The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-09
TRADING IS VERY DULL
EVEN INVESTMENT DEMAND HAS
ABANDONED WALL STREET.
Chang the Price Level-SOme Snap
to Local Business.

At New York yesterday money on call
was steady at 2a21k per cent; last loan, 2
per cent.
Prime mercantile paper, 4ka5h per cent.
Sterling exchange was firm, with actual
business in bankers bills at s4.S6s for de-
mand and slS2AQ4.S2s for sixty days;
posted rates, s4.sS1zq4.s4 and s4S7Q4.s7h;
commercial bills, A.S11kQ4S2.
Silver certificates were 60AQ61c; bar sill
yer. 5sAc. Mexican dollars, 47%c. Bar sill
yer at London was hrmer at 81 9-16d per
ounce.
The New York market was practically re-
heved yesterday of all disturbing factors
In the way Of acute weakness of special
stocks. Reports all continued favorable
regarding the outlook for values, but the
demand for stocks was almost unappre-
cable. Even the small buying for invest
ment. based on large earnings of railroads,
which has been in evidence for some time
past. dropped out of sight. Spectators are
refraining entirely from commitments for
the advance. On the other hand, the bear
operators Of any considerable calibre
seemed to become discouraged by the fulfil
ity Of their efforts and the elimination of
~ aROA " a ACoCtAOi LhCy
made some demonstration against Peoples
Gas, Consolidated Gas and Metropolitan
Street-railway, but no effect was produced
On the general market. The room traders
labored in vain to set the sluggish tide of
prices In motion. In many stocks the price
changes were scarcely sufficient to cover a
brokers' commission, and the inertness of
the market increased In proportion to the
distance from Wednesday ight's level, the
tendency being to come back to that level
from either below or above it. The iron
and steel stocks were generally firm on
the encouraging opinion expressed by au-
thorfties in the trade. The maintenance of
the ST. Paul dividend at the existing rate
found no response in the market, as Ii has
been FULLY foreshadowed by the large alb
sorption Of the gross earnings in operating
expenses. The reported agreement Of West
ern railroad presidents on recommendations
designed to harmonic differences over
freights, the determination to advance
bituminous coal rates to the lakes and adj
ditional gains reported on railroad earnings
were all without effect on prices. The pub
the next ividend on the preferred stock
Of Pittsb lrg. c., c. & st. Louis was met
by a drop in that stock of 81 points. Rio
Grande Western was notable for a jump of
nearly 3 points. There was continued doubt
and apprehension over the capacity of the
money market to get through without a
pinch to the period OF relief by the opera
tion of the currency bill. The possibility
was canvassed of action by the Treasury
Department to resume the deposit of in
ternal revenue collections with the banks,
but no authoritative sanction was given for
such possibility. The absorption of funds
by the New York subtreasury since last
Friday has already reached 1881. 900 up to
the close of business Wednesday night. The
total revenue surplus taken up by the gov
eminent since the 1st of the month up TO
the same date amounted to only 2,O66. 245.
The special drain thus indicated upon the
New York banks is due to the large Gus
toms payments by importers. Imports at
present are running very high, as an Incl
dent of the active demand for commodities,
and the payment of the duties is diverted
from the New York banks into the sub
treasury. The demand for loans for pur-
chase OF government bonds continues large.
These two factors threaten the early
obliteration of surplus reserves of the New
York banks.
The bond market was not so active as
Wednesday. but prices were firmly held.
Total sales. at par value. were S1,590,00.
United States threes declined Il and the
new fours y in the bid price.
Following are the days share sales and
the closing bid price: