The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-12
R Raj in STOCKS
DEMAND VAS URGENT, AND THE
MARKET BROAD AND STRONG.
Anthracite Group Led i'm the Advance
Trade Is Good.
At New York yesterday money on call was

At New York yesterday money on call was
nrm at 1906 per cent; last loan. Az per cent.
Prime mercantile paper, 4tzQ5 per cent.
Sterling exchange was weak. then steadisr.
with actual business in bankers bills at SiS4&U
ASH for demand and s3.S07s for sixty days:
posted rates. sf.slHG4.s2 and s4.S5isa+S6: COM
mercia1 bills. 81. so1f so1k.
Silver certificates were 64d65c; bar silver.
ssssc: Mexican dollars. 5OAc. Bar silver was
q l3-l6d an ounce in London.
lie demand for stocks yesterday was so large.
30 urgent and so widely distributed as 10 sug-
eest a recrudescence of the bullish enthusiasm
OF the period Immediately following the election.
The motives of this buying and the strength OF
the whole market were somewhat mysterious
The anthracite group had its own particular
cause Of strength i'm the circumstantial asser-
tions of the passing control OF the Pennsylvania
Coal Company 70 the Erie Railroad and the con-
seouent Illustration or the plan for a new rail-
road from the coal regions to tidewate- TO sat
isfy the ideas of the independent operators re-
garding transportation The threatened con-
struction of this road has long been a bugbear
TO the anthracite companies and the adjustment
OF anthracite affairs involved in the abandon
nent OF this plan would be of great Importance.
as was plainly shown by the buoyancy OF all
the stocks in the group. New Jersey Central
was an early exception to the strength of the
group but recovered later. The Erie stocks and
Ontario & Western, as being most Immediately
affected by the threatened competition, led of in
the movement. Later in the day the Reading
stocks assumed the leadership and were absorbed
IN enormous blocks up to the close OF the mar
ket. The gains in the group ran from one TO
three points. This movement was the mainstav
OF the market. but the general strength was too
striking To be explained as a sympathetic move
Elent. There was some demand for London ac-
count ON the opening of new accounts incident
- the settlement. but this buying is called pro-
fessional arbitrage operations, and may orig
mate either in New York or in London. The
most marked effect was produced on Southern
Pacific. which opened up IL and advanced later
60 43, closing at the highest. The belief has pre-
vailed In Wall street that there was a very
heavy short account in some of the railroad
stocks Tor which Western spectators were liza
stocks The bear account In the latter group
has been aimed at by the advice this week. and
nay have been reached In the railroad group
yesterday. The money market outlook continued
threatening. so that the superstition is aroused
that the days buying is for the account of hnan-
cisi interests, which are independent Of the ordi-
parry resources OF the money market. The trans
Orleans reached S550.010, which is the largest
sum OF any day in the recent movement. The
nUbtreasury has already taken frcm the market
this week the sum OF 50. EOS. 900, so that the in
road en- the resources Of the banks promises TO
be as great this week as IL was last week.
The bond market was irregular. Total sales,
~ par value. were S4,045. 000. United States re-
funding twos. coupon. advanced Is per cent. on
the last call.
Following are the days share sales and the
closing bid prices: