The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-15
STOCKS RISE BUOYANTLY
RELIEF FOR MONEY MARKET
MAKES A BOOM In SHARES.
Railroads. and IndustriaIs Alike
Active and strong, with One spe-
cialty Exception-Local Trade.

At New York yesterday money On call was
steady at 4d5 per cent; last loan. per cent
Prime mercantile paper, 4lzq5h per cent.
sterling exchange was slightly easier, with
actual business in bankers bills at 81 S41z for de-
mand and slsozG4so7s for sixty days; posted
rates. $4s1izd4s2 and Ss5x04S; commercial
bills. s4sO04 soit.
Silver certificates were 64a65c; bar silver, 641sc;
Mexican dollars. 5o1sc. Bar silver was % 11-1sd
an ounce in London.
The New York stock market again demon
strated its astonishing resiliency and underlying
sbsorptive powers yesterday. Wall street has
lived for some time past in Astounding conf
dence that the securities were bound to go up
after the exigencies OF the yearly settlement
lad been met and the money supply replenished
by a rehux of funds by disbursements Of diyi-
dend and interest but the large encroachment
making the money market has caused a
haunting dread that prices in the stock market
liable to be topped over by a squeeze In
the money market and forcing OF speculative
liquidation. II not until late yesterday that
q solution OF the market enigma was offered In
iptination that losses by banks during the week,
which are conclrsfyely. shown by the known
movements OF money. has been Offset by gain
CT over 100000 from some local source This
intimation. coming on top Of a series OF favor
able developments. threw the market into a state
of boiling animation and buoyancy. The eager
buying demand from all sources. profess
s.onal bears who were short OF the market. COM
peting anxiously with the rampant bulls, who
distributed their buying orders with lavish
hand all through the list. The market was a
striking one in contrast with the close Thursday
right. when not even a phenomenal advance In
easiness OF spectators over the palpable show
ing Of absorption b. the s16tTeasnfy 20, Oh praSu
reserves of the banks. The misplaced confidence
OF bear operators IN Ihnrsaay night selii i
ing the days strength. The fun strength of the
market was by no means manifest IN the s. early
securities had forttfying effect The absorb
ton OF the Pennsylvania Coal Company in be-
half of the anthracite group was continuing
influence and was helped by the morning $ an
nouncement Of the accession OF very important
representatives of the Erie board of directors.
The effect was not directly manifest in the
taking. but the clear evidence afforded of the
persistent policy among the controlling interests
extension OF influence and representation had
stimulating effect throughout the list. The coal
were first affected as being most Immediate
ly concerned. and the movement spread to the
central traffic connections of the trunk lines AMI
10 all minor connecting railroads in which
any community Of interest or ownership could
which hung back in the early dealings,
cred buoyantly TO above Thursday nights close.
81 railroad stocks ADVANCED from an ns to thrse
points. standard oil sold at sS01 and ss07
movement Of cash which has Offset the weeks
cutgo to the subtreasury is not definitely dis
closed, but the belief Is general that IL is con-
nected with the payment OF the Standard Oil
dividend. which due tomorrow. and which
amounts to SO. 900 600 The conviction that some
OF the most powerful financial interests the
country intended 10 foster easy conditions in the
money market and the expectation OF benefits
next week from the payment Of anticipated gov
ences in the buoyant outburst which ended the
The bond market showed a large volume of
DE- slngs and prices advanced. the securities
most notably affected being OF the COM
ranies those In the stock market Total sales,
al par value, were $3.50. 90. United States
bonds all unchanged the last call
Following are the days share sales and the
closing bid prices: