The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-11-25
BIG BULGE In B. . O
PREFERRED WENT UP 3 "a On VERY
HEAVY TRANSACTIONS.
" honey Outlook Is for N Continued
Stin Market-LOcal Trading shows
sIiEhtIy Improved Conditions.

AT New York yesterday money on call
was steady at 5qs per cent; last loan. .
per cent.
Prime mercantile paper. 5iz96 per cent
Sterling exchange was firm, with actual
business in bankers bills at ASAG4.SG for
demand and s4.S1Aa4.S11s for sixty days;
posted rates, &.S2Q4.s2h and S4.S612qLS7;
commercial bills, $4-s014.
Silver certificates were 5SAq5szc; bar sill
Yer was sec; Mexican dollars were 47Ac.
Bar silver at London was easier at q 3-16d
per ounce.
The sum of e15,O1 in gold was withdrawn
from the Bank of England yesterday for
shipment to South America.
Imports of specie this week at the port of
New York were s52, so in gold and s72,092 in
silver. Exports of gold and silver from New
York to all countries this week aggregate
$5S5, 600 in silver bars and coin and 5000 in
gold.
Imports of dry goods and merchandise at
the port of New York this week were val
ued at s~9.ss1,530.
The New York stock market yesterday
showed divergent movements of a few Of the
industrials and a handful of railroad stocks.
The few conspicuous railroad stocks pur-
sued an upward course. while the industrials
were on the down grade. The movement
I'm the railroads proved rather more infiu-
entail on the general list than that in the
industrials. The undertone of the market
was Enthusiastically strong, and in the latter
part OF the day the strength became more
general. Profit taking before the close re-
duced prices from the best. In the body of
the active list net changes are surprisingly
small, and while the majority are gains.
there are important exceptions on the side
of losses. The Baltimore * Ohio stocks
were the center OF interest. The buying of
these stocks was large from the OPENING,
dealings assumed astonishing magnitude.
Blocks OF many thousand shares OF the
preferred succeeded each other in quick
succession. and We're determinedly absorbed
on a constantly rising price. The buoyancy
of the stock carried IL up an extreme "a
points. and the closing was only slightly
below that. The net gain in the common
was 1Ac There was a heavy demand for
Union Pacific. but profit taking met the ad-
vance above *. and its net gain was only
slightly over a point. Dealings in Pennsyl-
vania were on an unusually large scale,
and IL rose an extreme pa. with a reaction
of ga. The Hooking Valley stocks gained
over a point each on the declaration of the
first dividend on the preferred There was
feyerish speculation In Consolidated Gas be-
fore the encouragement of the determine
fion not to advance. the price OF the prod
uct. thus necessitating the continuance of
the destructive rate war. Toe stock sold up
IL. and then relapsed 5z and closed at a
fractional recovery
he = ~ II
The sensational collapse in Leather
came after the rise to Is. From that point
the stock sold down without any attempt
at support To 1S4. "A fierce and stubborn
contest was waged around -, from which
the supporters o. the stock merged tri-
umphant after absorbing the deluge of Of
ferings. There was some evidence of
strength here and there among the indus
trials. notably among the iron and steel
stocks and Continental Tobacco stocks. A
considerable demand was due to the eff
forts OF the short interests to cover over
the approaching double holiday. Reports
OF Brush successes in South Africa were
used with some effect by the bulls, al
though London was a seller on balance in
this market. st. Paul's third week state
ment, showing an increase OF nearly si14,-
O0 over last year, and other favorable
railroad eme had a strengthening
effect on the list, as did the placing of
HocAing Valley preferred in the dividend
dend OF Ia per cent. The principal infiu-
ence in the days trading was the expecta-
ton that the bank statement Saturday
will make a strong showing and aus give
an impetus to speculation on Monday. The
subtreasury operations for the week show
a gain by the banAs of $7.S27,O0 As the
loan expansion does not seem to have
been large. a very considerable recupera-
ton OF reserves thus seems assured.
There was a good absorption OF bonds at
advancing prices. Total sales, at par
value. were 2,16O,000. United States threes
1910 ~" = III III btA
price.
than at the close OF last Saturday. not
withstanding very sharp dvances i'm a
number of individual stocks which are
usually not prominen. IN the market. Last
weeks glowing anticipation of an abund-
ance OF monev at cheap rates have not
been reaiizeu: and the disappointment in
speculative circles has led To some mar
ketIng of holdings. There was a very mar
row demand to absorb these HOLDINGS. The
effect OF the government bond redemptions
\ m Gha stock mnREaf 0Na not n1An liz
equaled the hopes OF bull spectators. The
volume OF bones offered at frs in re-
Spouse TO the Treasury Departments offer
encouraged the expectation of a marked
effect on e.e money. mar~et- But there
were large holders of stocks who took adj
vantage OF the strength induced by the
bond redemptions and the good bank
statement last Saturday to sell ouc This
kind OF selling on MOnda" and a furry i'm
call money on Tuesday to IL per cent. eff
fectualy dashed the hopes of a AMMAN
once more came into play The small ef-
feet produced on the open market for cal
loans by the disbursement OF over $12.
c0 for government bond redemption Is ex-
planned by the character of the holdings
tina. have been redeemed. A large proper
ton OF these has come from savings
banks. The large absorption during the
wees of the United States 4 per cents. of
1870 shows that a considerable proportion
OF the redeemed bonds We're simply con-
verted into the new fours. with the pur-
pose OF extending the period of the invest
ment. Such an operation brought no loan
the CONVERSION into the United States new
fours, the New York savings banks used
part Ga the redemption money 70 acquire
some of the New York municipal bonds
which were issued this week. The New
Yora city government keeps its cash IN
depository -anks. so that portion of the
government redemption money has
come. cor WI become, available to the
money marke
NO ABUNDANCE OF MONEY.
IL thus happens that. while the subtreas-
ury operations have yielded upward OF seven
millions during the week. and confidence
has been felt that the technical condition
OF the banks would be greatly improved IN
Saturdays returns. the increased available
resources Of the money market were not
abundant. Last weeks rumOrs Of heavy
holdings of government bonds. which would
be offered for redemption in blocks and the
proceeds used 10 lubricate the wheels Of
speculation, have been gradually cissipated
The course OF the interior currency move
ment has been obscure and uncertain. The
upward tendency Of New York exchange at