The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-12
VERY SLUGGISH MARKET
MARKED BY RELATIVE ACTIVITY IN
MINOR READS SHARES.
Money Market Conditions Have n De-
for the Local Business Week.
At New York. yesterday. money on call

At New York. yesterday. money on call
was steady at 2Q21z per cent.
Prime mercantile paper, 3lzq4 per cent.
Sterling exchange was firm. with actual
business in bankers bills at $4.SSQ4Ssh for
demand and s4.s41kQ4.S5 for sixty days;
posted rates, $4.SSkQ4.S9; commercial bills,
s4.SSAQ4.S4A.
Silver certificates were 61hds2; bar silver,
eiBc; Mexican dollars, 47hc. Bar silver was
2SMd an ounce on the London market.
There was a very notable decline in the
volume of dealings in the stock market
yesterday, and the most active stocks were
those under pressure. with the exception
of Union Pacific, which was bought with
persistency on a rising scale. The market
was again characterized by the wide move
ment in a very large number of unimpor-
tant stocks which are seldom prominent in
the dealings and which sometimes do not
appear in the record of transactions for
weeks at a time. In this class some of
those recently brought forward into promi-
hence continued active at further advances,
while others met profit-taking and again
turned back. Among those newly active
SA points; Pere Marquette, "a; Wisconsin
OOAeAoA q <ACaANa "a III 49, 21ODllC ~
Ohio. 1%- Chicago & Eastern Illinois was
conspicuous for a violent rise of 6A, the
preferred stock rising 4 and rallyifg Evans
Vile & Terre Haute pa after a decline of a
point. Stocks in this class were only PROM
inent. however relatively speaking. by con-
trast with their usual obscurity. The
movement in the general list was extremely
confused all day, and the greater part of
fho loxvfo H,-g-&~- L. x--l--l --.r---I
stocks was done below Saturdays level.
London sent lower prices for the inter-
nationals. to start with, n there was
some very heavy selling of Atchison, and
at one time also of Union Pacific. A strong
rally in the latter stock and an advance III
Atchison to SIS brought the market gener-
ally to the best of the day. Union Pacific
was lifted 2 points over Saturday and the
preferred 3h. Pennsylvania was the only
other active trading stock among the stand
ard railroads that rose as much as a point
over Saturday, and. in fact, no railroad
stocks of Importance fell as much as a
point below Saturday at any time, thus in
dicating the general sl~uggishness of the
market The specialties did better. Sugar
rising at one time 2 points and People,
Gas 2s, the latter on the good financial
showing made in the annual report. Pacific
Mail rose 21e and international Paper 2A.
Western Union was advanced 1s on deal
1ngs attributed TO a pool. The steel stocks
shared in the sluggishness of the general
market and only the preferred stock Of
q Ai0Ni 90 ~ punt
above Saturday. A rather disagreeable i'm
preston to spectators on the steel deal
was created by yesterdays slump in the
smelling stocks, offering an example of
the possibility of obstacles to great con-
solidation plans, even when far advanced
toward completion, and of the demoralizing
effect on prices of a hitch in the plan.
Smelling fell an extreme So under very
heavy offerings. and the preferred 4. The
rallies were itful and feverish. the common
stock closing with a net loss of IA. The
money market conditions disclosed by SAT-
urday'S bank statement had a depressing
influence, which was aggravated by the
subtreasury's large subtraction from the
market or account of Saturdays Central
Pacific payment to start the week with.
The hardening of the London market again
turned exchange in all the great centers,
including New York, in favor of London.
The failure of the Imperial Bank of Ger
many to reduce the discount rate was OBJ
viously due to the fear that London would
draw gold.
The bond market continued active. but
there We're some important reactions on
proht-taking. Total sales at par value
were 70, 10000. United States threes and
new tours advanced Il per cent. on the last
call.
Following are the days share sales ana
the closing bid prices: