The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-27
BULLS FAIL TO SCORE
EFFORTS TO ENHANCE VALUES OF
STOCKS ARE UNAvAILING.
Slight Advance Made, but Apart from
Bull Observation-Disclosures Mar
kct Is Becoming Quiet.

At New York. yesterday. money on call
was easy at 1Q1h per cent; last loan, IA
per cent.
Prime mercantile paper. 3A@45 per cent
Sterling exchange was firmer. with actu-
al business in bankers bills at $4s6bQ4S6A
for demand, and ~s4ss1zd4s3% for sixty
days.; posted rates. $4.5 and A.s714q4.sS;
commercial bills. s4.s2Q4s2A-
Bar silver was 61%c; silver certificates,
61as1%c: Mexican dollars. 4sc. At London.
silver bars sold at 2Sizd an ounce.
The bull contingent in stocks failed to
realize their expectations yesterday,
though the changes at the close show net
gains for the majority OF stocks. Final
prices. however. were considerably below
the best and the tone of the market dur
ing the latter part of the day was decidedly
unsettled and spotty. in spite of the sus-
tanning influence of notable strength in
some stocks The opening rise was in SYM
pathy with London, and was attributed to
the effect of the news from China of the
relief Of Tien-Tsin. Later advices showed
that the periodical settlement in London
had disclosed an Unexpectedly large bear
account in Americans, and the London
buying was the covering of short contracts.
1t was especially effective in some of the
Southern railroad stocks. The New York
market, however. showed itself Indifferent
to the progress OF events In China. as it
has consistently done throughout, and the
opening advance was largely lost. The first
rally IN the market followed the sharp
break iE the wheat market and was most
noticeable I'm the Southwestern grangers,
especially Burlington and Atchison pre-
ferred- Crop news continued bad from the
spring wheat region, but the spectators
who have been buying wheat are evidently
impressed with the Willingness of the far
mers TO take the price offered. and the
wheat market showed continued realization
during the day with a reverse sympathetic
effect on grain-carrying railroads. The
weekly statistics of railroad traffic from
Chicago show an increase in the grain
traffic Of Western lines for the week OF 30
per cent. over last week. reaching the best
ngures. for the corresponding week, In nve
years. with the exception or last year. The
deliveries at primary points ran up "a per
cent. over last year, showing the attrac-
ton of present prices for the real holders
OF wheat. This demonstration detracted
somewhat from the alarmist reports of
wholesale disaster to the crops, and addi-
tional attention was given TO the hopes OF
the corn crop. 1t was evident, however.
that the buying of railroad stocks came
largely from the short interest, who were
willing to take profits at a decline In prices.
but who were not pressed to take losses at
the advance. The continued weakness in
Baltimore & Ohio and signs or heaviness
IN Pennsylvania discouraged the buying of
the railroad stocks. and they were inclined
TO droop during the latter part of the day.
The sustaining force during that period
was the advance in Brooklyn Transit and
the steel stocks. In the former. the bears
showed symptoms OF alarm. recalling their
painful experiences growing out of the
similar weaknesses in Third-avenue, an
other traction stock. There was no news
TO account for the strength in the steel
stocks. but they were absorbed with con-
siderable confidence and advanced easily
on small transactions. Their gains at one
time ran from / to 3A. Apparently. the
opinion is gaining force that the decline in
prices of iron and its products has almost
run its course. TIL call, by the Treasury
Department. for the payment of a third
installment of s5.000.000 of government de-
posits had no apparent effect on sentiment,
as the date fixed for the payment, July IS,
goes beyond the immediate pressing de-
mands on the money market, which will
be for the July 1 settlements. Time money
continues TO harden. but call loans are still
very easy.
Some of the speculative bonds show sharp
recoveries. but the market generally was
irregular. Total sales. at par value, were
sl.e7O,000. United States threes, coupon, adj
yanced Il in the bid price.
Following are the days share sales and
the closing bid prices: