The Indianapolis journal., 1894-01-05
STOCKS MORE ACTIVE
Trading on Wall Street MOnOpo-
lized by the Professionals.
Western Union and Sugar Trust Again
in a Prominent PositiOn-Indian-
apOlis Grain Unchanged.

At New York. yesterday. money on call
was easy at 1q11z per cent, the last loan
being at l. closing at per cent.
Prime mercantile paper, 91zq515 per cent.
Sterling exchange was firmer, with actual
business in bankers bills at $4 S524GI4.sG for
demand and S4.SiQ4Si4 for sixty days:
posted rates. s4.S41zQ4s7;- commercial bills.
$4-S2AQ4S3.
Silver certificates. esssc Bar silver closed
at 6S1sc per ounce; at London, 32d.
Total sales Of stocks amounted to 2s23OO
shares. A marked change in the temper of
speculation characterized the dealings on
the Stock Exchange yesterday. and despite
the efforts of the bears TO depress the mar
ket By means of rumor, innuendo and direct
offensive movements on the weaker prop
critics, prices moved upward in solid pha-
lanx. with but few OF the active stocks
tagging behind In the early dealings the
short interest depressed St. Paul fraction
on report that the decrease in earnings for
the fourth week in December would be
much heavier than for any of the preceding
weeks, but when the figures were published
and did not fulfill mournful prophecies the
revulsion of feeling carried the stock up
ward, forcing the bears to cover in quick
order, large blocks being bought at ad
vancing quotations. Early in the day an
earnest effort was made to force the bull
orouS selling, and strong hopes were IN
dulged in OF uncOvering stop orders which
should cause a serious break, but the buy
ing was 100 hedVy IoF IIe ShorI INTEREST,"
and the result was that sellers of the morn
ing became purchasers in the later dealings,
thus materially assisting in the consequent
appreciation OF the shares. Sugar was not
in good tone in the opening dealings, and
broke IA per cent on much smaller vol
ume of business than is usually required to
affect this stock the depression being mainly
due to lack Of inside support Subsequent
ia, but in the later dealings there was re-
action Of l per cent, and the last sale was
tilling sagged off a small fraction
during the morning for the lack of buying
purchases largely for Western account, due
TO rumOrS that the probability is that the
tax on spirits will be materially increased,
some figures placing the increase at 25c,
and also to a realization of the fact that
lengthening of the bond period is in the
interest OF the Distiling company. London
firmly held all day, closing at % advance,
the impression gaining ground that the
receivership will be brief and a reorgaHiza-
tion effected on a sound basis. Coal stocks
were all strong. Reading largely
bought on Philadelphia orders, Delaware,
Lackawana Western and New Jersey
Central being assisted to higher values by
a reported traffic agreement calculated TO
increase the business of both companies.
reports unfavorable 10 the earning capacity
of the company. and also owing to the
market was benefited by advices from Chi
cagO Of a concerted effort TO be made to
maintain railroad rates. AT the very open
ing Of the day the market was raising
one, and although occasional reactions tenn
porarily checked the advance, the losses
were quickly recovered, and the late
dealings were characterized by an activity
and firmness which continued to the close,
an advance being recorded on the day of
Af5 per cent, the latter Minneapolis & ST.
Louis preferred: Pittsburg, c., c.. & St.
Louis, pa, and Wheeling & Lake Erie pre-
ferred Ia.
The miscellaneous and railway bond mar
ket was very active and firm during the
day, closing strong.
Government bonds were steady. State
bonds were quiet.
The following table, prepared by James E.
Berry, Room 16. Board Of Trade. SHOWS the
range OF quota tiOnS: