The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-30
INDIFFERENCE IS MARKED
WALL STREET UNAFFECTED BY
FOREIGN TRADE SITUATION.
English Reverses Make No Impression
ON the Market-Local Business
Shows Improved Conditions.

At New York yesterday, money on call
was steady at 21zq3 per cent; last loan,
pa per cent
Prime mercantile paper, 4G5 per cent.
Sterling exchange was strong. with ac-
tual business in bankers bills at s4.S7129
4s7ss for demand and s4s4l4@4 S41z for sixty
days; posted rates, Sass and 4SSQ4. $50;
commercial bills. $4S304-s31z-
Silver certificates were 591kd6O1z; bar sill
vcr. 59Ac: Mexican dollars. 471zc. Bar silver
at London was steady at 271sd per ounce.
The New York stock market continued TO
view with equanimity the disturbance in
the London market on account Of the mis-
fortunes TO the British military campaign
In South Africa In spite of a drop of a
full point in British consols in London and
conditions on the exchange there which
cables TO Wall street described as panicky.
the opening declines here in international
stocks did not exceed fractions. and there
was pressure to sell. outside that for
foreign account. The buying by the local
traders proved sufficient to absorb this and
TO advance prices to Saturdays closing lev
ell. The course OF the market during the
rest or the day was exceedingly sluggish
and the dealings were narrow and profess
sional. The Industrial specialties continued
10 lead In point of activity. The specula-
ton in Sugar showed some strength, the
stock rising an extreme two points on a de-
mand of the shorts, who covered on the an
nouncement of further advance in re-
fined sugar. Part of the gain was lost
There was continued movement in the local
traction group, but its compass was small
Il 81
opments. The session of the directors of
the American Steel and Wire Company
seemed 10 be the ground for the strength in
the company's stock. though no definite
news was received regarding dividend ac-
ton before the close. Other metal stocks
were firm in sympat. y. Glucose Sugar
made show of strength on the judicial de-
ciston against the constitutionality of the
Illinois antitrust law. A drop of two
points in Denver & Rio Grande was unex-
planned by any news of the day. With
the exception OF these movements the mar
ket continued near the level of stagnation.
Several Incidents OF the day point TO the
financial outlook as the true basis of the
situation in the speculative world. Specula-
tors do not forget that IL was the industrial
and commercial activity of the country
which encroached on the funds they had
embarked in speculation in December, and
they are watching for the future rate of ac-
tivity OF business to define itself before
awaiting themselves of the present ease of
ephemeral and illusory. Offerings of mer-
camille paper at present are light but this
Is explained as being due to the employ
ment by large mercantile houses of the
years profits as working capital The sharp
upward course of Sterling exchange yes
terday gives point TO the apprehension that
gold will again go out to help England's
need for expenditures. An official
or the Imperial Bank OF Germany, quoted
yesterday, attributes the ease In the Ger
man market TO an artificial maneuver made
to prepare the market for municipal loans,
and the same authority asserts that Rus
STA Is TO raise the loan. The future con-
tingencies in the money market thus fore
Swallowed may help TO explain the persist
ent Indifference of spectators to the pres
ent abundance of funds.
The bond market lapsed into dullness yes
terday and prices were mixed. Total sales
at par value were 1856. co., United States
new tours and old fours coupon, advanced
Il, and the threes declined u In the bid
price.
Following are the days total sales and
the closing bid prices: