The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-27
FEVERISH AND EXCITED
NEW YORK STOCK MARKET ExHIB-
TIED WIDELY VARYING CHANGES.
Railroads Up on Good Reports of
Going LOwer-Bonds Buoyant.

At New York yesterday money on call
was steady. actual transactions ranging
from to pa per cent; last loan. per cent;
closed offered at per cent
Prime mercantile paper. 41sd5A per cent.
Sterling exchange was weak, with actual
business In bakers bills at 81 s6ss94 ssss for
demand, and at s4.s5l49LS5as for sixty days;
posted rates. s4s4@4.s4is and s4S7lkQ4SS;
commercial bills. s4S31s.
Silver certificates were 59Aa60Ac; bar sill
yer, sac; Mexican dollars. 47s4c. Bar sill
yer at London was 271hd per ounce.
The most notable feature Of yesterdays
feverish and excited New York stock mar
ket was the fact that the railroad depart
ment apparently succeeded in breaking
away from the influence of the industriaIs
and specialties and in differentiating the
undeniable elements Of strength in that de-
partment from the decentralization and
weakness In the other. The railroads sue
cumbed In the early dealings to the SYM
pathetic influence Of the violent declines
among the industrials. but during the day
confident demand sprang up for a num-
Der of railroad stocks which lifted the
whole level of that department materially
above Saturdays close. So far as the news
of the day went Ii shed little light on the
extreme weakness of a number of the in
dustrials. The movement had all the ap-
pearance or a sort OF duel between power
full contending interests, and there are cir
cCmstances tending to confirm this ex-
PLANTATION of the movement A report finds
credence that the interests long OF Third
avenue stock are thriftily awaiting them
selves of the unsettled influence of the
weakness in this stock to make bear
turn In other stocks. That bitter animosi-
ties and rivalries are involved Is also a
current rumor in the street the same DO
tential entities coming into play as during
the panic of last December. The battle
ragged most fercely about the stocks of the
New York public utilities. for the central
lied control OF which long-standing con-
test has been waged. The notorious finan-
cial difficulties of Third-avenue played
continuing part yesterday, and there were
added TO this rumors that the companies
would be severely dealt with in the ap-
preaching application of the new state
franchise taxation law. The extreme de-
clines in the New York traction and gas
stocks ran from to nearly points. the
latter In Third-avenue. Sugar was an
other storm center. the furious speculation
IN 5naI STOCK ninging on the doubts re-
upon which Is imminent a reduction in the
existing rate is taken for granted but
opinion differs as TO the amount Of the re-
duction. extending all the way to total sus-
pension Sugars total fall was rs, and it
closed practically at the lowest. Tennessee
Coal and the Tobacco stocks also showed
notable weakness. Except in Sugar there
Were violent rallies from time to time, re-
fiecting the demand from the bears 10 cover
shorts. The strength of the railroad stocks
was based on the substantial ground of in
creased earn.fgs "A large number Of re-
turns were made during the day. all show
ing very striking gains the corre-
spending period OF last year. For the last
week I'm February the NEST notable ex-
anip'es We're Norfolk & Western. Ontario
& Western, Louisville & Nashville and
Chicago. Indianapolis Louisville. For
January handsome showing of net earn
ings was made by Wabash, Chicago &
Eastern Illinois and Hooking Valley. Sat-
urday's weak bank statement had some
continued effect in the early dealings, but
there Is an impression held in speculative
circles that some part OF the recent large
expenditures Of loans Is designed for fu-
tire use In the stock market. Sterling ex-
change was weak on increasing offerings
mand sterling declined sc and for long
sterling I1<c-
The bond market was rather dull and
irregular. Total sales at par value were
81 $50 900. Government bonds were buoyant
under the influence OF the refunding bill
now In conference. United States new tours
and old fours. coupon. advanced 1l1. and
registered. the threes and fves a point in
the bid price
Following are the days share sales and
the closing bid prices.