The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-22
MARKET BECOMES DULL
SMALLER VOLUME OF BUSINESS,
WITH LEssENING FLUCTUATIONS.
Trading Is Largely Professionals
Queer Turns I'm the Price Movement
Local Business Conditions.

At New York yesterday money on call
was firm at 4d5 per cent; last loan. per
cent: ruling rate, Az per cent.
Prime mercantile paper. 4a4l1 per cent
Sterling exchange firm, with actual
business in bankers bills at ST. SS1s14. Ss,l
for demand and si.S474 for sixty days; post
ed rates. s4.s51a and S4s9: commercial bills,
S4S444. S41s.
Silver certificates were nominally Coo; bar
silver, 59&c; Mexican dollars, 49c; silver
bars at London. 271sd.
There was still further decline in activ-
ity in the New York stock market yester-
Gay, the aggregate sales falling TO a figure
that has not been touched before in MANI
months. Even the diminished volume OF
business was largely centered in a few
stocks, notably Union Pacific. That stock
seemed TO have dominant influence on the
whole market. and the evidence that it was
supported turned the market from the early
weakness, in continuance of Mondays
downward movement. and lifted prices to
higher plane, except for stock here and
there which did not move in the late trad
ing The dealings were almost purely pro-
fessional. and even that class of operators
showed less interest tnan on Monday. The
nature OF the business is indicated by the
example Of several stocks yesterday Union
Pacific was sold on Monday on reports of
an additional issue of convertible bonds TO
finance the Northern Pacific stock pur-
chase. Yesterday the fact was confirmed
that the company had applied TO the Stock
Exchange to list the additional bonds. vet
Union Pacific rose at one time Az over
Monday night. Missouri Pacific was weak
on Monday on the statement that the ex-
pected dividend would not be declared at
cnce: yesterday the directors met without
acting on the dividend, yet the stock rose
points over the early low point. In other
words, tho bears OF Monday were covering
their contracts yesterday. The buying by
railroads and capitalists to effect Changes
In control of various railroad systems
which was supposed to make up the bulk of
the buying in the boom market, when deal
ings ran between 1909. 900 and 3.Oo0Oo shares
daily. is also inconspicuous. although ru-
mors OF such dealings continue to play
some part, especially in Union Pacific,
which Is credited by the newest rumOrs
with securing an interest in st. Paul. The
strength of Toledo. st. Louis q Western
stocks is accompanied by limitations about
the exchange that the buying is for Van
cerpilt account. with a view 10 elimination
oil competition. The old story of a con-
solicitation OF southwestern roads re-
vived IN connection with a rally i'm Missouri
Pacific The continuation of the injunction
against Amalgamated Copper's merger
projects accounted for the early weakness
of that stock. American Linseed and Ma
tonal Lead were coincidently strong rather
strangely. since the absorption of the Lin
seed company by the Union Lead and OIL
Company IS supposed 10 indicate increased
competition for the National Lead Conn
pany. The greater ease OF money had
some influence I'm the recovery i'm prices
Banks which were below their legal re-
serve by Saturdays statement apparently
completed their recupcratiOn Monday The
payments or an installment OF subscrintion
or the Union Pacihc issue and on the Dur-
chase Of the Rio Grande Western by the
Denver * Rio Grande. which were made
Monday, resulted In some return TO The
market yesterday. There We're no gold en-
gagenents but a quantity will 20 out be-
fore the end OF the week.
The bond market was duh and inclined
10 weakness early. but showed some recOv-
cries later IN sympathy with stocks Total
sales at par value were S10.90. United
the last call.
Following are the days share sales and
the closing bid prices: