The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-18
SHARES WERE STAGNANT
WALL STREET APATHETIC AND FA-
vORABLE POINTS IGNORED.
Railroad Stocks Dropped and Special
ties Went Down with a Rush
Local Conditions Favorable.

At New York yesterday money on call
was easier at 11zq2 per cent; last loan,
Per cent.
Prime mercantile paper. SA941k per cent.
Sterling exchange was easy. with actual
business In bankers bills at s4.SS for de-
mand and s4s4A@4.s5 for sixty days; posted
rates, SASH and s4s9; commercial bills,
s4s4a4s415
Silver certificates were 60q6O1zc; bar sill
yer. soc; Mexican dollars. 471zc. At Lon
don bar silver was q 9-16d an ounce.
The demand for railroad stocks which
has given strength to the market for
number Of days past has been satisfied
and prices fell back yesterday in that de-
partment of the stock list. This is accepted
in Wall street as confirmation of the view
that that demand came from an outstand-
ing short interest in the West and was not
based on any underlying condition in the
companies whose stocks were affected, or
ir business at large. The market showed
itself as indifferent yesterday to one or
two favorable factors which developed as
II was Wednesday to any depressing in
fuences. The outside public remains pro-
foundry Indifferent to the stock market and
commission house business has fallen TO
practically nothing. st. PauPs statement of
earnings for the second week in May,
showing a small increase over last year,
was distinctly favorable factor, as 1t was
calculated to Offset the apprehension caused
by last weeks return of a decrease for the
first time since the midsummer of 1898.
Last weeks decrease was looked on in
Wall street as a sort OF a turning point in
the railroad situation and declining scale
OF earnings was expected, especially the
weeks reports of the movement OF grain
and of the west-bound merchandise move
ment had been discouraging. Yesterdays
report, showing the largest earnings for St.
Paul of any corresponding week in its his
tory. relief, but the resulting
strength In the stock was not maintained.
Rumors of the same kind as those which
served the purpose of the bulls yesterday
continued to circulate, such as that Union
Pacific or Pennsylvania was TO secure con-
troll of Burlington. or Atchison preferred
was TO receive its full dividend, or new
millionaire interests were to be repre-
sented in Missouri Pacific; but all of these
stories were heard with languid interest
and prices continued to droop. In the in
dustrial list the losses in prices were not
such a passive matter. American Tobacco
was under severe pressure all day, on &C
count of the circumstantial assertions of
the organization of formidable competition.
The stock lost over points, closing at the
lowest. Sugar suffered from reports that
ehe trade war Is to assume a more acute
stage. Peoples Gas continued under pres
sure by the professional element among
the traders. An advance in the price of
copper was responsible for the sharp rise IN
Anaconda, and has some sentimental eff
feet on the stocks OF other metal companies.
The stocks in that group were dull and the
movement very uncertain, the news con-
corning the iron trade continuing gener-
ally unfavorable. Both the Bank of En-
gland and the Bank of France made strong
weekly returns. and the money conditions
I'm London and Paris showed relief accord
fngly. The probability of further gold ex-
ports from here is thus diminished. In this
connection a sensational story was cur
rent to-day TO the effect that Paris bank
crs. through the Bank of France had
negotiated in this market a gold loan of
SIS 900, which they were unable to Sc
cure at London, Berlin or ST. Petersburg,
for use In enterprises incident to the EXPOSE
tion. This report was subsequently denied
and the explicit statement made that the
exports TO France were made in the course
OF ordinary business. Experts declared
that foreign exchange rates were such as
t. permit only narrow margin of profit,
than ample for domestic needs. local bank
ers awaited themselves of Europes demand.
The local money market continued very
easy and IL Is very evident that the gold
exports have been Offset from other
sources.
The bond market was decidedly dull.
Total sales, at par value. were s, $40. 600.
United States bonds were unchanged in bid
quotations.
Following are the days share sales and
the closing bid prices: