The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-19
SHARES RISE BUOYANTLY
INCREASE IN ACTIVITY WITH 4
STRONG OUTSIDE DEMAND.
Bears Driven to Cover, Contributing
cal Trade Stacks Up n Bit.

At New York yesterday money on call
was easy at 1902 per cent. last loan.
per cent.
Prime mercantile paper, 3AQ41z per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4.s7s464.S77s
for demand and s4.SizG4S5 for sixty days;
posted rates. s4S51z and s4.Ss; commercial
bills, s4.S4d4.s41k.
Silver certificates were 6014G60&c; bar sill
ver 60c: Mexican dollars, 471sc. AT Lon
don bar silver was higher at 27ssd an ounce.
The stock market contended successfully
against the marked depression of the early
dealings and showed increasing strength
as the day advanced Early losses were
al, retrieved and the close was fairly
buoyant, with burst OF buying orders in
volume and urgency exceeding that for
long time past Very notable net gains
are shown by number of the specialties
and industrials, while the railroads gen.
orally are from a fraction to over two
points higher. The early depression had
its inception in London, where stocks were
sold down sharply. Corresponding losses
were shown at the opening here. and the
bears were in aggressive mood with this
encouragement and prepared To continue
their operations against recent weak points
in the industrial list Sugar and Tobacco
were both sold down sharply, but they met
support of a character which has been
lacking for several days past. An un-
wieldy short interest has been formed, es-
pecially in Tobacco in the course OF its re-
cent severe decline, and when the stock
began to move upward the demands from
the bears became precpitate. The ag-
gressive strength developed in some of the
New York city stocks added to the con-
fusion OF the bears. Brooklyn Union Gas
moved up 51z points and Consolidated Gas
81 to level far above that touched by
this stock for many months past Even
the steel industrials were bought and
moved upwards generally over point
The bears abandoned their efforts to keep
Down prices and rushed TO cover all
through the list, making the buoyant close.
The large buying of Burlington was the
feature in the railroad list during the lat
ter part of the day, and the sudden jump
In prices In some OF them indicated the
uneasy demand from short interest. The
usual weekly forecast of the bank ex-
changes was a potent factor in the day s
strength of stocks. II is expected that the
gain by the clearing house institutions will
amount to about 81, 300. 600 after allowing
for loss to the subtreasury of about $780,.
coo. including the payments for gold bars
for export. The movement Of currency
from the interior Is counted upon TO yield
failure of last weeks money market to re-
fleet the placing Of the large loan to the
Pennsylvania Railroad Company. said to
amount to $16,000.000. IL was expected that
this item would be reflected in this week S
loan account Of the banks out the con-
tinued ease of money does not indicate
large loan expansion, and the explanation
Is offered that the Pennsylvania loan has
been put off again in large part pending
the period for its use. No gold exports
were announced for to-day's English
steamers. and sterling exchange fell lower.
The strong return made yesterday by the
Imperial Bank OF Germany kept pace with
the improved condition of the English and
French institutions and afforded relief from
apprehension of any further gold exports
at present.
The bond market responded to late ac-
tivfty and strength in stocks. Total sales
at par value were s., 725.000. United States
refunding twos when issued advanced u
and all other issues except the threes,
coupon, Il in the bid price.
Following are the days share sales and
the closing bid prices: