The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-03
INDUSTRIALS AT SEE-SAW
SUGAR AND THE STEEL GROUP THE
CHIEF CENTERs OF INTEREST.
Big Gains I'm Long IsInnd-The General
Market Was Very DuiI-Trade
Movement i'm Local Circles.

At New York yesterday money on call
was steady at 2d2h per cent, last loan 2
per cent.
Prime mercantile paper, 4G4k per cent.
Sterling exchange was heavy, with actual
business in bankers bills at s4.SS for de-
mand and s4Siz for sixty days; posted
rates. $4S5d4 S51z and $4S9Q4.S91 CONNER
'ciaI bills s4ss1kQ4s4.
Silver certificates were 60Q60isc; bar sill
yer. Coo: Mexican dollars. 471zc At Lon
don bar silver was 2711d an ounce.
There were no transactions of any i'm
portance in the stock market yesterday.
Sugar opened at Tuesday nights price,
and moved up at one time AZ points. clos
ing with net gain of about 4. The con-
slant fluctuations of this stock offered the
room traders about their only opportunity
for securing turn during the greater.
part of the day. and they traded in IT con-
stantly, in and out. helping on the aggre-
gate Of sales recorded In the stock with
out making any impression on the stock
transfer books Of the company. News Of
the stock consisted of rumor without veri-
fication. There is undoubtedly a feeling
OF dread among spectators that there may
be sudden and sensational developments
regarding the steel industrials, and those
stocks are sensitive to every passing ru-
NOR. They were all weak yesterday, Ten
nessee Coal dropping at one time six points.
The rally in the group indicated that short
selling was largely responsible for the de-
cline. and no very large offerings were
brought out by the drop. Long Island
moved up 91z on top of Tuesdays 1O1k rise
and saved a net gain of points. Amer
fraA6 nrafn CT a.. <1f
these special movements the market gen.
orally was excessively dull and represented
nothing more important than the opera
tons of professional room traders of small
calibre- The announcement of further gold
engagements for to-day's French steamer
OF S2.l00000 was the signal for a general
selling movement by this class of specula-
tors. Ii had been taken for granted that
large exports OF gold would be made by
Saturdays steamer, but the additional
shipment by to-day's steamer. bringing the
total to G,eoo.OOO. was surprise This
shipment is generally believed to repre-
sent triangular operation. that is to say,
on London's order to meet demand on
that center. Among the exporters are some
who have strenuously held that no profit
could be made In exporting gold at the
highest figures yet touched for exchange.
and the rate for demand sterling yesterday
was u cent in the pound lower than the
highest rate touched In the movement IT
is fair to assume. therefore, that some
concession has been offered to make mar
gin OF prOnt on the tranSact1On, but In
any event the metal Is recognized as being
In effect a loan. 1t is evident that the need
of money here on active trade has not
kept pace with the currency expansion.
The low rate of money. coupled with the
large loans Of New York banks and their
small surplus. reflect the eagerness of CAPT.
tai TO place credits, but the demand for
credits is not sufficient to absorb the sup
ply. so capitalists must look abroad where
interest rates rule higher. For some time
the merchandise credits resulting from our
favorable trade balance have been left at
interest abroad. This country's large gold
production and the present cutting off of
the Transvaal gold supply also makes us
the source of supply for the money metal.
The net result is that we not only re-
framing from calling home merchandise
credit, but are shipping out the money
metal to meet the needs of foreign mar
kefs.
The bond market was dull and irregular.
Total sales. at par value. were 81. AS 600.
United States refunding twos, when issued
advanced u and the threes, old fours and
new tours u in the bid price
Following are the days share sales and
the closing bid prices: