The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-07-25
STAGNANT AND FALLING
NEW YORK STOCKS ARE MAKING A
NEW Low LEVEL.
Attempts of the Bulls Frustrated by
Bear Observation-Disclosures Trade
I'm Good Volume for July.
All New York yesterday money on call
OEFICES-No. $50 East Market St.

At New York yesterday money on call
vas steady at 1AQ1lR per cent.
Prime mercantile paper. 4G4s4 per cent.
Sterling exchange was steady, with
actual business I'm bankers bills at s4S71z
for demand and s+sSs @4s37s for sixty
days: posted rates. s4S4Aq4.S5 and $3.50
ASA; commercial bills. s4.ss@4s3K.
Bar silver was 61lsc: silver certificates,
s1Aq624c; Mexican dollars, 4sizc. At Lon
don silver bars sold at 2s f-l6d an ounce.
Those who have sought to read in the re-
cent stock market reflection Of general
conditions outside were still further con-
founded by the course of yesterdays mar
ket. The weakness. which showed pro-
gressive development during the day, could
not be adequately accounted for by any
thing in the news of the day. But as the
result Of efforts by professional spectators
&c take their profits. without any demand
for stocks 10 absorb the offerings, the
days movement was capable of explana-
ton. Efforts were made TO sustain the
market in the morning by manipulation of
a few of the specialties, especially Sugar
and the Tobaccos. Later i'm the day To-
bacco was exclusively relied upon as a sus-
tanning influence, and finally that stock
after having been pushed up nearly 5
points. dropped back more than In the
general weakness with which the market
closed. Tobacco's net gain is 2ss. but all of
the earlier rise in Sugar was wiped out.
Many stocks show losses of a point or up-
wards for the day. There was realizing in
evidence from the opening. but the first
point of acute weakness to develop was in
Era1 w,cfk
this stock has evidently been in anticipa-
ton OF the favorable decision announced
Monday of the right of the company TO
charge Decent fares to Coney island. and
realizing was very large during the day.
The last price yesterday was So, compared
with so late Monday afternoon For the
rest the market showed the result of
manipulated advance in the growth TO
rather top-heavy proportions of long in
terest rather anxious TO realize. At the
same time the recent forced covering of
shorts left the market without support
from that source. Doubtless the most po-
tent influence in the reaction was the por-
tentous growI emitted by the recognized
recent bear leader from his European re-
urcmcnt In an interview. The outside in
terest In the market proved wholly made
quate to absorb the offerings to realize and
rapidly declining scale of prices was the
natural result There was feeling OF
doubt aroused in the minds of spectators
by the general skepticism expressed by
public commentators over Mondays rise
which was universally attributed to arti-
ficial manipulation. The weekly report
from the Weather Bureau on the crops
showing the lack OF moisture in the corr
belt. caused renewed apprehension regard
Ing That crop. and the corn-carrying roads
suffered accordingly. The nonenga cement
OF gold for export Monday, which caused
some feeling OF relief in the then optimistic
mood OF speculation. gave place yesterday
90 fresh conviction that a large outgo OF
gold r. imminent and that a period OF
stringency I'm the money market later IN
the summer can hardly &c avoided. Rate.
OF sterling In New York were not duotabl,
higher. although the market was reported
firm. and sterling advanced an additional
fraction In Paris. but call lnans and dis
counts both advanced In London, and ex
charge houses are OF the opinion that golC
will 20 10 Paris on Thursdays steamer
No engagements have yet been made
however.
There were a few large individual trans
actions In bonds. but the market general,
continued dull and Irregular Total sale
Ct par value we're 100000. United States