The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-05
NO LIFE TO SPEAK OF
STOCK MARKET WAS DULL AND IN
PROFESSIONAL HANDS.
Early sembEance of Activity Wiped
Out-Monetary Conditions-Trend
of Local Trade and Prices.

At New York yesterday money on call
was steady at 2Q21k per cent; last loan.
"a per cent
Prime mercantile paper. 3Ad415 per cent.
Sterling exchange was firm, with actual
business in bankers bills at s4ssA for de-
mand and s4s4s4 for sixty days; posted
rates, As5G4 ssh and s4.ssa4.s s5s; CONNER
cial bills. s4.S3si@4sf4 Silver certificates
were eoAGeO%.c; bar silver, 6O1sc; Mexican
dollars. 4olzc In London. bar silver, was
27sSd an ounce.
The stock market maintained its narrow
and professional character yesterday. AS
though to mislead the appearance of monot-
ony In the market, Thursdays slight up
ward movement was continued at the open
ing yesterday, instead of starting in the
opposite direction. But this was hardly
more than a device of the small traders to
give an appearance of strength to the
market. and their realizing sales before
the close brought prices back to about
Thursday nights level, and left the net
changes insignificant. except in usually in
active stocks. Sugar retained its relative
prominence, though on a decrease volume
OF dealings. II was lifted above Thurs
days close once or twice, with difficulty,
and lost about point on the day. Long
Island ran off 31s. seemingly on realizing
on the signing OF the bill authorizing a
railroad bridge at Hell Gate, but in the
late dealings the stock scored rapid re-
covery at AZ points. The steel stocks
showed some rather languid evidences Of
positive strength, without any particular
news TO account for it, beyond the pub
lished opinion of the president Of one Of the
companies. arguing that the present low
stocks in the yards and the impossibility
or competition from Europe insure against
any considerable reaction in prices. The
strength OF the London market helped the
opening advance here, but London sold
moderately on the advance The usual fore
cast OF to-day's bank statement indicates
that the loss Of cash by reason of the gold
exports amounting to 100000, has been
more than Offset by the gains on sub
treasury operations and on the interior
express movement. The gains from the sub
treasury, allowing for operations with the
assay office account of the gold for ex-
port, are $l,sO0,e00, largely by reason of the
payments OF May interest on government
bonds. The gain of currency from the in
terror Is expected to fall something below
100000 which is half million less than
last weeks gain. This Indicates gain in
cash by the banks on all accounts of about
81. 10000 AS the gold exported is going
abroad as loan, the reserve requirements
will be increased by a loan expansion. A
bid was made on the Stock Exchange of 3
per cent for call loans, but no loan was
placed at that figure. while amounts were
leaned at lower figures both before and
after the bid. The treasurys monthly state
ment Of money in circulation attracted at
tention as tending to explain the current
ease in money rates. The statement shows
an increase for the month OF April of the
money In circulation, exclusive of cash in
the treasury, Of SIS, 30, $50, and an in
crease for the last twelve months Of S126.-
657,571- Sterling exchange was slightly
firmer again yesterday, in spite of slightly
easier money In London But the present
gold movement is towards Paris. and as no
steamer sails direct to France before next
Thursday, there were no exchange bills Of
fered for sale against gold exports.
The bond market was dull. but prices
were well held Total sales at par value
we're s.. $4,000. United States threes, coupon,
advanced q, threes. registered, u and new
and old fours u in the bid price.
Following are the days share sales and
the closing bid prices: