The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-19
STOCKS ARE IRREGULAR
But THE VOLUME OF TRADING Is
EXCEEDINGLY HEAVY.
Moving Influences Of the D~ay-Money
Market Conditions-Active Busi-
ness Is Progressing Locally.

At New York yesterday money on call was
steady at fu5 per cent; last loan. 3 per cent.
Prime mercantile paper. 4Aa55 per cent.
Sterling exchange was nrmer. with actual bust
ness In bankers bills at sLS4A for demand and
S.SOis for sixty days: posted rates. A.Sl1a and
si-S51z; commercial bills,
Silver certificates were 64a65c; bar silver, Gle;
Mexican dollars. 5Ohc. Bar silver was 2S$d an
ounce in London.
The irreguIarity and unsettled condition of
the stock market yesterday was due TO various
conflicting causes There was still some evil
oence of the important buying which has been
In evidence for many days, and which is COM
n.only attributed TO operations by large banking
interests. looking to the consolidation Of control
OF many competing and connecting railroad sys-
TENS. The buying of this kind was, however,
distinctly less than for some time past. Efforts
were made by professional operators to give an
appearance of a continuance of this class of
transactions. But the manipulative character Of
many movements designed TO give this impress
sion became rather obvious and begot some feel
ing OF doubt and distrust. The crop of rumors
regarding additional plans for such consolidation
stall to be put in effect showed some yagueness
and were not free from inVinsic evidences Of
improbabiIity. Another consideration was that
the opinion had become well settled in Wall
street that the surprising decrease in loans in
last Saturdays bank statement was due pri-
marty 10 the movement Of the deposit account.
The banking interests and financial institutions
which have had so large a part in the recent
buying OF stocks have evidently been drawing
from the deposit accounts OF the banks to do so.
This necessitate a contraction of outside loans.
While the bankers buying. therefore. Is a strong
sustaining force in the stock market.
It is equally strong a a depicting
spectators are dependent for their resources.
Another unsettiins influence was London.s
Monday that center sold freely yesterday. This
was. OF course. the outcome OF the monetary
situation in London With further military re-
changes running against her. it is the common
expectation that the Bank VI England discount
rate will be advanced to-day. But IL Is not clear
that the more conservative class OF investors in
England Is not attracted by American securities.
THE decline OF trade activity there and the con-
tinued high earnings here make the American
securities relatively more attractive for invest
nssnt, 10 ouIiooE 20 far as aPp the immediste ffai
Is concern4- The suotreasuTy Is contributing
70 the market by reason OF large pension pay
nlents. Increased payments on government
bonds, which are being rushed in for conversion
Into the twos before the r~efunding period ex-
pires. and some payments on assay office checks
Tor gold deposited at Pacific coast points. OF
impressive was the sustained advance in the
Erie stocks. the common rising 10 2414. the first
prs There wers some wide movements among
the minor NanderbiitS ana connecting lines III
rose "a. New York. Chicago * ST. Louis second
preferred IA and the common and the first pre-
ferred about three points each: There was an
Sugar. Amaigamated Copper, Missouri Pacific
these was well sustained. The market closed
furiously active and surprisingly steady. consid-
fnr the large volume OF dealings.
The bond market was as varied and irregular.
Total sales. at par value, were S4.129.0o. Re-
fxes advanced ! aud new fours i per cent. on
the last call The threes. coupon. declined x
FoIIoWing are the days share sales and ths
Closing bid prices: