The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-12-15
BETTER TONE PREVAILS
BEARS UNABLE TO SCALP THE
MARKET ON WALL STREET.
Stocks Closed at the Best Prices,
Helped by English CaDIes-LocaI
Trading ON n Very Large Scale.

At New York yesterday money on call
was steady at 4G6 per cent; last loan A
per cent: ruling rate. 6 per cent
Prime mercantile paper, 51z96 per cent.
Sterling exchange was easier. with actual
business In bankers bills at $4.S7S for de-
mand and s4s1Ad4s2A for sixty days; post
ed rates, $4.S2h and SASSY; commercial bills.
A.s1q4.s11k. Silver certificates were 59d59hc;
bar silver was 59Ac; Mexican dollars were
47Ac. Bar silver at London was firm at
e7Ad per ounce.
Expectations Of a further stress of liqui-
dalton in the New York stock market were
not disappointed yesterday morning. Heavy
offerings were thrown on the market from
the outset, and the brokers were very bold
and determined in offering prices down..
But 1t was obvious that there was not such
a stress of necessity upon the market to
realize as was the case Wednesday,. and
several developments over night helped to
encourage a support of prices. TIL market
therefore did not at any time take on the
extreme Generalization of Wednesday. as
was feared. and about midday of the ses-
sion the bears had relinquished their po-
sition. The conflict Of speculative interests
was a fierce one before the issue was decid-
Cds "a PAiCcS nioNCu Doln ways dt VIC III
the opening market and never long in one
direction. The determined support in Sugar
was a notice to the bears from the outset
that they were not to have things all their
own way, and, though they wiped out
Sugars opening rise In short order and
made heavy inroads at other points in-the
industrial list, and even forced st. Paul a
half point below Wednesdays low level
for the year. the absorptive power Of the
steady buying demand proved too much for
the reaetionists. Subsequent attacks were
made upon the iron and steel stocks, the
New York city specialties and. in fact,
upon every stock where any information
could be had OF a heavy account on the
long side, with the hope of wiping out
margins and forcing liquidations. The sue
cess achieved must have been very mod
crate, judging from the almost complete
recoverfes which were caused in nearly all
cases when the shorts began to cover. 1t
was noticeable, on the other hand, that the
buying demand died away at the higher
level OF prices achieved. This encour-
aged renewed efforts by the bears up TO
the period of the last reaction, when they
refrained from attacking the market and
the closing was firm near the top level, at
substantial net gains all through the list.
The outlook in the London money market
continued TO oner the keynote to the spec
ulative situation. The failure to advance
the Official rate of discount by the Bank
or England in itself offered a suggestion
OF relief from Wdnesday's apprehension Of
gold exports from New York, although
the belief continued during the morning
that gold would go out by Saturdays
The Treasury Departments Of
fer to forego the rebate hitherto demanded
before anticipating the payment Of Jan.
j interest had a sentimental effect in
strengthening the market. The total
amount OF interest involved is $500. 600,
and its availability, IL Is believed, would
make the withdrawal of any gold for ex-
port less felt. Then came tho buoyant out
burst In the English market on the widely
disseminated rumor of the relief of Lady,
smith and an alleged capture of Beers.
This served to brighten the feeling in Lon
don, and occasioned a heavy demand for
Americans. Orders were cabled to New
York long after the usual hours. and Lon
don's total purchases for the day were run
up to $1,000 shares. Sterling exchange
responded with a drop of over nc in the
pound. Additional gold was received at
New York yesterday by the branches OF
Canadian banks. The relief thus afforded
to fears of gold shipments was the domi-
nant factor in the late strength OF the
market.
Bonds rallied from early weakness, in
sympathy with stocks. Total sales at par
value were $,045. 1000. United States bonds
were unchanged in bid quotations.
Following are the lay share sales and
the closing bid prices: