The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-10-16
STRONG RISE in PRICES
MARKET SUDDENLY TURNS TO AN
AGGRESSIVE BULL AFFAIR.
First Gold from south Africa-Dfs-
counting the Election Chances
Local Trade i'm Fair Volume.

At New York. yesterday. money on call was
steady at s951z per cent last loan, 3 per cent.
Prime mercantile paper. 5g6 per cent.
Sterling exchange was firm. with actual bust
ness in bankers hills az s4.s41s for demand. and
s4.soh for sixty days; posted rates. A.SlqiSlAa
and sls5ik: commercial bills. $479@Q4-So.
silver certificates were 62AQ6SAc; bar silver.
es%c; Mexican dollars. 49l1c. At London, silver
bars sold at 2sSd an ounce.
There was an outburst Of large and buoyant
SPECULATION in the stock market, yesterday,
which lifted prices during the course OF the day
from 1 to over 3 points. The buying came from
many divergent elements. but the patent fact
was that an enormous number or stocks Were
bought In an eager and confident manner on a
rapidly rising scale OF prices. Forced covering
by a largely extended short interest had some
thing TO do with the rise. Bull manipulation by
a number OF powerful cliques. some OF them
newly termed In the morning. aided the advance.
The commission houses reported that they had
large orders to buy from outside sources What
proportion these various elements had in the
aggregate OF the days trading il is not possible
even to estimate, but no merely technical condi-
tions could have resulted In 50 considerable rise
in prices AMI in such widely distributed strength.
The true basis OF the advance, evidently, was
the change in the money outlook and the prom
ise held out TO the speculative spirit In the gen.
eral conditions. There has been steady growth
OF confidence in Wall street for some time past.
ira the general outlook for business 1t has been
firmly held that as soon as election uncertain
ties were disposed of there would be a renewal
OF business activity up TO the high level or the
recent prospectus period On the other hand. the
growing contraction of the money supply left
room for doubt whether the intervening period
could be safely bridged without such a money
stringency as would be disastrous to specula-
tive commitments. The conviction crystallized.
- l. a.--o- - ~oopav efrfnUorA
was mitigated and the expected post-election de-
mand for securities was discounted on a large
sssie, yerv layxe Contraction Of loans had been
effected without serious harm 10 the stock mar
ke' e enEsged in Europe. last week. is expected
20 arrive 20 show IN next saturdays pank
OF a determination to furnish export gold to
avert a money stringency and the expressed
ACT toward the same end. had a notable effect
in strengthening confidence. The large addI-
morning Promised further help 10 the local mar
ket although the receipt Is deferred for several
comes from South Africa. The fact was much
resumption OF the output from the Transvaal
mines. but the exact source OF the supply and
Kent shrouded in mystery. The fact that there
were no deposits at the subtreasury for transfer
to to i ins,s sn a the Ss1 future interior demand for cure
rency, the more so as New York exchange. at
SdtSA 81 cents discount Saturday. The hardening
OF sterling exchange was due simply to the pur-
chase OF bills against the gold imports. The
striking exhibit OF the foreign trade for Sep
fember showed conclusively the continued de-
vnand for the international exchanges. Not only
was there an increase In exports OF nearly &c.
oo0. 900. compared with last year. but a decrease
~ oyer ST.. 000. 900 in imports went further to en-
nance the trade balance in our favor. so that
me 81 Tan no to over s5s.0o5.oo0 realizing in
stocks which tad had their extreme advance
~erlv I'm the day made the close slightly irregu-
lar. but prices generally were we'll maintained
ct the top.
There was a decided growth of activity IN
honds and some notable advances in prices.
Total sales. at par value. were 81. 90. 900. United
states bonds were unchanged on the last call.
Following are the days share sales ana the
closing bid prices: