The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-28
CALL MONEY is EASIER
SITUATION IN THIS REGARD BECOM-
ING MORE FAVORABLE.
Market Hesitates I'm Face of Persist
emit Proht-TaI<ing-LocaI Grain
supply Behind the Demand.

At New York yesterday money on call
was easier at 2d4 per cent; last loan per
cent
Prime mercantile paper, 424a51k per cent
Sterling exchange was firm. with actual
business in bankers bills at $4S5z for de-
mand and As2aSa4s21s for sixty days;
posted rates. sIs9lk and $4S61zG4S7: COM
mercial bills. $iSlI994S2
Silver certificates were G1Ikc; bar silver
5s7sc; Mexican dollars, 47a4c At London
bar silver was 27ssd per ounce.
The stock market continued very active
and varied yesterday but there was an APP
probable check TO the upward movement of
prices and a distinct falling off in the vol
ume of the demand. The disposition to
realize made itself felt In additional stocks
AS consequence the market came to that
condition during the day which the pro-
fessional operators called tired. Its absorp-
tive power was impaired and the weight of
proft-taking proved too much for stocks
which have been most prominent in the
recent upward movement. This was con-
spicuously so OF the Southern group of
trunk lines, including Pennsylvania, Nor
folk & Western and Baltimore & Ohio.
The stocks of the latter company fuctuated
widely all day. and were very palpably un-
der manipulation. The common and pre-
ferred stocks were again ostentatiously
brought to a parity in the late dealings.
The purpose of the maneuver was evident
from the suggestion set afioat that If Bal
timore G. Ohio common, without paying a
dividend, could cross the preferred stock,
other common stocks In the same situa-
ton might do likewise The Pacific stocks
had to absorbfa large amount of realizing,
and the Southern and Southwestern groups
were affected by the same cause. The BIZ
luminous coal roads also came to a halt
Other points of strength developed in the
list. and the net changes show large pro-
portion of gains. The general tone of the
market. however. was by no means as
strong as on Monday, and the transactions
were On a smaller scale. The coalers the
high-priced industrials, the iron and steels
and local fractions all showed evidence of
strength, and there was some conspicuous
advances in stocks not usually traded in to
any extent. 1t would be difficult TO assign
cause in any news of the day for the
check TO the advance, but speculative senti-
ment accorded more attention to unfavor-
able possibilities even of a contingent
nature. Some question was allowed to arise
of the future of the money market, al
though the present tendency is all towards
greater ease. rates for call loans dropping
TO per cent. late in the day. The banks
are gaining cash on subtreasury operations,
and the interior continues to remit to New
York in payment of loans incurred for the
purchase of government bonds, but the
completion of payments of the premiums
on government bonds offered for conversion
will result in renewed drain into the sub
treasury so long as the governments reve
nues continue so largely in excess OF ex-
penditures- suggestion of another drain
on resources for government account is
contained In the sailing for Manila yester-
day of the transport Sumner, taking out
N.D0.OO0 for the paymaSter'S department in
the Philippines. The fact has developed
regarding Lcndon's buying of stocks re-
Gently in this market that the funds of
these operations are due to loans secured in
this money market. which explains the
firmness of the sterling exchange market
In face OF London buying and the indiffer-
ence OF the london speculative movement
to the stringency of the London money
market. London took profits on a large
scale yesterday, and it's selling of stocks
about equaied its buying. A number of
strong returns OF net earnings for Febru-
airy was disregarded in the trading.
The bond market not SO active as on
Monday, but large business was done at
advancing prices. Total sales at par value
were $4.sS5.000. United States twos, regis
tered, advanced y, and United States twos,
coupon, and new tours Il in the bid price
The old tours declined y and the fives IA
Following are the days share sales and the
closing bid prices: