The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-19
HEAVY MONEY PRESSURE
CAPITAL EAGER FOR INVESTMENT
IN LOANS AND BONDS.
Stock Market Is Dull, with Mixed
Changes on the Day-Condftions
I'm Local Trading Circles.

At New York yesterday money on call
was easier at 2az1z per cent.
Prime mercantile paper. 5q6 per cent.
Sterling exchange was firm, with actual
business In bankers bills at siS7A for de-
mand. and s4.ss7sa4s4 for sixty days;
posted rates. s4sHz@4s5 and Sass: COM
mercial bills, s4-s3q4.S314.
Silver certificates were 5996Oc; bar sill
yer was 5s4c. Mexican dollars were 471zc.
Bar silver at London was q 5-16d per
ounce.
New York stock market conditions
showed no marked changes from those
prevailing for some time past, and general
lassitude was the characteristic yesterday.
One or two railroad stocks reflected a fair
demand notably the Norfolk & Western
Issues and Union Pacifics. The b. & o.
stocks were also bought in moderate vol
ume. Wednesdays movement in leather.
from which spectators hoped the market
would receive an impulse. dwindled away,
and profit taking depressed the price. Su-
gar was advanced in a desultory manner
during the early part of the day, but in
the afternoon broke over five points from
the top level and unsettled the whole
market. Covering by the bears in sugar
and the late demand for Union Pacific stiff
fened the market again and served to re-
trieve a part of the decline. making the
close firm and the net changes mixed.
There was very marked absorption Of
new reorganization bonds, which served as
q background to the strength of the whole
market for securities. The undertone was
Enthusiastically firm. and in spite of the very
light demand there was no pressure to sell
stocks The further reduction In the Bank
of England s private rate of discount and
weekly return of the bank served TO con-
firm confidence in the money outlook. The
strength on this score in London and on
hopes engendered by the meager news
from South Africa causes some reflected
strength in the New York stock market
Reserves continue to accumulate in the
New York banks by reason Of the refiux
of funds from the interior, the deposit Of
internal revenue collections with the banks
and extraordinary government disburse-
ments by the subtreasury on account of
pensions. The stock market demand for
. money on call continuing very light. funds
are pressing more and more for employ
ment in time loans, which are quoted as
low as AZ per cent. on all railroad stock
collateral. Extraordinary loans are even
reported at per cent. and mercantile paper
of a high grade is coming into additional
demand at per cent.
Yesterdays strong undertone in stocks
\ was emphasized by the good reports re-
ceived during the day of railroad earnings
for the second week in January. The
hardening tendency of sterling exchange is
viewed with tranquility, because the Bank
OF England has withdrawn it's concessions
on gold exports, thus raising the gold ex-
port point for exchange considerably above
that at which gold has recently gone out.
The improved demand for bonds is a
natural result from the cheapened rates
for money and the pressure OF capital for
productive employment. Business was fair
~ distributed and advanced quite uni
formiy. Total sales, at par value, were
$3.255.000. United States threes and old
tours advanced &c, and new fours. coupon.
declined &c in the bid price.
Following are the days share sales, and
the closing bid prices: