The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-09
WEAKNESS WAS MARKED
INFLUENCE THAT BULLED WHEAT
BEARED THE STOCK MARKET.
Break Spread All Through the List.
which Closed al the Lowest-LocaI
Trade Conditions Unfavorable.

At New York yesterday money on call
was steady at 1za2 per cent: last loan. Ia
per cent
Prime mercantile paper. sizd4 per cent.
Sterling exchange was firm. with actual
business in bankers bills at s4s7l4a4.s7ss
for demand and $4s4d4s4a4 for sixty days;
posted rates. sf.s51z and st.ss1z; commercial
bills. s4s3z@4s4.
Silver certificates were 60d6fc: bar silver,
soc: Mexican dollars. 47c. At London bar
silver was Esd an ounce.
The combination bull movement in wheat
and bear movement in stocks. which is an
annual feature at some period OF the
growing crop. made its appearance yester-
day. The wheat market advanced in an
excited way an increasing volume of
rumors OF disasters to spring wheat in the
Northwest. Wall street had similar ad
vices. and apparently the conviction that
serious harm had already been done TO the
spring wheat gained force steadily during
the day. There is growing uneasiness "a
we'll over the rate situation among rail-
roads west of Chicago. The fact that the
late break in the prices of Western rail-
road shares was coincident with the de-
liberations of the committee appointed by
the presidents OF Western railroads to con-
cert plan for division of traffic gave force
TO the supposition that the prospect for a
satisfactory settlement is not very good.
Failing such settlement, there is said to
be likelihood of a widespread and costly
rate war. Coming in combination with the
had reports from the wheat country, this
served to effectually break the market
and prices went TO pieces In the last half
hour of the trading, the weakness spread
ing from the grangers. Pacifcs and South
western into the trunk lines and specialties
and embracing the whole list. This break
came after day of persistent dullness
and irregular fluctuations in prices. The
incident Immediately preceding the break
was an advance of over a point i'm Read
ing first preferred, with confident absorb
tion of very large offerings. A gain I'm the
earnings of Northern Pacific of Is per cent
for the fourth week in May did not avail to
save that stock from the prevailing weak
ness on the unfavorable crop prospects and
IL fell two points. Missouri Pacific and
Baltimore & Ohio showed weakness before
the general break on fears of disappoint-
menf regarding dividends. There was a re-
Taxation of the pressure on foreign markets
due to apprehension over the trouble in
moderate extent, causing some slight gains
early In the day. The preliminary esti-
mates of the bank statement figure out a
small loss in cash owing TO the week s
heavy absorption by the subtreasury
which amounted to s.. 900, all on account
of the call by the treasury of government
deposits in the banks. The estimates of
receipts from the interior are slightly in
excess of those made last Friday. but it
will be remembered that last Fridays es-
Inmates fell short by $1.500,000 of the actual
receipts. so that a gain In cash in to-day s
statement would not be surprising. The
market closed active and weak at about
the lowest
The bond market was very dull and price
changes were remarkably small Total
sales. at par value. were s1,190.0O0 United
States bonds were unchanged I'm bid quo
tations.
Following are the days share sales and
the closing bid prices.