rnfavorable opinions ex-
pressed over the iron trade outlook when
they saw the iron and steel stocks again
nranifesting acute derression American
Steel and Wire sold a point below last
right. 1t did not get back above last
nights price in the subsequent trading and
ferred was points. The other iron and
steel stocks were not so weak. There
seemed a sort of speculative duel wagjng
IN Steel and Wire and Federal Steel, the
latter stock crossing the former and clos
ing nearly point higher and at net loss
OF only Il.
When the renewed weakness of Steel and
Wire was perceived the opening advance
I'm the general list began to be conceded
In one or two of the railroad stocks adj
yances had reached over a point, but they
were very generally wiped out. The mar
Eet was extremely irregular for the rest of
the day. The New York fractions and
some OF the other specialties showed acute
weakness. There was period of strength
later In Sugar. General Electric and some
of the railroad stocks. but these maneuvers
failed to attract any feeling or to dissi-
pate the feeling of uncertainty. Net
changes are mostly small and the closing
was heavy and sluggish.
The money market continued TO work
easier. call loans dropping TO PA per cent.
In the late dealing. The subtreasury is
disbursing large sums TO the market and
New York exchange at Chicago rose to 10
cents discount to-day, compared with 40
cents discount on Monday, indicating a re-
Taxation OF interior demand for currency
or perhaps cessation of the selling of
stocks for Chicago account. Sterling ex-
change continues TO harden and large
loans are made on sterling collateral. This
means that London is taking advantage
OF the lower interest rates here TO borrow
money in this market.
The bond market was rather quiet and
irregular. Total sales, par value, 81, $50 900.
United States new tours advanced u in the
bid price.
Following is a list of sales on the New
York Stock Exchange yesterday with the
closing prices bid: