The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-07-18
TOOK A HIGHER a
SHARES IN WALL STREET MANIPU
LATED BY THE BULLS.
Railroad List the Center Of the Spec
ulative Interest-GoId Exports for
the Week VIII BE Heavy.

At New York yesterday money on call
was easy at 1AG1h per cent.
Prime mercantile paper, 3Aq45 per cent.
Sterling exchange was firm. with actual
business in bankers bills at $4S7@4.S1b for
demand and s4sid4.Slls for sixty days;
posted rates, s4.S5Q4.Ss; commercial bills.
sI.s3ss04SS%.
Silver certificates were 61AG62hc; bar
silver. else. Mexican dollars, 4SA. At Lon
Con bar silver was 2Skd an ounce.
The stock market gave continued evil
dence yesterday of operations by an in
fuential bull party. Their efforts to advance
prices met with considerable success, and
were assisted by a sharp upward move
ment in a number of individual stocks, in
which an outstanding short interest was
driven to cover. Business continued, in
large part. in professional hands. The gen.
eral list was rather neglected. and its
price movements were unimportant, but
net gains were generally registered at the
close of the day. The manipulative charac-
ter of the market was evident from the cir
culation, from time to time, of some
rather extravagant rumors. But the re-
sulting gains were pretty we'll held, and
the pressure of profit-taking at the adj
vance was not sufficient TO cause any very
notable set backs. The tone of the market
at the close. however, was rather easy and
dull. at concessions from the best. This was
due rather to a pause in the bull mani
rulation than TO any large selling. Union
Pacific was the most conspicuous stock in
the list. and resumed its upward movement
early in the day. Higher quotations from
1.ondon helped the advance. the news of the
fall OF Tien-Tsin encouraging sentiment
there. A period of dullness and relapse fol-
lowed the higher opening. which was ap-
parently due to the check to the upward
tendency in b. & o. Some doubts were
cast on Mondays confident predictions of
early dividend action on this stock. The
market maintained an attitude of indif-
ference for some time to the rapid advance
scored. first by Brooklyn Transit and later
by Sugar, the first rallying 3a from early
depression and the others rising nearly 4
points. The movements were due TO the
demand from the shorts, who were dis
turbed by the apparent willingness of in
side interests In Transit to see. the stock
go down. and by reports of large profits in
sugar refining at the present level of prices.
There was similar movements on "A smaller
scale in a number of prominent special
lies. Pacific Mail rose cOnSpicuously 1
points. In the ~supposition that il would be
benefited by the transport of the troops
End military supplies TO China. The upward
movement I'm railroad stocks was renewed
after midday. under the stimulus of these
special The grangers, South
westerns and Pacifics advanced very gen.
orally. from 1 to Ia points. and st. L. & s.
r nrst preferred jumped 2z on "A few trans
actions. The movement did not extend far
outside these limits I'm the railroad list.
The steel stocks were rather quiet, and
f1uctuated ~irregularly under the influence
OF uncertainty due to conflicting reports Of
a conference which was expected TO be held
during the day between leading steel inter-
ests. but of which ali knowledge was de-
MED by those interested. The favorable
crop news was an important influence in
the result. The buying OF gr~ain-carrying
roads was reputed to have its origin in the
West. where the bull movement in grain
has run parallel with a bull speculation in
the grangers. Denials during the morning
of a probability that Congress would be con-
vened In extra session relieved some ap-
prehension which was felt late Monday.
The check TO the advance in sterling eX-
change was due to the offerings of bills
against gold exports. Arrangements are re-
ported 10 have been already made for send
ing $1,500.00 In gold bars by Thursdays
steamer and exchange houses estimate that
the total for the week Will run to between
three and four million dollars. Money on
call and for short time loans continues
easy and abundant. but lenders are indis-
posed to place loans for the longer periods.
The bond market was dull and the move
ment of prices continues irregular. Total
fours and fves advanced 4 in the bid
price.
Following are the days share sales and
the closing bid prices: