The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-07
STRENGTH is EXHAUSTED
STOCKS CLOSE LOWER ON THE
DAYS TRANSACTIONS.
Iron and Steel Group and Reading
and Union Pacific the Only Excep-
t~ions-Local Trade Is Very Dull.

At New York yesterday money on call
was easy at 1@1lz per cent; last loan, IL
per cent.
Prime mercantile paper. 4d5 per cent.
Sterling exchange was firm. with actual
business In bankers bills at $4.SsA for de-
mand and s4si4 for sixty days; posted
rates. s4.s5@4SAs and s4-s9; commercial
bills. s4Ssk64SS4
Silver certificates were 611k@621kc; bar sill
yer, 6O7sc; Mexican dollars, 4sizc.
The early dealings in the stock market
showed a survival of last weeks strength,
but IL gave way in the face of the days
development and the market yielded what
ever gains had been established. The final
prices. measured in comparison with the
high level of the day. show some consider
able losses and are the general rule. The
early movement was especially notable in
the Pacidcs. Northern Pacific taking the
lead ON the theory that its price was not
commensurate with the level of Union Pa
cifc and Missouri Pacific. Union Pacific
continued firm, Reading first preferred was
taken in quite large amount on the sup
position that the dividend rate would be
increased at to-day's meeting. The stock
fell back IL when the declaration Of the
same rate of dividend as the last was an
nounced. Sugar weakened on the report of
the shading of several grades of soft sugar.
which was taken to indicate a renewal of
competition in the trade. The more cheer
ful feeling regarding the iron and steel
stocks which has been in evidence for some
time past lifted prices in that group. Colo
RADIO Fuel was conspicuous. The preferred
stock was bid up from I0 to lbs, at which
price one hundred shares changed hands.
The bid price was then further advanced
70 11-lL hrfn0fn ant aWDolr u
stock Is cumulative and is entitled to 20
per cent. In back dividends. The movement
is supposed 10 foreshadow the payment of
an installment of the arrearage of divi-
dends. The steel group weakened later in
the day. The circusnstantial accounts
from Pittsburg OF extensions by the Car
negie company looking 10 competition with
some of the new combinations affected the
group, especially Federal Steel and Steel
and Wire The more serious phase de-
veloped In the Chinese situation had some
effect on the market. although the London
Exchange was closed and the influence of
the news there could not be we'll meas
ured. Preparations for exports OF gold on
Wednesday were reported, though no
definite announcement was made of en-
gagements. Sterling exchange rose an adj
ditional fraction. but still falls short a
shade of what has been regarded as the
export point TO London. The subscriptions
In New York TO the new issue of British
exchequer bonds are generally regarded as
the immediate cause of the outward move
ment. IL is evident that these subscrip-
tions would not necessarily demand an out
ward movement OF gold. as the country's
very large credits abroad would be ample
10 cover the subscriptions. but the urgent
need of the London money market for gold
nay have led To some special provision
that the underwriting syndicate should
provide that metal I'm payment of the
bonds. There is a large demand for the
bonds as a matter CT course. In view OF the
fact that American railroad bonds OF high
grade are finding their way home by every
steamer, and foreign railroad and indus
trial securities are not In favor with Ameri-
can capital, owing 20 the declining ten
dency OF earnings abroad. Opinion here as
TO the effect on the money market has
crystallizcd into a conviction that no
severe strain need result. The feasibility
OF any large speculative movement in view
of the coming demands on the money mar
ket Is much doubted.
The bond market continued at a very low
ebb OF activity and the movement OF prices
was slight. Total sales. at par value. were
s7f0.000. United States old fours declined 4
I'm the bid price
Following are the days share sales and
the closing bid prices: