The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-02
DULLNESS AND APATHY
MARKED FEATURES OF THE TRADE
IN wALL-sTREET SHARES.
Even Bear News Failed to Arouse Any
Interest by the Operators-Local
Business i'm Fine Condition.

At New York yesterday money on call
was steady at 2a21s per cent; last loan
2 per cent
Prime mercantile paper. 4d41k per cent
Sterling exchange was heavy. with ac-
tuaI business in bankers bills at s4sS@
1855 for demand and at $4.S41z14.S45sc for
sixty days; posted rates. s4S5Q4S51s and
$4.ss@4se1s: commercial bills. s4.ss1kd4.sr4-
Silver certificates were 60Q62lzc; bar sill
yer. 597sc. Mexican dollars, 47c. AT Lon
don bar silver was 271sd an ounce.
Business was so apathetic and narrow
yesterday in the stock market that little
can be deduced to throw light on the bust
ness or financial situation. Prices are. as
a rule. slightly higher. but about the only
explanation TO be offered is that room
traders in stocks proved unable to get
them down. in spite of one or two incidents
rather unfavorable to values. and turned.
perforce, to the long side in order to get
the requisite movement in prices to offer
, any field for trading at all. Even Sugar.
although still absorbing a large proportion
OF attention. became comparatively quies-
cent, and limited its range to little over
three points. The stock market moved
both above and below Monday night. The
failure Of the Pennsylvania directors TO
advance the semi-annual dividend rate
proved ineffective to awaken the market
from its apathy. The most positive asser-
tons have been made in the board room
for many days that Pennsylvania divi-
dend rate was to be advanced. and there
have been heavy operations on the bull
side based on these assertions. The slight
weakness manifested by the stock on the
announcement of the regular dividend
would be called fortitude in a market not
so Enthusiastically Indifferent. The presum-
able disappointment over the Pennsylvania
dividend. following the failure of Mon
days rumors regarding the Missouri Pa
cific dividend to be realized, had only the
slightest effect on those stocks. When
the small bears had rather timidly offered
down Pennsylvania to a fraction below
Monday night. without bringing out any
appreciate sales, the whole market took
on firmer tone. Missouri Pacific rose
nearly points. But whether the market
moved UP or down the small professional
traders failed equally TO attract any fol-
lowing. The closing was dull and heavy
and net changes were mixed. The local
traction stocks. led by Metropolitan,
showed rather acute depression on account
OF the judicial confirmation of the con-
stftutfonality of the franchise tax law.
The Republic Iron and Steel stocks were
forced down sharply on talk of a rupture
OF relations with other combinations in the
steel trade New York Air-brake dropped
u points at the opening but later rallied
IL Long Island advanced to Tic COM
pared with &c Saturday, on the
strength of pending legislation to author
lie an East river connection between its
system and the outside railroad world
New York Central rallied from Mondays
depression. on hopes of a settlement of
the threatened labor troubles. small
shipment of gold was announced to go by
Thursdays French steamer. The sterling
exchange market was heavy and reacted
8 fraction. but il is generally expected
that large shipments of gold Will be made
by next Saturdays steamers The money
market continues TO work easier and the
foreign banking houses in the markets
seeking larger loans foreign exchange
collateral and offering 2ia and per cent
for sixty days.
The bond market was dull and the gem
eral tendency was fractional Total sales
at par value were 81. 395.000 United States
regular twos. when issued, advanced &C
and old tours and fives &c in the bid price.
Following are the days share sales and
the closing bid prices