The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-21
MARKET WAS UNSETTLED
CONSIDERABLE ANXIETY REGARD
ING IRON AND STEEL AFFAIRS.
Statement-Local Business shows
Satisfactory Conditions.
At New York yesterday money on call

At New York yesterday money on call
was easy at 2as per cent; last loan. per
cent.
Prime mercantile paper. 4AG5 per cent.
Sterling exchange was strong. with actual
business In bankers bills at ASS for de-
Hand and $4.SfA for sixty days; posted
rates. A.Sfsq4.S5 and sLSS1zg4S9; CONNER
cial bills. sLS3KG4s4.
Silver certificates were 6O1kG611zc; bar sill
yer. 591kc: Mexican dollars. 47Ac. At Lon
don bar silver was 279sd an ounce.
The New York stock market continued
unsettled and hesitating yesterday, under
the influence of the uncertainty surround
ing the iron and steel issues. The under
tone was firm and the early period of weak
ness gave way to slow and irregular up
ward movement, doubtless due In large
part to the demand from the short interest
to cover. The rates for loans on stocks in
the morning on the floor indicated that the
short trade was quite large. The compara-
tive quiet of the iron and steel stocks and
positive strength at a number of points
prompted the covering of shorts and en-
couraged what slight buying there was.
Eager attention was fixed upon American
Steel and Wire all day, in view of the
mittee. The movement of the stock was
feverish, the common and preferred often
moving In contrary directions, as though
to cause feeling of uncertainty over de-
velopments In the company. Aside from
this confusing manipulation, dealings in
the stock were apparently largely in the
hands of the room traders. who circulated
rumors concerning the executive committee
secret until after the close of the market.
With this disturbing factor kept in the
background, number of favorable In
fiuences were allowed to have play. The
coalers were all notably strong on favor
able trade reports the bituminous coal,
well the anthracite roads. sharing in
the movement. The local traction stocks
and Sugar moved upward in decidedly
irregular manner. and Texas Pacific, New
York Central, Pennsylvania, and Canada
Southern were also points of strength. The
good crop weather a sustaining in
fiuence with the grain-carrying roads. Ru-
mors still circulate of new railroad COM
binations and of prospects of dividends on
railroad stocks, but they have no definite
authority. and in many cases meet with
contradiction. The banks seem assured of
an increase In cash to-day, having gained
nearly 100000 on subtreasury operations
and over S500,0O0 on the express movement
with the interior. There is rather more
mystery than usual surrounding the item
OF loans. The liquidation in the stock
market Indicates long contraction, but the
declining scale of interest rates has prompt
ed the banks TO place as large loans as pos
sible. The process OF loaning on sterling
collateral. which has proceeded during the
week. will undoubtedly be reflected in the
statement as 1t has been in the sterling
market during the week. Actual sterling
rates advanced u per cent and posted
rates Y per cent yesterday and are near
the gold export point, though the experts
are engaged in their usual wrangle as TO
Just what figures represent that point. Call
money loaned as low as per cent. during
the day.
The bond market was less active yester-
day and prices were fairly we'll held. Total
sa.es at par value were $1.930,000. United
States threes, coupon. declined Il, and the
fves u in the bid price.
Following are the days share sales and
the closing bid prices: