The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-16
STOCKS AT THE LOWEST
SPECIALTIEs AND INDUsTRIALs
WE'RE BADLY DEMORALIZED.
American lee and Consolidated Gas
the Observation-Disclosures Firm
Active Local Business.

At New York yesterday money on call
2 per cent.
Prime mercantile paper. 3A4f4 per cent.
Sterling exchange was steady, with
actual business In bankers bills at s4SSlsQ
s4.Ss1 for demand and s4.s4s4G 4-s47s for six
ty days; posted rates. s4.S5a4.S5i7 and siSsQ
81 -ss1k: commercial bills. s4S4a4.s4iz.
Silver certificates were 60q601zc; bar sill
yer. 6Oc; Mexican dollars, 471kc. At London
bar silver was q 9-16d an ounce.
Operations in the stock market continued
to be left largely to professional hands
yesterday. The movement was exceedingly
irregular and confused all day. Generally
speaking. IL could be fairly said that rail-
road stocks were firm to strong, while the
industrials were weak. This distinction
was obvious at the opening of the market.
and the days trading tended rather to en-
phasize it. except that the demoralizing
tendencies in the steel industrials ulti-
mately affected the whole list and dragged
back even the strongest of the railroads.
There was brief show of strength after
the opening by Federal Steel and Steel and
Wire. probably on covering of shorts sold
I'm Mondays break, but in the late trading
these stocks, as well as others Of the
group. fell TO the lowest in the present
movement The extreme declines ranged
all the way from / TO nearly points, the
latter Tennessee Coal The declaration OF
q first dividend the common stock or
National Tube and the reports OF the con-
forming of sundry mills had no effect In
checking the decline Among the notable
exceptions to the weakness in the indus
trial department were the group OF New
York city stocks. including American Ice
Consolidated Gas led In the rise of points,
and the local fractions responded A meet
ting CT directors of the American Sugar Re-
filming Company caused an uneasy demand
from the shorts, which lifted the stock at
one time pa. In the railroad list Burling-
ton continued in good demand and at an
extreme advance of rs, in spite of denials
of the runlored refunding plan. The
granger group and Western railroad stocks
were most benefited, in sympathy, and
showed good advances In spite of reports
o. declining traffic, both east and west
bound. There was said to be large buying
fer account of an outstanding short inter-
est I'm the West in the railroad list The
international department was helped by
some buying for London account, where
the prices rose on encouraging war news
The statement of the April foreign trade
of the United States, disclosing mainte-
nance of extraordinarily favorable condi-
tions. have elevated, somewhat, evidences
OF renewed activity in interior trade. The
market closed heavy and unsettled by the
break in the steel industrials. the railroad
stocks holding only part of their gains.
The bond market was not active, but
prices were well sustained Total sales at
par value were $1,075,000. United States re-
Iunding twos, when issued, advanced Is,
and the threes and new fours Il in the bid
price.
Following are the days share sales and
the closing bid prices: