The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-01-16
FOOD FOR THE BULLS
Stock Market Strengthened by
Carlisle'S Letter to Voorhees,.
An Issue of Bonds Regarded by Specu-
latOrs as Favorable to Higher Prices
Condition of Local Markets.

At New York, yesterday, money on call
was easy at per cent all day.
Prime mercantile paper, Slzq41A per cent.
Sterling exchange steady, with actual
business in bankers bills at ST. SG2iGt4S7 for
demand and AS4aiG4s5 for sixty days;
posted rates. $4S6q4SS; commercial bills,
$4S3&iGES4
Silver certificates, $3.50 bid. Bar silver
closed at 6S7sc per ounce; at London, 312ld.
The total sales on the Stock Exchange
were 1920 shares. The week opened with
a firm tone in the speculation. in harmony
with the strength of American securities
In London and in response to purchases
for the home and foreign accounts. After
the opening improvement the market
sagged off. more by reason of the dullness
into which the trading lapsed rather than
from any great pressure to sell, and,
cept in some of the specialties, there was
very little movement in the list until the
afternoon. a movement to cover short con-
tracts was developed shortly after noon,
whlch grew IN strength as the day adj
vanced, and which was supplemented in
the late dealings by purchases for the long
account. a factor in the situation the
very general belief that the condition of
the United States treasury demands imme-
date relief, and that if Congress does not
rise TO the occasion Secretary Carlisle will
be forced to issue bonds under the existing
law. The Secretary's letter to Chairman
VOORHEES,, of the Senate finance committee,
made public during the afternoon, con-
hrmed this view, and, a government
bond issue Is looked on as a bull point, the
upward movement showed new impetus
Among the local influences at work was the
announcement that the New York bond
holders committee of the Reading company
had aSSented TO the reorganization plan,
which was accepted as insuring it's final
adoption, and that at a not far distant
date Reading stocks and bonds were ma
terially strengthened by this report and re-
corded substantial advances Speculation
In the grangers was rendered firm by re-
ported heavy freight shipments eastward
coupled with adviceS from the West of a
gradual revival in trade. Burlington &
Quincy and st. Paul were both attacked in
the early dealings. but gave way only frac-
tiOnally and were among the most buoy
ant in the late trading General Electric,
which was trifle heavy during the morn
ing. was bought vigorously during the last
half hour, largely for Boston account, SELL
ing up 215, with final reduction of "a. maxi
Nashville, after an early advance of y, re-
acted "a, rose and closed at a reaction of
Il. but Us above Saturday. The generally
favorable conditions of the speculative sit
uation caused brisk buying during the latter
part of the day, and prices moved up
sharply, the market closing strong at or
near the best figures of the day. The adj
vance. compared with the final sales of
Saturday, ranged from Il to in the active
list.
The miscellaneous and railway bond mar
ket was stronger at the opening and close,
but gave way partially during the morning.
Berry, Room 16, Board of Trade, shows the
of fiOnS-