The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-10
APATHY ON THE STREET
STOCKS GENERALLY LIsTLEss AND
HEAVY ALL YESTERDAY.
Bears Reused from Lethargy by Brit
TO Cover-LocaI business.

At New York yesterday money on call
was steady at 2a21s per cent; last loan.
per cent.
Prime mercantile paper. 4a5 per cent.
Sterling exchange was firm. with actual
business in bankers bills at s4.s77s for de-
mand and s4s4h for sixty days: posted
S4S34G4S4.
Silver certificates were 59zs@61c, bar sill
yer. 593ic; Mexican dollars. 47Ac. Bar sill
at London was steady and higher. at
q 7-l6d per ounce.
There seemed to be a complete with
drawal yesterday of the general interest in
the stock market which was so conspicu-
a factor in the active trading of the
early days OF the week. The two days re-
action in prices served to discourage the
outside demand and orders to commission
houses fell to practically nothing. There
was a continual dribble of realizing sales
all day. and the bears industriously pecked
at the market here and there. wherever
they detected evidences of realizing or of
long stock offered for sale. The most not
able price movements were in the specula-
tive industriais and specialties. Later in
the day, on the report of new British re-
verse at LadysmiCh. the bears made de-
termined raid on Sugar and Third-avenue.
forcing them off an extreme 3% and 81,
respectively. The general list failed to re-
spond in any marked degree and support
vas accorded TO the stocks attacked, FORE
ing the bears to cover. They made final
attempt against st. Paul. but the market
closed generally firm and at rallies in the
stocks which had been attacked of to 2A
points. The tone in the general list was
listless and heavy for the greater part OF
the day, and II was not greatly affected
either by the late attack Of the bears or by
the final rally. Net losses reached a point
IN only few stocks. American Tobacco
was conspicuous exception to the gen.
eral weakness during. the day, and after
an early decline rallied strongly 3A, closing
at about the best. There was good demand
for Erie first preferred. which carried 1t up
at one time 1B. most of the gain being lost.
Much doubt exists as to the probable effect
on this market of further British reverses
In the South African war. and the confu-
sion of mind was clearly reflected in the
late movement Of the market The fore
cast of the bank statement had much to do
with the Discrimination to extend specula-
tive commitments. The recent movement
OF funds from the subtreasury to the banks
mas been reversed and the latter institu-
lions have lost on that account $685. 900. The
shipments OF money TO the interior have
increased over last week and the receipts
that account has been cut down to a little
over 100000 Allowing for the subtreas-
ury INSCRIPTIONS, the weeks gain in cash
WILL therefore. be insignificant The liqui-
dalton of speculative profits in the Stock
Exchange during the week may have re-
lieved somewhat the pressure on the banks
for credits The call money market has
not shown any increased pressure for
funds, but the rates of time money were
distinctly firmer in tone Loans on excep-
tional collateral were made earlier in the
week at 3iz per cent. for short periods, but
the minimum rate yesterday was advanced
to per cent. Sterling exchange also hard
ened. in sympathy with the discount rates
In London. The rather violent break in the
prices of cotton on speculative liquidation
probably had some sympathetic effect on
the stock market.
Business in the bond market fell off con-
siderably and price changes were irregu-
lar. Total sales. at par value. were 81, 0S5-
900. United States bonds were unchanged
In the bid quotation.
Following are the days share sales and
the closing bid prices: