The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-21

At New York, yesterday, money on call
was firm at 4G7 per cent; last loan. So;
ruling rate, Az.
Prime mercantile paper, 4dfi2 per cent.
Sterling exchange was firm, with actual
business i'm bankers bills at s4.SSSq4SSA
for demand, and si.S4A for sixty days;
posted rates. SASH and $3.50; commercial
bills. s4sSA@4.s4l4.
Silver certificates were nominally 60c; bar
silver, 5924c; Mexican dollars, Acc. Silver
bars, at London. 2711d
The late upward movement of stocks.
last week, failed TO continue yesterday. al
though there was some resistance at times,
In the way of strength of individual stocks.
There was a progressive decline in the in
fiuence of those special movements, and the
day closed with the market quite active
and at about the lowest of the day all
around. There were one or two unfavorabe
new features in the day. but there were
also some developments which had favor
able Interpretation. The market was not
very manifestly influenced by the news.
bit seemed rather TO move as the result of
technical cases. Taking of profits on last
weeks late rise was the principal of these
causes The markets gave growing evidence
sional operators, some of them of large
means and broad methods. but with the
public evidently not a factor in the market
and disinclined to respond to the tempta-
ton of price movements. The market
opened irregular and then yielded all
around to the realizing, but recovered quite
strongly in response TO a movement in the
coalers There some strength, also
among the SOuthwes.erns, apparently on
the score of published reports of a pro-
1ected steamship line from Mexican port
10 the Orient. The obvious fact that the
struggle for control for the transportation
OF future trade products to the Orient lies
at the root of most of the movements work
ing out In the transcontinental railroad ter
ritory gives any suggestion in this line an
influence. The movement in the coalers
was, apparently, speculative. The strength
In St. Paul was not due to any news, but
the buying was called good. The stock
yielded. however, in the late weakness
Union Pacific was an effective factor in up
setting the market. Allegations of a further
issue OF convertible bonds TO finance the
purchases of Northern Pacific stock were
the prime factors in the stock weakness
1t closed at points below Saturdays level
and at the lowest of the day Other weak
stocks were Atchison which lost AZ Con-
solidated Gas as much, Sugar 312. Manhat-
tan 31s Rock Island and Metropolitan
Street-railway 3. Louisville 224, Amalga-
mated Copper 2l2, and large number of
industrials showed notable strength al
though their best prices were reduced by
the late weakness. There was large buy
ing Of Burlington for cash, which was, APP
parently, connected with the fact of the
proposition for the Burlington deal being
conditioned upon the deposit of at least
two-thirds of the capital stock be-
fore May 70. The beginning of the machin-
lists strike and fears Of a spread of labor
troubles was the depressing influence, and
the advance in sterling exchange rates,
with the decline OF sterling at Paris, indi-
eating further shipments of gold from here.
as well as the heavy receipts of the treas
ury, which are unsurpassed for May, dis
couraged the borrowing of money for spec
ulative purposes.
The bond market generally was dull and
irregular. with some yielding in the late.
trading, in sympathy with stocks. Total
sales, at par value, were $3,33O,000. United
States bonds were all unchanged on the
last call.
Following are the days share sales and
the closing bid prices: