The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-17
LITTLE TRADE ACTIVITY
THE FEW WALL STREET INFLU-
ENCEs NEGATIVE IN CHARACTER.
Indications Are for n Less Unfavor.
able Bank Statement Than Was
Expected-The Local Markets.

AT New York yesterday money on call
was firm at s1sq7 per cent; last loan, Slz
per cent.
Prime mercantile paper, 5q5ls per cent
Sterling exchange was soft, with actual
business in bankers bills at s4.so%s for de-
mand and AS2 for sixty days; posted rates,
81 ss1zG4S7: commercial bills. $Ls1AG4s1%.
Silver certificates were 604q6lAc; bar sill
yer. 6Oc: Mexican dollars. 47Ac Bar silver
at London was 27Ssd per ounce.
Whatever significance attached TO yester-
days stock market was Of negative char
acter. Trading i'm the aggregate was on a
small scale. and even at that was congested
in a few Of the speciaIties. Third-avenue
continued to absorb large share of atten-
tion and the only stock the list
with any considerable range In the price
fluctuations After early decline this
stock moved upward over points and
closed with a net gain of 2lk Sugar
active, but showed comparatively narrow
range and ended the day with a small
net gain Peoples Gas more than retrieved
an early decline, and Pacific Mail was not
ably weak. Otherwise the dealings were
small, price fluctuations narrow and the
list of stocks dealt i'm a short one. That
the general tone was firm probably
bought stocks to cover short contracts.
There was no evidence of any outside
speculative demand. but there was some
investment buying here and there on
small scale. Probably the bears were in
duced to cover by the prospect that to-
days bank statement may fall slightly
short of being as weak as was feared. The
New York subtreasury made a small con-
tribution yesterday TO the cash resources of
the banks on the routine transactions be-
tween them. This Is the first time this has
happened in over three weeks. and brings
down the losses by the banks for the week
on subtreasury operations to 81 3O7, 900. COM
pared with s6.S60.000 last week. Yesterdays
gain by the banks is due to the dsburse-
ment of pensions On the currency move
ment by express to the interior a net loss
by the banks Is indicated of only about
$150C00. compared with $2.500O00 last week.
Allowing for the movement by registered
mail the loss of the banks all accounts
Il therefore only little over $5.000.UU0 COM
pared with nearly $l0.0O0,000 last week. The
changes in the loan account are largely
guesSwork. Some of the banks called loans
during the week, but on the other hand the
borrowing Of money to buy government
bonds continued. The hardening of New
York exchange at Chicago is said TO be due
TO the transfer of funds to liquidatc loans
contracted by Western banks for buying
government bonds i'm New York. These
doubtful elements in the outlook somewhat
modified the conviction of professional
traders that the surplus reserves of the
banks are certain to be wiped out to-day.
Money on call was in good supply for most
of the day at from to 4l1 per cent, and
the late furry was accompanied by rather
palpabe manipulation, the rate quickly
yielding under the offerings brought out.
But whatever may remain of the surplus
IL Is certain TO be small. The impression is
general. however. TODAY statement
Will show the Iow-water mark for reserves.
and that the factors of replenishment will
begin to show effect next week.
Bonds were relatively more active than
stocks, some of the dormant high-grade
issues being dealt in at advancing prices
AT other points prices yielded. Total sales.
at par value. S,0I50O0. Unitea States old
fours declined q and the threes ana fives
L per cent. in the bid price
Following are the days share sales and
the closing bid prices: