The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-27
LOANS ON EASY TIME
CLIFFORD ARRICK 1920 Law Buildin.
QUIET DAY in SHARES
FIRM TONE. HOWEVER, STILL PRE-.
WALLS IN MARKET
Five Days of Business I'm an Enor-
nous VOIume-Money Market Con-
ditiOns-LocaI Trade Situation.

AT New York, yesterday. money on call
was steady at 3@4 per cent; last loan, 4;
ruling rate, S15.
Prime mercantile paper, 4Q41z per cent.
Sterling exchange was firm, with actual
business in bankers bills at s~4.Ss1ka4.ssA
for demand and s.S5a4.S5ls for sixty DAYS;
posted rates. s4.S5hG4s6 and s4.s9; CONNER
cial bills, $4S4ha4.s4A.
Silver certificates were 6Oc: bar silver.
e1sc; Mexican dollars. 4Slkc Silver bars at
London closed at 27%d an ounce.
Fridays stock market was decidedly more
quiet and orderly than on any other day
during the week. There were a few stocks
which showed positive strength practically
without interruption all day, and there
were no points of acute weakness nor any
period of a general disposition to sell ex-
cept for the opening dip in Amalgamated
copper and American Smelling, due TO the
legdi measures taken TO Illustrate the alb
sorption OF other properties ntemplated
Dy those companies. Owing TO to-day's
monday on account of the removal Of the
BOARD room apparatus from the present
building to the temporary quarters i'm the
Produce Exchange there was a disposition
10 curtafl speculative ventures and TO close
up accounts. From the firm tendency Of the
market IL looked as though the bears were
most inclined 10 cover their contracts. The
bulls were not aggressive, but their tao
ties seemed designed rather 10 protect the
market and hold prices firm. There was
some confusion about the board room owing
10 the preparations for the moving. and
this In itself had the effect of lessening the
trading The principal strength in the
market persisted in about the same quar-
tiers as for some time past. namely, the
rangers and Paciics. Northern Pacific
was largely dealt in and rose 3A; BurIing-
ton advanced "a TO a record price; Rock
Island rose pa and Northwestern AZ.
PennsylVan1a, selling ex. rights. and Bal
timore u Ohio continued strong. Union Pa
cine was not as active as on previous DAYS
OF the week. and there was large realiz-
ing going on in IL all day. but the stock
was held above Thursday night during the
"A shade off. Among the specialties Sugar
rose 3fs. Tobacco ga, Colorado Fuel 49,.
General Electric ga. New York Air Brake
10 points and a number of other specialties
from l TO , points. The Colorado South
ern stocks were notably strong at advances
of 2ls to 312. The confidence that to-day's
bank statement will make a strong show
ing had much 10 do with sustaining the
market. TIL receipts of cash from the in
terror have offset to a large extent the
absorption by the subtreasury, including
the payments for the gold exported. 80 that
il Is expected the banks will not lose more
than 100000 for the week on all accounts.
Next week the money market will have the
benefit of the payment of the May govern
ment interest, which amounts to about 81
$4,000.
The railroad bond market continued
strong, with the Union Pacific convertible
bonds still very prominent. Total sales at
par value were Sc. 40. 600. United States re-
funding twos advanced a on the last call.
Sales on the New York Stock Exchange
fer the five days this week during which
the exchange was open for business aggre-
gate 9.96O.9OO shares, compared with last
weeks sales OF 1905, 400 shares. which broke
ali previous records for a full weeks bust
ness. on Monday OF this week the sales Of
all stocks reached an aggregate Of 1852. SOD
shares. exceeding by several hundred thou
sand shares the previous record for one
days business. on Tuesday there were
passed through the New York clearing
house checks representing exchanges of
$oi6.S37 ,l55. which Is more than $106, 900. 900
greater than any previous days clearings.
The statement of these facts gives most
competent showing of the unparalleled pro-
portions OF the present speculation I'm Amer
lean securities. but it conveys only a slight
idea Of the state of feverish excitement
among spectators and the overstrained
condition among hosts of people whose
duty IL Is TO transact, record and adjust
all this vast volume OF business. The spec
uiation has been decidedly nervous at times.
owing to the sharp breaks in prices OF some
OF the most active stocks. The failure of
the general market on Wednesday to re-
spond TO the phenomenal strength and
continued demand for Union Pacific espe-
cially caused uneasinesS and a dread lest
the powerful pools of millionaires. who
have been credited with the leadership OF
the bull market. had been selling their
holdings under cover of the movement N
Union Pacific TO take their profits. but the
buying on recessions was so constantly
renewed and the markets absorptive power
proved so enormous and SO confident that
the desire 10 sell was checked and prices
turned upward. with the result that bear
operators. who had sold short early In the
week. were driven 10 cover and their urgent
demand helped prices on the rebound.
The principal cause OF the occasional dis
Quictude in the market was the fear OF Inn
Iairment OF mOncy-market resources. which
might restrict the liberal credits. which are
the fostering cause of the continued spec
ulatiVe buying. When II became known
that subscriptions were invited I'm New
York 10 the new issue of British consols
and were being received on a large scale.
and when announcements were made Of
rcld exports. the fear was engendered that
the lnroads upon banking reserves thus
threatened would before long force bank
ers to call loans In order TO protect their