The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-07
UNREST In THE ORIENT
1T Is THE MOVING FACTOR IN THE
WEAKNESS OF STOCKS.
London Sells Thirty Thousand Shares
I'm Wall street-Local Trade Tenn
porarily Checked by the Rain.

At New York, yesterday, money on call
was easy st 1zQ2 per cent; last loan.
per cent
Prime mercantile paper. 31kd4 per cent.
Sterling exchange was steady. with act
ual business in bankers bills at s4s71s for
demand and s4s4ss@4.s4l1 for 60 days;
posted rates, siS51z and SASSY; commercial
bills. 81 ss1za4 1884,
Silver certificates were e0Gs1c; bar silver.
6oc; Mexican dollars, 47c. At London, bar
silver was 27fsd an ounce.
About midway Of yesterdays session of
the Stock Exchange there was a rise of
Joints In New Jersey Central on rumors of
control by Baltimore & Ohio. This incident
offered an ISOLATED feature of strength In
the days market and caused the only
brief respite from the mood Of depression
which prevailed all day. The most i'm
portant single factor vas the warlike de-
velopments In China This influence was
reflected in New York from the foreign
stock markets, from the opening here,
and London's actual sales in this market
on that account ran up to about 10000
shares. about half OF which were Atchison
preferred. Even as a direct influence this
selling had a notably weakening effect in
50 narrow a market as now prevails. The
sympathetic effect Of the foreign weakness
was even more marked. Wall street en-
tertains no great apprehension that the
United States viii become directly involved
IN the difficulties in China But commit
ments of American capital in foreign mon
ey markets and the extension of American
commercial interests have grown to such
proportions that any event which would
Irecipitate liquidation in foreign markets
must be directed directly and strongly in
the United States Besides the news from
China foreign markets were affected by
the tightening of the money rate in London
and Paris, and a slightly easier tone in
the Berlin money market was not suf-
ficient 10 Offset other depressing factors.
The break in the foreign price of iron and
rumors Of further concessions in iron prices
in this country emphasized the weakness
OF stocks. both abroad and and in this
country. News of the domestic iron trade
was confused, reports of declining prices
mingled with reports OF reopening of some
the weakest of the steel group, and lost
"a. In the general list prices were weak
throughout, but stocks which have shown
some strength recently were most affected.
Atchison preferred. st. Paul, b. q o., I'm
ion Pacific and Louisville were examples.
Denver & Rio Grande preferred fell 21s
points on rumors OF the acquisition of the
Colorado Midland by rival interests, and
Great Northern preferred declined points.
There is growing uneasiness in speculative
circles over the prospects of the wheat
crop, based on the low conditions reported
yesterday from Ohio and the continued
drought in the Northwest. The convention
of the joint passenger committee to at
tempt an adjustment of rate disturbances
calls attention TO the source of danger to
values of railroad securities The money
market continues almost unprecedentedly
easy In spite of taking Up by the SUBJ
treasury from the local banks OF 81. So, 900
thus far this week The gain by the SUBJ
treasury Is due to the falling off of gov
ernmeIt deposits from the banks, and the
money will be returned to the channels of
the market as soon as the per cent
bonds which have been called In are pre-
scented for redemption.
The bond market weakened in sympathy
with stocks. on a moderate volume of bus
mess. Total sales at par value were
N,i95,000. United States bonds were IN
changed In bid quotations.
Following are the days share sales and