The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-28
BRISK RISE in SHARES
IMPROVED CONDITIONS IN THE
STRIKE REGION RESPONSIBLE.
CoaIers Most Affected, but All Issues
Plunge of Sterling Exchange.

AT New York yesterday money on call was
steady at 1l=a2 per cent; last loan. ia per cent
Prime mercantile paper. fsd5is per cent.
Sterling exchange was weaker. with actual
business in bankers bills at s4-s55sa4.s5A for
demand and A.s21sG4.s2A for sixty days; posted
rates. s4.s364 and A.s7q4S7h. commercial
bills, A.s11z94s2-
Silver certificates were e3A bar silver.
CSC: Mexican dollars. 4ssc. Bar silver sold at
2S1sd in London.
Yesterdays noteworthy advances in prices OF
stocks were primarily due TO the existence of a
large outstanding short interest. Manipulation
against the shorts was also obvious and In the
hands OF strong ard resourceful interests The
bidding up Of stocks carried prices swiftly away
from the bears in the very crisis OF their dis
tress. and there was a notable recalling Of
stocks which have been loaned 10 the shorts on
advantageous terms for a long time past This
could only be the result OF powerful manipula-
tIon TO force the shorts to buy stocks to cover.
But while these facts were obviously true the
upward reaction could hardly have been pre-
cipitated or extended to the lengths 1t has with
out a strong revuIsion OF speculative sentiment
from the depression which has induced the liqui-
dation for some time past. Almost the entire
credit for this revulson must be given to the
growing conviction. strengthened by significant
admissions from authoritative sources. that ac-
80 t0o
anthracite coal operators and miners. and that a
basis OF settlement ha5 been formulated with
good hope OF success. The violence of recovery
In prices on this development Is astonishing.
considering the small Impression that has been
made upon the prices OF coal-earrying railroads
since the strike has been in force. and which
has given the imprs sion that there was little
short selling being done on account Of the strike.
This superstition will scarcely hold in view of
the large bear account. which was disclosed by
the conviction that a strike settlement is immi-
nent. But II must be borne In mind tina. when
prices are once forcibly diverted in a given d.
rection IN Wall street sentiment in all points is
made to conform TO the new order or things.
The mercurial minds OF the spectators. in con-
foTmity with this rule. yesterday threw of all
their lowering apprehensions or the coming
stringency OF the money market. The downward
plunge OF sterling exchange Of a full half cent
on the pound for both actual and posted rates
helped TO this result. Commercial bills OF ex-
change for cotton are coming forward in such
force as to relieve apprehension as to the ability
ture obligations on the German and British ex-
chequer loans without export Of gold. The
strength OF the stock market, growing into buoy
ancy, was continuous after an opening dip in
were driven to cover Wednesday night on a
rumor OF the coal strike settlement, which was
not confirmed yesterday morning. The extreme
advance in the coalers ran up to 81 in New
Jersey Central. and the leading specialties and
local traction stocks recovered from 2 TO 3a
points. In the active railroad list net gains OF
! to 2 points are the rule, with the closing ac-
tive and strong at about the top.
Bonds improved In sympathy with stocks, the
speculative issues leading Total sales at par
value were $4,000. United States new fours
Following are the days share sales and the
closing bid quotations: