The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-26
NERVOUS AND IRREGULAR
STOCK PRICES FLUCTUATE BROADLY
IN OvERSOLD MARkET.
Net Changes Small, but Mostly De-
clines-Foreign Bonds on Sale-Lo-
cal Business Becoming Dull.

AT New York yesterday money on call
was easy at 1ha11a per cent: last loan,
ia per cent.
Prime mercantile paper. 31k@41s per cent.
Sterling exchange was weak, with actual
business in bankers bills at $4.S6 lisa
1851 for demand. and S-ss1z@4ssA for sixty
days; posted rates, A-S5 and s4.s7q4.Ss;
commercial bills. &.S2AQ4S3A.
Bar silver was 6OAc; silver certificates,
60a6l&c; Mexican dollars, FAC. At Lon
don. silver bars sold at rs Lied an ounce.
There was considerable speculative ac-
tivity In the stock market yesterday and
the fluctuations in prices were quite wide
and frequent. The net changes are mostly
small. so that the result of the days trad
ing is not conclusive as to the turn in
prices The market was exceedingly ir-
regular all day, and at times very much
confused. The opening depression. in
sympathy with London, where the Chinese
outbreak had an unfavorable effect, was
generally overcome. Prices then broke with
some violence, the bear attack being d.
rected especially against Baltimore & Ohio.
Continued pressure was evident also
against Brooklyn Transit. Baltimore &
Ohio was one of those stocks which has
been most advanced in price on predictions
of a dividend disbursement, and whispers
were current yesterday that the declaration
of the dividend would be at least de-
ferred- The stock suffered to the extent
Of four points at the lowest level. Brook
Ign Transit sold at 49c, which was 2asc
below Saturdays level. In sympathy with
this acute weakness the whole market sold
or, and apparently the liquidation of last
week was renewed In force. But the
market gave evidence later of being over
sold and the bears began to absorb stocks
20 cover their short contracts. The result
was a general recovery of the earlier
losses. But there was nothing like de-
moralizatton among the bears, the cover
ing movement being conducted in a well
ordered manner. The bulls attempted to
extend the advance, but prices had not
risen more than a fraction above Saturday
nights level except in Brooklyn Transit,
when the demand from shorts diminished
to almost nothing. The dribble of liquida-
ton was sufficient to turn prices DOWN
ward again and they were only partly
arrested at about Saturday nights level,
where the movement became very irreg-
ular at the closing The principal influence
in causing the doubtful mood among the
professional bears was the sharp break
in wheat. The fact that the break was
largely due TO technical causes and TO
q pressure 10 realize on the part of an
overextended long interest. did not seem to
lessen Its effect, In spite or the continued
reports Of the damage wrought to crops
IN the Northwest The stock market was
apparently as much oversOld as the wheat
market was ~overbought. and professional
realizing caused the reaction IN both cases
The apprehension caused by the Saturday
bank statement was also soothed to some
extent. The conviction gained ground that
the sharp decline in cash reserves was due
TO preparation for the withdrawal of gov
eminent deposits and possibly to the
placing of bids for the New York city
gold 3z per cent. bond issue. which was
awarded yesterday To the amount of
$3.135.000 at 1i0.54.
In this connection an attempt 10 sell in
New York foreign government and NUM-
cfpal bonds Is to be noted. The offers in
ciuded $250.00 3 per cent. imperial German
loan of 1905. at SSh and interest: a like
amount OF Grand Duchy of Hesse. Ger
many. 81 per cent. loan OF 1899. due 1909.
at % and interest: sl25.0 0 city Of Mann
heim. Germany. 4 per cent. loan OF 1899.
due 1904. at 1O0t and interest, and $50. 1000
city OF Zurich. Switzerland. 4 per cent. loan
ers interested in floating the loans declared
that they had picked the bonds up at
advantageous terms through foreign cor
respondents and believed them 10 be good
investments. IL was denied that the bonds
were sent TO this country on account of not
being marketable abroad.
The pond market was not active and
price changes were irregular. Total sales.
A. par value. were 81. 1S5.o00. United States
threes and new fours declined hc in the
bid price
The following are the days share sales
and the closing bid prices: