The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-13
SHARES ARE UNSETTLED
MANY FLUCTUATIONS AND IRREGU-
LAR CLOSING QUOTATIONS.
Notable Points of Strength and Weak
by uetter Weathe Conditions.
At New York yesterday money on call

At New York yesterday money on call
was steady at 2d21z per cent.
Prime mercantile paper, 3hd4k per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.S7% for de-
mand and $4.S4G4.s4B for sixty days; posted
rates, 4.s5d4S51k and s4.SS1k; commercial
bills. A.S3AQ4S3A.
yer, e07sc; Mexican dollars. 49c. Bar sill
yer. 6O7sc; Mexican dollars, 4Sc. Bar sill
yer closed at 2S1sd an ounce at London.
The New York stock market continued
srotty yesterday and largely made up
OF the operations of the professional trad
ers in Individual stocks. Many of these
operations were based on causes peculiar
to the stocks affected, and the traders pro-
fessed to be following the leaders in
side the stock in their buying. How
ever this may be, II was evident that
purely speculative operations played a large
part in the dealings, as realizing sales
came into evidence in every case where
a considerable advance was made, result
ing in sharp reactions. There was more
or less realizing going on all day. the sus-
tanning influence of the strength in spe-
cial stocks being availed of to take profits.
The result of this is seer in the general
A0AC 0N1 eANANs cCAAC VI thCA ia
important stocks. The principal feature
of the news was the excellent traffic re-
turns of the railroads, especially in the
Southwestern railroads. the bituminous
coal carriers and some of the Southern
roads. which showed a large increase in
their gross earnings. The session of the
miners convention was perhaps the cause
OF the dulIness in the anthracite coal group.
IthC,0 nnnA1anCn vraa 49,
no strike was TO be feared. The continued
low rate for call loans neutralized the
effect of the depletion OF the cash reserves
OF the banks by reason of the drain to
the subtreasury. The heavy decline in
cotton exports helps TO explain the recent
firmness Of sterling exchange. y number
of important movements were in stocks Of
minor railroad companies and rumor was
busy with stories of projected consolida-
tons to account for those advances. The
Hartman syndicate figured I'm these ru-
alleged connections. This was true of the
Toledo. st. Louis < Wesern stocks. the
common rising AS: Wisconsin Central and
Iowa Central, the common of which rose
81 and the preferred 5%. St. Louis Il
San Francisco preferred advanced 2, the
second preferred pa and the common AS
on persistent stories of refundiEg projects
or of absorption into a consolidation of
the Gould roads. The up
ward movement in Pennsylvania was ap-
parently prompted by the annual meeting
and the reports made TO stockholders. The
stocks of express companies which have
been dormant advanced sharply over the
last quotation. American Express rising
3 and losing It.: United States Express AZ.
and Adams Express 14ia. The strength in
Tobacco was due to a belief in benefits
TO accrue from reduced taxes. Amalga-
mated Copper weakened on reports of a
renewal OF hostile projects in Montana.
The smelling stocks fell on the notice
OF appeal OF the suit against the absorb
tion of the Guggenheim interests.
Railroad bonds continued active and
generally firm, but some OF the less active
bonds yielded some. Total sales. at par
value. were S,5ao.0OO. United States threes
declined a. and new fours advanced y ner
cent. on the last call.
Following are the days share sales and
the closing bid prices: