The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-16
SMALL STOCK MOVEMENT
BUSINESS VERY DULL, EXCEPT IN A
FEW INSTANCES.
Industrials Showed the Only Life,
and Their Activity Was Due to Spe-
cial Causes-LOcal Trading.

At New York yesterday money on call
was steady at 31zq4 per cent. Prime
mercantile paper sac per cent.
Sterling exchange was firmer, with ac-
4uai business in bankers bills at $4s67s for
demand, and s4SSAQ4SS3s for sixty days;
posted rates. s4s4614S41z and sIs7lk@4ss;
commercial bills. s4.S21k.
Silver certificates were 5S1zG59ikc: bar
silver was 5o1sc; Mexican dollars were
471hc. Bar silver at London was firmer at
273sd per ounce.
Except where stock was under the
influence Of particular causes the New
York market yesterday was almost at a
standstill. No outside interest was maifest-
ed and operations were entirely in the
hands Of professional board room traders
Individual causes. which affected special
stocks, were for the most part depressing
ones. and the sympathy of the general
market was toward lower prices. The most
conspicuous movement of the day was in
In Metropolitan Street Railway, which was
affected by the published discussion of the
condition Of a prominent trust company.
This publication served to explain last
weeks depression in Metropolitan and a
group OF industrials and served also to
renew 1t. Metropolitan, Brooklyn Transit
and the tobacco stocks were all affected.
Metropolitan fell an extreme &C An an
nouncement Of the bidders for the New
York Rapid Transit Tunnel contract
rallied the stock slightly above Sat-
urday nights level. on the belief
that Metropolitan interests were con-
cerned in the bidding. An example
OF the kind OF motives that Influenced the
trading was that assigned for the buying
or sugar. One OF the large selling orders
handles money loans for the American
Sugar Refining Company. The traders
argued that opening selling by insiders
indicated desire to indulge selling by
others upon which conclusion they bought
sugar. London seemed to take a cheerful
view OF the military developments in South
Africa, but with very little effect in this
market. Reports OF a strike depressed
American Steel and Wire. and some other
metal stocks by sympathy. The money
market continued to work easier under the
influence of continued gains from the in
terror and from the sub-treasury. Time
money was readily obtained at per cent
on railroad stocks. Call loans were in small
demand at 31zQ4 per cent. The increasing
supply or loanable funds seems to offer no
Indictment to speculation. Last weeks sales
or stocks were 2,6S40u shares In the cor
responding week of last year there were
sold 1-0SI.357 shares. Last weeks sale of
railroad bonds were OF par value OF S.
$4,000 In the corresponding week of last
year they were. of par value of SO 34s 600
But, as 1t Is APPLY observed. easy money
does not necessarily mean easy borrowing
Money lenders and capitalists as we'll as
spectators. suffered from the collapse in
values in the December smash, and there
are many securities upon which no loans
can be negotiated The prevalent dulIness
or speculation may be attributed TO that
wisdom which even the burnt child Is
proverbially said to attain by experience
There were some heavy individual trans
actions in bonds and the market was main
ly firm. but there were sufficient declines
TO give IL an irregular appearance Total
sales. at par value. were si6l5.OOO. United
States fives and the old fours REGISTERED
advanced &c and fours. coupon, and threes
coupon. &c in the bid price
Following are the days share sales and
the closing bid prices: