The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-10-20
AN ERA OF HIGH PRICES
1T SEEMS TO BE- FAIRLY INAUGU-
RATED BY THE BULLS.
Except I'm N Few Instances Notable
Gains Were Made-Healthy Vol
ume of Local Business.

At New York yesterday money call was
firm at s94 per cent: last loan. , per cent.
Prime mercantile paper. sac per cent
Sterling exchange was heavy, with actual busi-
ness in bankers bills s4s4A for demand and
s4s1A for sixty days; posted rates, As2q4S2lz
and 81 s5Is: commercial bills. si.solzqLs21z.
Silver certificates s21zQ6<c; bar silver.
sshc; Mexican dollars. 4sssc. Silver bars at
London were 2sssd ounce
There was very active market for all kinds
CT stock yesterday, in which the bull element
early secured the upper hand and maintained 1t
with growing success throughout the day. The
rise In prices was 20 considerable TO invite
free proht-t taking during the closing hour Of the
market. But stocks were picked out for
an advance with such good effect on the general
list that IT was able to absorb very large
amount OF the offerings before any reaction was
produced. Prices off somewhat in the final
dealings reducing extreme gains to a consdera-
bic extent and carrying few stocks. including
some OF the leading industrials. below Thursday
night The closing was thus made irregular and
very active, but the average level of prices
considerably higher result Of the days
trading. The advance was contested during the
earlier part OF the day. but not as vigorously
Ms Thursday. No further effect was produced
than TO check the advance in some quarters,
without effecting any actual declines. The bear
opposition appeared to be withdrawn when the
course OF prices turned clearly in favor OF the
bulls, and OF the interests which were
large sellers Thursday turned to the buying side.
A fact which could no; escape notice was that
Thursdays rumor Of further plans Of amalgama-
ton OF the Vanderbilt properties were heard
nothing OF yesterday. and the concerted advance
In the group came TO end In fact New York
Central itself finished the day with net loss,
and the same was true OF other members of the
group Lake Erie * Western stocks, however.
moved up In the early dealings and New York,
Chicago & ST. Louis first preferred gained an adj
dtional i've points II was notable also that
Thursdays upward rush In the steel stocks was
dessted from. and several of the group ended
with net losses. the important exceptions being
stocks and National Tube Sugar and Peoples
Gas were affected by realizing This turning
from one point in the market 10 another is a
characteristic feature Of professional specula-
tion and manipulatlve processes. which clearly
played large part in the days market but IL
was equally clear that the professional manipu-
latlon for the rise had large success In attract
ing outside buying.
Preliminary estimates of the weeks cash
changes Of the banks decidedly confused
The direct shipments by express TO the interior
and the operations OF the banks with the New
York subtreasury indicate loss in cash OF S70s-
900. This takes no account Of the gold which
has arrived from Europe this week. and which
may be too late TO figure prominently in to-day :
statement. This would throw the effect OF the
gold imports over into next weeks statement.
The activity in the stock market seems to indi-
Stock Exchange have come largely to trust CON-
panies. which drew on their bank deposits to
shrinkage In the deposits, and consequently in
reserve requirements. which will be TO the ad-
vantage of the surplus ..,..-.,,. -.
tive. and there were some large gains. Total
sales at par value were 81 725. ooo United States
Following are the days share sales and the
closing bid prices: