The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-06
VERY FEW FIRM POINTS
ELEMENTS OF STRENGTH WE'RE
SCARCE IN THE STOCK MARKET.
Atchison Preferred Scored Almost the
Only Substantial Gain-LOcaI BUSH
ness I'm Very Good Condition.

At New York. yesterday. money call
was steady at 1%d2 per cent: last loan.
IA per cent.
Prime mercantile paper, 31zq4 per cent
Sterling exchange was firm. with actual
business in bankers bills at s4.S7Is for de-
mand and sS4iz for 50 days; posted rates.
sIs51z and $4sS1k: commercial bills. 81 S311@
4s3s4.
Silver certificates were 6O66lc; bar silver.
6oc: Mexican dollars. 471zc. AT London.
bar silver was 275sd an. ounce.
The stock market showed symptoms of
strength at various times yesterday, but
the pressure to sell at the advance proved
too much for the limited demand to alb
serb. and the latter part Of the day was
given over TO a desultory downward move
ment which carried prices below Monday
nights level. except for few stocks. The
strength of a few shares was in fact the
principal sustaining influence of the mar
ket at all times. The best support of this
character came from the Atchison pre-
ferred. which began to move upward early
I'm the day in anticipation of the dividend
announcement The declaration of 2i5 per
cent. for the semf-annual period had been
accurately forecasted, and the advance in
dividend was announced. After hanging
sluggishly for a time the advance was
resumed on the giving out of the direc-
tors estimates Of net earnings for the first
year, showing handsome surplus over the
full per cent. dividend requirement for
the preferred stock. Atchison preferred,
thereupon. rose to 74ss, which is on a level
with the high record price, made two
stocks, whose prospects of dividends or in
creased dividends have been much ex-
plotted. but not yet realized. showed the
greatest sympathy with Atchison. Balti-
more & Ohio. Union Pacific and Missouri
Pacific were the principal instances. The
response elsewhere was moderate. Owing
to the heavy outlay for betterment made
after the reorganization of the Atchison
system. that railroad is able to show large
reductions at this time In operating ex-
penses and is almost along among the rail-
roads of the country in that respect. The
ether incident of the day to attract much
attention was the Sugar dividend. which
was maintained at the same rate of IL per
cent as the last. The movement OF this
stock showed that the recent buying has
been based on accurate foreknowledge of
this result. The selling TO take speculative
profits met so light demand that the
price fell away weakly and had a decidedly
depressing effect on the whole market. The
rise of = at the opening was followed by
a decline of ga profit taking and the
rally was only feeble. Aside from the SYM
pathetic influence of these movements. the
market was dull and apathetic throughout.
There was general but slight advance at
the opening. in expectation of the favor
able effect upon foreign markets of the oc-
cupation of Pretoria. This expectation
proved delusive, and the markets of Lon
don. Paris and Berlin ali turned heavy be-
fore the close. Rejoicing over the news
was offered as an explanation of London S
failure to spend time in buying stocks.
and the Berlin market was affected by
weakness of iron mining shares on the
condition of iron trade in the United
States. A dispatch from Paris admits q
feeling of apprehension over the unsatis-
factory conditions i'm China, and the inter-
rational complications that may follow the
end of the Boer war. Fears of demorali-
zation I'm freight rates were an influence
in causing the relapse in prices here. The
closing was dull and distinctively heavy.
There was large demand for Western
New York a Pennsylvania mortgages
tours, but the maximum advance was not
maintained. Otherwise, the bond market
was dull and sluggish. Total sales at par
value were $1.3f5000. United States bonds
were unchanged in bid quotations.
Following are the days sales and the
closing bid DriCeS: