The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-07-04
EARLY STRENGTH LOST
STOCK MARKET REACTED AFTER AN
HOUR Of ADVANCES
Strength of the wheat Market N Po-
tent Factor I'm the Decline-Move-
ments i'm Loca Trade.

AT New York yesterday money on call
was easy at 1z41% per cent; last loan, la
per cent.
Prime mercantile paper. 3&94h per cent.
Sterling exchange was firm, but eased at
the close. with actual business in bankers
bills at s4ssA for demand and s4.s4A for
sixty days; posted rates. A.s5 and A.S71s:
commercial bills. s4.s3AQ4.S3h.
Bar silver was 6l4c; silver certificates,
6li1G62Ac; Mexican dollars. 4S11c. At Lon
don silver bars sold at 2sAd an ounce.
There was an obvious effort yesterday
morning to continue the manipulated ad-
vance in prices which was set on foot Mon
day by a clique of professional traders.
The attempt met with considerable success
for a time, assisted as 1t was by special
influences affecting one or two individual
stocks. There was an active revival of old
and neglected rumors concerning dividend
prospects Of a number of railroads which
have been pursuing a downward course for
some time on account of the general sup
position that surplus railroad earnings
would be conserved for future needs. rather
than distributed as increased dividends.
Prominent in this class were Baltimore &
Ohio and Missouri Pacific, which were adj
vanced about a point or over by an active
bidding up process during the morning
There was a continuance of the recent un-
explained demand for the Reading and New
Jersey Central stocks. the latter rising at
one time 2 points. Sugar rose with an APP
pearance of strength. but relapsed on real
izing with the announcement OF a further
rise in the price of the product. Brooklyn
Transit derived some benefit from Mon
days verdict in the trial for conspiracy to
discredit the securities of the company.
The early depression from London. where
the growing seriousness of the problem in
China had its effect, seemed to be totally
ignored in this market and had no influence
in checking the opening advance. Not so
with the influence of the wheat market,
which again demonstrated it's dominating
power on stocks. When prices of wheat
were seen to advance railroad stocks turned
downwards, and found no effective support
for the rest of the day. The market dur
ing the latter part of the day was dull al
most to the point OF stagnation, there be-
ing no disposition to put out fresh con-
tracts on the eve of a holiday. Rock Island
was added TO the list of railroads whose
operating expenses for May have more
thai wiped out the increase in their gross
earnings. The money market was very
dull, and not quotably changed, but the
diffusion of interest and dividend payments
has evidently commenced. The subtreasury
had a debit balance at the clearing mouse
to-day of nearly $2,000,000, and the days
excess of expenditures over receipts OF
public revenues at Washington amounted
to S2,372. 1S9. These figures reflected the pay
ment of interest on government bonds. 1t
was reported that the Canadian Bank of
Commerce was in receipt of $4,000 of Klon-
dixie gold. On the other hand, New YORK
lta oo foil rn ~ nonfS
premium to par, and there was deposited
at the subtreasury here 500, 600 Tor payment
at other points. The interior demand for
currency is thus seen to be growing.
The bond market moved in sympathy
with stocks. advancing in the early deal
ings, but yielding somewhat with the re-
action in stocks. Total sales at par value
were $94O, 000. United States old tours and
new tours advanced y, and the threes and
fives Il in the bid price.
Following are the days share sales and
The rlocip0 hid nriCpS.