The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-07
MARKET WAS IRREGULAR
INDUsTRIALs SHOWED STRENGTH
RAILROADS WE'RE HEAVY.
Prices-LocaI Trade Expanding
Under Better Conditions.

At New York yesterday money call
was steady at 3@3A per cent: last loan.
81 per cent.
Prime mercantile paper. 4Ad5 per cent.
Sterling exchange strong, with actual
business in bankers bill at Si.S6S4 14S67s for
demand and s4S3ssG4S3 1k for sixty days:
posted rates. s4s4 and s4.s71z; commercial
bills. $4S21kq4S3.
Silver certificates were eOKd611kc: bar
silver, 595sc; Mexican dollars, 47Ac. At
London bar silver was 271kd an ounce.
Speculation in the industrial and the rail-
road stocks showed distinct dividing line
yesterday. Both departments were ex-
tremely irregular. but generally speaking
the industrials were strong and the rail-
roads were very heavy. The sagging ten
dency of the railroads seemed to be due
for the most part to selling to take profits.
The volume of the buying demand was very
much diminished. and the realizing was
conducted, therefore. under mesh disadvan-
fage. The selling was not in great vol
ume. but when II did attain tc any pro-
portions the downward course of prices
was quite fast. There were some points of
strength in the railroad list. but the few
advances were not well maintained and
were not effective in sustaining the rest of
the market. Pennsylvania was lifted at one
time over a point. and other stocks to show
strength were Baltimore & Ohio preferred
Missouri Pacific. Burlington. Canadian
Southern. and. after an early period of
weakness. Southern Pacific. The last
FAMED stock sold of sharply in the morn
directors. which were circulated by bears
and subsequently denied. This was about
the only railroad stock to reflect any posi-
tive aggression. the bearsN showing a very
cautious disposition, but the other Pacific
stocks were sold more heavily than the
average TO take profits. London was a
free seller with considerable influence upon
sentiment, and the news of trouble in Brit
1sh West Africa and the new mishap to the
British troops in the Free State prompted
some selling a first hand by the local trad
ers- The industrials and specialties made
notable show of strength. each appar-
emily under the influence of some individual
causes. Sugar bid up against the
shorts, with the suggestion that recent op-
erations might have resulted in transfer
of control. Peoples Gas moved up on per-
SiStent reports of the absorption of the
Ogden Gas Company The rubber stocks
were strong on the dividend declarations
and the earnings statement Leather and
Tobacco moved up under manipulation. The
New York public utilities moved upwards
under demand from the short interest.
The advance in each case was irregular
and was not maintained. Minneapolis. st.
Paul and Sault Ste. Marie stocks rose
sharply without any explanation. Sub
treasury operations have yielded 1881 900
70 the market. The currency movement
with the interior by express has been con-
siderably smaller both ways than last
week. but the net gain from New York is
about half a million dollars. further
loan expansion is expected account of
stock market activity, but IL will probably
partly be offered by the liquidation of loans
for holding government bonds. which have
continued TO come on the market. Sterling
exchange rose sharply under the influence
OF London selling or stocks, firmer money
- London and easier money here The
rate is now within measurable distance of
the gold export point. and If the same con-
ditions continue for any length of time gold
win likely go out within the immediate
future.
There was decrease in activity in the
bond market. and prices yielded at some
points Some issues were well taken at
advancing prices. Total sales at par value
were s.. 7S3.e00. United States refunding
twos. when issued, declined 4. and the
threes. regular, advanced 4 in the bid
prices.
Following are the days share sales and
the closing bid prices: