The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-10-24
INFLUENCED BY BULLS
STOCKS AT NEW YORK SHOWED A
STRONG UPWARD TENDENCY.
a Few Notable Exceptions I'm the List
Effect Of the Mild In
> Local Business Circles.

At New York yesterday money on call
was steady. at 5d7 per cent; last loan at
8 per cent; prime mercantile paper, 5q5s
per cent
Sterling exchange was easy, with actual
business in bankers bills at A.S3Aa4.S7 for
demand and at A.S2AQ43 for sixty days,
posted rates. $4s4q4.s4A and ALSSa4SSls;
commercial bills. $.S2.
Silver certificates were 5SkQ59c; bar sill
yer, 57Zc; Mexican dollars. Also. Bar silver
at London was steady at 26Hd per ounce.
The stock market gave convincing evil
dence yesterday of a substantial growth of
bull sentiment in Wall street. The dealings
took on more appearance of animation than
at any time since the violent downward
course of prices, when the money situation
was beginning to awaken anxiety. Dealings
were very well distributed and almost every
department of the securities market was
represented in the advance. Handsome gains
in prices were achieved in many prominent
stocks, and in a large number OF cases the
last prices were the best. In other cases
proft-taking made notable inroads upon
the days highest prices, and some effort
was made obvious in sustaining the market
IN the closing dealings. 1t was a noticeable
feature OF the market also that while a
number OF members of a distinctive group
OF stocks would show great strength and
activity. other members of the same group,
seemingly dependent on the same infiu-
ences. would remain quiescent and almost
ammovable. Thus while Louisville and the
Norfolk stocks advanced vigorously other
conspicuous Southern lines Of railroads
were quite unaffected. Again, while the
CHANGERS as a rule were strong and active.
Northwestern scarcely moved, and the Pa
az -. s-~r.4f-- Da4fGo
showed very slight response TO the prevail
ing strength. The New York, Chicago 4
st. Louis stocks. were subjected TO rather
rising an extreme eight points and the sec
ond preferred six points. New York Cen
imum price of 40. The high-priced special
ties. including Sugar. Tobacco and Peo-
pies Gas. and the local traction stocks,
were all of them quite aggressively strong.
The largest activity was in the Leather
stocks, and the buying in them continued
the preferred touching 81. This enumera-
ton includes the most conspicuous in
stances Of strength There was, at the
same time. a notable backward movement
An Pullman. Laclede Gas and Anaconda,
which show net declines, respectively, Of
% SheIuhIasi' an sdA on Snu or two TWO p Of the rom hmeri snd
steel stocks also reacted, and Glucose Sugar
preferred dropped three points in spite OF
FAR the DAYS strength was due to cover
ing by che short interests, which common
credence places at still larger proportions,
IL would be difficult TO say. The public had
little to do with yesterdays rise. But pro-
fessional operators of a large caliber took
q conspicuous and confident part in the
market.
The continued downward course of ster-
ling exchange affords relief from all appre-
hension OF gold exports. But no prospect
is dfscerntble OF easier money conditions.
Call money yesterday was sitter at s and Z
per cent. and time loans for all periods
again came back to s per cent. The ex-
change continued TO move in favor of the
interior as against New York. Recent
large expenditures by the government show
a declining tendency, and thus threaten a
renewed drain on the New York banks in
taking up the government surplus. The
days movement of stocks demonstrates
how completely the money outlook was ig-
uored.
There was heavy buying of Green Bay in
come BIS at an advance OF 2ls. The bond
market otherwise was moderately active at
advancing prices. Total sales at par value
were S.s45.0co. United States IS advanced
Il and old Is, registered, declined Is In the
bid price.
Following are yesterdays share sales,
with the closing bid prices: