The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-02
ACTIVE DAY In SHARES
RAILROAD LIST ADVANCED SHARP.
LIZ, LED BY THE CHANGERS.
Industrials Weak and Lower, Except
the Has Interfered
with Local Trade Activity.
At New York yesterday money on call
steady at lAd2 per cent; last loan. 2

At New York yesterday money on call
was steady at lAd2 per cent; last loan. 2
per cent
Prime mercantile paper, s1z94 per cent.
Sterling exchange was firm. with actual
business in bankers bills at S4.S71sG4S7H
for demand and A.s4a for sixty days;
posted rates. s4.s51s and s4Ss1s: commercial
bills. A.s3&d4A.
Silver certificates were 6Oq6lc: bar silver.
6oc: Mexican dollars, 471zc. AT London bar
silver was q 9-16d ar ounce.
The stock market developed an activity
and strength yesterday which have been
foreign to. it for many weeks past. The
dealings were to a large extent concen-
trated in a limited number of stocks. but
there was. nevertheless, a broadening of
the market and general gains throughout.
even in the less active stocks. The indus
trials and ~specialties were emphatically
relegated to the background. and with the
exception of Sugar and the tobaccos there
were no notable points of strength or fea-
lures of activity in that department. 1t
was a movement of railroad stocks de-
cidedly and the advance was made in the
face of a number of incidents which would
have been quickly seized upon by the bears
in the lately prevailing temper of specula-
ton TO force down prices. Yesterday, on
the contrary. the outstanding shorts were
eager to cover their contracts, and when
they sought to secure stocks they found a
very limited amount offered. and the re-
sulting rise in prices was rapid and sharp.
Whatever the source of the demand, 1t
was large and urgent, and made its way
through all offerings with no apparent
doubt or hesitation. IT was ranOrfa1 in
Wall street that a large short account,
amounting tc over 20 1000 shares of various
stocks. was being closed out preliminary
to a European tour. The buying in some
individual stocks was attributed TO opera
tions by a pool. The facts disclosed in
dubitably by the surface indications were
that the operations were on a much larger
scale than for some time past and that
only liberal advances in the bidding for
stocks would bring out the desired offer
tngs. The opening OF the market disclosed
a mood Of depression over the disappoint-
ing effect OF the war news on foreign mar
kets. London sold about as many stocks
in this market as were bought for tina ac-
count Thursday and dragged prices below
Thursday nights level. The steel stocks.
after fractional advances. turned heavy on
the news of the closing of additional mills
and offered no support to the market for
the rest OF the day. Sugar hung below
Thursday nights prices all day and was a
drag on the market. In fact. the strength
In the tobacco stocks was the only notable
element of strength in the Industrial de-
partmeEt. A number of reports from April
showed gains In the gross earnings more
than wiped out increased operating ex-
penses. bringing the level OF net earnings
below that OF last year. But these reports
were ignored and caused no check to the
upward tendency of the railroad list. This
found its inception in the granger group
and spread TO Union Pacific, the Atchison
and Missouri Pacific. Ii was attributed TO
the favorable crop weather prevailing in
the West. Later in the day the trunk lines
came into prominence. led by b. & o., the
common rising 4 points and the preferred
2&, and Pennsylvania Reading first pre-
ferred and Lackawanna rose from 2s TO
2z- The decline in the movement of cur
rency from the interior for the week was
counted as an encouraging factor. The
net receipts by the banks from that source
are estimated at about s2.000.OO0. compared
with over S,000.000 last week. IL is hoped
that this will prove the turning point to-
wards a revival of trade activity in the
interior. The market closed active and
strong at the best.
There was n good absorption Of railroad
bonds at advancing prices. Total sales, at
par value. were 81. f95. 900. United States re-
funding twos. when issued. declined a and
old fours advanced x In the bid price.
Following are the days share sales and
the closing bid prices: