The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-19
MARKET Is VERY WEAK
NET LOSSES, HOWEVER, Ex-
CEssIvE ON THE DAY TRADE.
Railroad List the Greatest Victim
of P~es.imistic Sentiment-Local
Business in n Fair Condition.

At New York. yesterday. money on call
was easy at 114d1A per cent; last loan,
Ia per cent.
Prime mercantile paper. 31z@4h per cent.
Sterling exchange was easy, with actual
business in bankers bills at s4s7d4s77s
for demand and $4.s41z@4.s47s for sixty
days.: posted rates. s~4.S51ka4SS1k; CONNER
cIal bills, A.S3A@4s4.
Silver certificates were 60d6ic; bar silver.
so1.c: Mexican dollars. 47Ac. At London
bar silver was q 1I-16d al ounce.
The stock market digested a large VOL
ume of liquidation yesterday at what
seems slight expense of value. considering
the appearance of extreme mani
tested by the market at times. This result
was due to the fact that prices were lifted
In the early dealings to a level somewhat
above Saturdays close and that there was
a substantial rally in the late dealings
on covering by the professional bears, who
had taken advantage of the s~oftness of
the market to put out extensive short lines.
But the inherent weakness of the market
was none the less evident. The buying
demand throughout the day came largely
from the short interest and from inside in
terests. with the purpose of supporting
prices in their own stocks. Preparations
for this had been made on an elaborate
scale in expectation OF acute depression
on foreign exchanges as a result OF Satur-
days developments in the Chinese compli-
cations. but the in foreign mar
kets was not as extreme as had been
feared, partly owing to the fact that the
first alarming rumors of the destruction of
the foreign legations In Picking and the
death of the German minister were some
what discredited yesterday morning in
speculative circles. Prices of American
stocks advanced in London before the
opening here, and London bought stocks
of some companies here at the opening.
while selling others. This attitude of Lon
don gave color TO recent reports that some
of the principal bear operators of the New
York Exchange, now abroad, have been
operating or the short side of the market.
They were taking yesterdays opportunity
to cover, as their confreres did from this
side. The bear traders were active during
the day, seeking to uncover stop-loss or
ders, and they had considerable success all
through the railroad list. I'm which the ex-
freme declines at one time averaged from
/ to III for the principal active stocks.
Minneapolis q st. Louis fell abruptly 3
points. with a final rally of 21k. Canada
Southern, Chicago Great Western pre-
ferred. Chicago Great Western debentures,
Hooking Valley preferred and Denver a.
Rio Grande preferred lost from 2 to PA,
Northwestern preferred 3& and Lacka-
wanna AZ. The final rally lessened all
these losses and entirely wiped out some of
the smaller ones. The steel stocks were
decidedly Irregular, National Steel declin-
ing pa and Pressed Steel Car, American
Hoop, Tennessee Coal and Republic Steel
preferred about 2 points each. On the
other land Federal Steel, Steel and Wire
and Colorado Fuel were rather firm. The
final tone of the market was steady and
the majority of net changes were small.
rrL- Of & an 00 GOLD Nv
ports TO Germany was not without its eff
feet on the weakness of the market, the
more so as considerable further engage
ments are looked for later in the week
by the French steamer
The bond market was dull by comparison
with stocks. and losses were not so pro-
nounced. Total sales at par value were
81. GOO. 900. United States old fours and
fves declined Il I'm the bid price.
Following are the days share sales and
the closing bid prices: