The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-20
BRIEF Squirt in STOCKS
A LITTLE TRADE at THE OPENING
AT A MAL ADVANCE.
Activity Speedily Lost and Succeeded
by StaEnation-LocaI Business
Ii in Fair Position.

At New York yesterday money on call
was easy at 1taa2 per cent; last loan, ~
per cent
Prime mercantile paper. shQ4is per cent.
Sterling exchange was easy. with actual
business in bankers bills at S4.ss7s@4.S7 for
6emand and $L.S41zQ4.S4B for sixty days;
posted rates, $4.S5h and $I.s6k; commercial
bills, A.S5ze4-S4.
Silver certificates were 60a61c; bar silver.
60%c; Mexican dollars, 47Ac. AT London.
bar silver was 27Ad an ounce.
The liquidation of stocks was rather de-
cisively checked yesterday, and, as was to
be expected after the considerable decline
of Monday and Saturday, there was a
sufficient demand from outstanding shorts
TO accomplish a rally in prices. There was
no evidence OF any buying outside this
narrow professional circle, and the demand
dwindled away to practically nothing as
prices rose an charging fraction over
Monday nights level. The room traders
turned to the long side and attempted to
bid UP prices against the shorts, but they
met with very slight success, and a late
break in the New York traction stocks
caused a reaction all around and wiped
OuL UlClty HULL dA1 VI IN tdA4J 6OAA~ a.
selling through commission houses. which
was the most striking evidence of weak
ness In Mondays market. indicating as It
did the letting so of stocks by tired in
vestment holders. was on a small scale
yesterday. Selling orders of this character
caused reaction after the opening rise in
sympathy with London, and the bears
started to put out fresh short lines. But
they soon detected the cessation of liquida-
ton. The large borrowing demand for
stocks Monday night had served as d
warning to the bears that the short in
terest was becoming rather unwieldy, and
they followed London'S example and
started to cover. The market then fell back
into its purely professional character and
drifted rather aimlessly for the rest of the
day, net changes being slight The steel
group was inclined 10 weakness, with the
exception of Federal Steel. which was firm
on expectation of dividend action on the
common in the afternoon Union Bag, both
common and preferred. and Pacific Mail,
showed notable strength. The cessation of
liquidation seems TO have been caused by a
revised estimate of the motives In the
strength of the wheat market. additional
Importance being given to the fears or
European complications over China and
less apprehension being felt over the crop
situation The fact that foreigners were
selling somewhat in this market to-day did
not seem TO effect this feeling. Growing
attention is being paid TO the money mar
ket outlook, in view of the shipment OF
gold TO Germany Yesterday and the insen-
ton to make further shipments to France
> on Thursday. 1t is felt that this drain on
New York's low level Of surplus reserves,
Joined to domestic conditions, must have
an early effect on the local money market.
The bond market was dull and prices
went lower. Total sales. at par value. were
81. 275. 900. United States tours declined 4
and the old tours and fves Is in the biz
price.
Following are the days share sales and
The closing bid prices: