The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-23
FEELING IS INDIFFERENT
NO LIFE OR ANIMATION IN THE NEW
YORK MARKET.
Money Conditions Are Easy, and Ster-
ling Exchange Is Lower-LOcal
Trade Situation Is Better

At New York yesterday money on call
was steady at 2isQ4 per cent last loan,
pa per cent.
Prime mercantile paper, 41kq5lz per cent.
Sterling exchange was weak, with actual
business in bankers bills at s4-Ssss for de-
mand. and siS32. for sixty days; posted
rates. a-sfs and s4s71zGl4.Ss; commercial
bills, $4.S31z.
Silver certificates were 591zG6oc: bar sill
yer was 597sc; Mexican dollars were 471kc
bar silver, at London, was uncertain at
q 9-16d per ounce.
The New York stock market showed
continued Indifference on the part Of the
public and even OF the professional specu-
lators yesterday. Net changes in prices are
without any significance as bearing on the
condition OF business or affairs There
was some show of strength in the local
traction group. which may be attributed
TO covering demand from the short interest
Notwithstanding the better feeling reported
IN London, on account OF progress said to
be making In the accomplishment of the
British military plan of campaign, the
English financial public showed no DISPOSE
ton to pay higher prices for American
securities. AS soon as prices were lifted
In this market selling orders for London
account were executed in the leading inter-
national stocks. This seemed to discourage
any further operations for a rise, and
prices drifted back near Saturdays clos
ing level, and oscillated very feebly from
that level for the rest OF the day. What
ever speculative disposition was current
seemed TO be delivered TO the cotton and
wheat markets, where there was some
show OF animation and considerable
strength reflected from foreign markets
While the market was thus listless the
undert0ne was firm. and whatever buying
there was, was attributed TO covering by a
large outstanding short interest Accre-
lions or cash TO the reserves of New York
banks continue on a large scale but there
was no marked change in the rates for
money yesterday. "A further drop In ster-
ing exhange rates marked the continued
seia&ation In the monetary situation abroad
as Well as here. The present factors maxi
ing toward greater ease in money are liable
20 some interruption at no very distant
period. The money coming from the SUBJ
treasury Is due In part to heavy disburse-
ments for pension payments, which are
now ABOUT completed for the present
period. The deposit of internal revenue
collections in depository banks cannot be
indefinitely prolonged for lack of govern
ment bonds as security II the drain from
the banks into the subtreasury by reason
or the taking up OF surplus revenues is
resumed. the present rate OF return from
the interior would be scarcely sufficient to
offset IL This Is a rather remote con-
tingency at present, but IL plays some part
In the siuggishness of the money market
The bond market was not so active yes-
terday as during the latter part of last
week, but still overshadowed the market
Tor stocks The forced liquidation last
fan did not at any time affect the higher
grace Investment bonds, and they are not
affected by the present upward movement
Such middle and lower grade bonds as
were bought TO realize on are now in
large demand. and are steadily advancing
at par value, were 81 $4,000. United States
cid fours. registered. declined u. and
United States old fours, coupon, u In the
bid price,
the closing bid prices: