The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-28
PRICES FAILED TO HOLD
CROP PROSPECTS A POTENT BEAR
INFLUENCE IN STOCKS.
Ease of the Money Market About the
Only Satisfactory Feature of
the W~alI-Street Situation

Al New York, yesterday, prime mercan-
tile paper was 3AG41z per cent: money on
call easy at 1hQ1la per cent; last loan.
IA per cent.
Sterling exchange was irregular, with ac-
tual business in bankers bills at $4.S6h@
1854 for demand and s4s3%94S3% for sixty
days; posted rates. SASS and si.S71kq4SS:
commercial bills, A.s2A@4S3.
Bar silver was 61Ac; silver certificates,
611zQ63c; Mexican dollars. 4SAc. At London
silver bars sold up to % 9-16d an ounce, an
advance Of 7-l6d for the day.
Prices failed to holo in yesterdays stock
market, and after an early period of ad-
vance turned generally downward until the
average level had fallen to below that of
last night. There was some ~irregularity in
the movement among the industrials and
railroads, but the tone of the market during
the latter part of the day was undeniably
heavy. The irregularity consisted in the
better resistance to the depression Of
fered by some stocks. This was true of
the steel stocks and of the coalers, the
latter being affected by a good showing of
earnings for May by the Erie and the
Reading companies. by the announcement
of an advance in the price of coal by the
Reading company and by reports that other
companies would follow suit. Some of the
soft-coal roads were also strong on the
good conditions in that trade. But the
railroad list, as a whole. gravitated down.
ward quite heavily. The buying demand
which was in evidence Tuesday and the
day before. and from which much had been
hoped In rallying prices, showed increasing
indifference and lassitude at the higher
level attained. The course of the market
was a striking testimony of the dominance
of the crop prospects as an influence on
prices. London and the European bourses
were all higher on the reports published
abroad of the rescue OF the foreign Legal
lions by Admiral Seymour's force at Pc
king, and the opening here was strong In
sympathy. But this and the growing need
of money did not avail TO hold prices in
face Of the rally in the wheat market,
which was accepted as a plain intimatiop
that the reaction In that market was pure
ly technical in Its causes and that there
was no subsistence of apprehension of ex-
tensive damage TO the crop. The May state
ment Of net earnings OF the st. Paul COM
pany had a cumulative effect on sentiment
in connection with the crop-damage re-
ports. and all the grain-carrying roads
Jared badly. Northern Pacific was most
affected and showed an extreme decline of
nearly 2 points. Great Northern preferred
lost III net. st. Paul's increase in operat-
ing expenses for May OF over q per cent.
was a discouraging evidence of the in
roads made by higher prices of material on
the cost OF operating railroads. The grow
luE ease OL ne InOucl market III race OF the
pending July settlements is an agreeable
surprise TO the speculative world. Not only
do call loans continue easy, but time-loan
rates were quotably lower yesterday. not
withstanding the fact that the subtreasury
has absorbed nearly 100000 from the
market since last Friday. and that the
dividend and interest disbursements. which
must be arranged for at the beginning of
the fiscal year approaching, are the largest
in the history of the country. The total is
estimated at over $10O,00 0 900. The course
of the exchange market indicates the pres
ence in the market of large available sup
plies Of bills of exchange, n uneasiness
over the course of foreign money markets
Is c-orrespondingiy diminished
Business in bonds was small, but prices
were much better held. relatively, than in
stocks Total sales at par value We're
s1,0s0.000. United States bonds were un-
changed In the bid quotations.
Following are the days share sales and
the closing bid prices: