The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-31
DULL DAY in STOCKS
TRANSACTIONS FALLING OFF on THE
NEW YORK EXCHANGE.
Most shares, Except Tin Plate and
Hoop, Dec1ining-More Gold Ex-
ports Feared-LocaI Trade.

At New York, yesterday, money on call
closed steady at 1Ad11z per cent.
Prime mercantile paper. 4q41 per cent.
Sterling exchange firm. with actual bust
ness in bankers bills at s4s77s for demand,
and at s4Sf4 for sixty days; posted rates,
H.S and s4SS1z; commercial bills, $LSSAQ
HSsS4.
Bar silver. slzc. Silver certificates, 61%9
s2s4c. Mxican dollars, 4S&c. At London
bar silver closed strong at % 7-16d-
The early promise of strength In the
Ncw York stock market yesterday was not
maintained, and after a brief period or
some activity and frmness prices began
10 decline again, and the trading tapered
down to the Insignificant proportions which
have become the recent normal. The trad
ers rightly concluded that this indicated
that Wednesdays advance was due TO
nothing more than a covering of short con-
tracts. ending the approaching three days
holiday. The steel group, especially, disap-
pointed the hopes that a bull movement
was under way. by developing a heavy
tone, Steel and Wire falling back over
point The American Tin Plate and the
American Hoop stocks were exceptions,
and showed good gains for the day. There
the group. the reports at hand showing
growing demand for many grades of iron
products. There desultory specula-
ton I'm Sugar. which lifted il at one time
over a point after the announcement was
made OF advance in the price OF refined
sugar. But the gain was almost entirely
wiped out by the time the market closed
Strength I'm the London market helped the
opening at New York, causing sharp frac-
tional gains in a number of the interna-
tional stocks. but London reacted later in
the day and those stocks lost their advan-
tage I'm sympathy. The railroad statements
for July. which appeared yesterday, coun-
teracted the favorable effect of Wednes-
days showing by the ST. Paul company.
the higher level of operating expenses
serving to bring down the net earnings in
the cases OF Burlington. Northern Pacific
and Southern Railway, while e., e, =. *
St. L. saved only small part of its gross
increase for net earnings.
The explanations which were offered for
the heaviness of stocks formed substitutes
for news 10 some extent For instance,
there was some renewed solicitude ex-
pressed regarding the future OF the money
market. The fact that the Bank of Eng
land had again offered interest on gold in
transit gave ground for the expectation
that the export movement of gold may
shortly be renewed: Sterling exchange
rose a fraction in New York, and three
months bills in London were advanced.
The London market apprehends some
strfngency as an incident of the next Stock
ExcndHBc sctlitHenl, anu the payment Oh
the next installment on the new loan.
which comes about the middle of the
month. In the pessimistic mood of the To-
cal market the possibility was suggested
that the Treasury Department might be
obliged during the early fall TO draw on it's
deposits with the national banks. in order
to meet extraordinary expenditures for mil
itary operations. There was nothing i'm the
days money market to give color to any
apprehension of higher rates. The banks
have gained upwards OF s., 000, 900 from the
subtreasury, and another substantial in
crease In reserves Is indicated for the week.
The market closed dull and heavy at a
generally lower level of prices
Bonds were dull and irregular. Total
sales. par value. Sl.175.000 United States
refunding twos. when issued. and the new
fours declined II per cent. in the bid price.
Following are Thursdays share sales and
the closing bid quotations: