The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-05-03
BULLS DAY DECIDEDLY
SMART UPTURN IN NEARLY ALL
STOCKS WITH A WIDE RANGE.
IndustrfaIs FIuctuated Wildly, Clos
ing with Fresh Advances-Local
Markets in Good Form.

At New York yesterday money on call
was 4zQ6 per cent; last loan. per cent.
Prime mercantile paper, S1zq4A per cent.
Sterling exchange was weak, with actual
business in bankers bills at As7% for de-
mand and at As5@4s51s for sixty days;
posted rates, $lS6@4 s6l5 and $8Q4SS1z;
commercial bills s4.sSa4 $50.
Silver certificates, 62Q62Ac; bar silver,
6l&c; Mexican dollars. 4sc. At London bar
silver closed quiet at 2Si4d an ounce.
Total sales of stock amounted TO 652,2S0
shares, including: American Steel and Wire
ZOO; American Sugar. 40, 100; Atchison, A.
600; Atchison preferred, 1890; Baltimore &
Ohio, $500: Brooklyn Rapid Transit. 10l ;9Oo
Burlington, 1920; Chicago Consolidated
Traction, 500: Chicago Great Western, g.
900: Colorado Fuel and Iron. 400; Console
dated Gas, Is 800: Continental Tobacco, 49,
Federal Steel, 34,500; Federal Steel pre-
ferred. 500; Manhattan, $4,000; Metropoli-
tan Street-railway. 1000: Missouri Pacific,
trail, $500; North American, $500; Northern
Pacific, $500: Ontario & Western, 600; Pa
cifc Mall, $500; Pennsylvania, 1880; Read
100: ST. Paul, 1880; Southern Pacific 80 400;
Southern Railway preferred, $500: Iennes-
see Coal and Iron, 5000; Union Pacihc o.
COO; Union Pacific preferred, $500; United
States Leather preferred, 300; Western
Union, $500; Silver Bullion, 5000.
New York stock prices ranged over wide
radius and ended with good gains for the
day. A considerable advance, ranging from
! to points in the specialties, occurred In
the first half hour, aided by purchases or
round amounts of the international stocks
for London account. Stock values then suf-
fered on continuance of Mondays heavy
liquidation and receded sharply, the special
ties losing from to nearly points. BY
noon liquidation had practically ceased and
there were rallies which among the special.
nInr6
railways moved far less except for Burling-
ton and Delaware & Hudson, which made
net gains of 1&. and 3ls, respectively. Among
in ns AR SRee Brake. 81 in Metropolitan. s IN
Manhattan, 3ls in Brooklyn Transit and an
average of points in Federal Steel, Sugar;
National Steel and Tennessee Coal and
Iron. Call money rates ruled at about 5
per cent. most of the day and their steadi-
ness was f source , of a Wbch yas
attributed TO London's purchasing OF
stocks. Another reason which might be as
FsrS 5h I b w"ad mot IN the
tax levy for this year and the hope OF those
interested in the securities affected that the
delay of a year might bring about modi-
fication of its provisions. The sharp specula-
tive contest between the bulls and bears in
Brooklyn Transit, which ultimately resulted
In favor of the former, was. because OF its
great activity a sentimental influence in
favor of taking the long side in other prop
critics. The dissemination of story that
the sugar were iHulSpOScu " COluc
to terms with present rivals because or the
fear that other syndicates stood ready 10
start up new opposition was supposed TO
have something to do with the dip in Sugar.
but the readiness of a large house to absorb
offerings brought about rally In which the
earlier loss was more than recovered. Be
sides the tax franchise bill, the gas rate
war induced liquidation in Consolidated
Gas, but covering of shorts and other pur-
chases caused the stock to rise above Mon
day nights figures. The rapid fluctuations,
with alternate pronounced weakness and
strength. caused a reduction in the outside
interest and left the market much of the
day in the hands Of the professionals. Late
in the afternoon. when the market broad
ened out and a general movement was I'M
der way, activity of commission houses was
again noted. The market left off strong at
generally the best prices.
Some recessions occurred in the bond mar
ket in sympathy with the early liquidation
in stocks but there were later partial re-
coveries. The total sales, $2.525.000. United
States threes, coupon. and the new fours,
coupon. declined u in the bid price.
The following table. prepared by L. w.
Louis. Room IL, Board of Trade, shows the