The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-31
LETHARGY THROWN OFF
ALL THE STOCKS BUT PANHANDLE
MOVED BRiSkLY UPWARD.
That Was Depressed Owing to Ru-
mors of a New Competing Line-Ac-
tivity In Local Trade Circles.

At New York. yesterday, call loans Were
easy at 2q21z per cent; last loan, per cent.
Prime mercantile paper, 4Q5 per cent.
Sterling exchange was heavy. with actual
business in bankers bills at siS7iz for de-
mand, and $ISfsq4SiA for sixty days;
posted rates, s4S5 and S4.Ss1a; commercial
bills. s4.S31zQ4S4.
Silver certificates were 59lkQ601kc; bar
silver. $3.50; Mexican dollars, 471zc. Bar
silver. at London, was firm at 27ssd per
ounce.
The stock market threw off its lethargy
yesterday in a very impressive manner.
There was quite an active demand for
stocks from the start. in the shape of
buying orders accumulated over night, and
the demand gathered volume and urgency
pretty steadily throughout the day. The
rise was so considerable at some points
as to invite profit-taking, but offers on
this account were absorbed with such con-
fidellce that the selling soon ceased and the
market closed with an upward course of
prices and burst of animation at the best
prices OF the day. Although there was
substantial increase in calls from outside
interests, many orders coming by telegraph
from different points in the country, as
well as from sources outside the ranks of
the habitual spectators, the market must
still be described largely professional.
The strength was also, to a great extent,
spotty. That is TO say comparatively few
stocks or groups of stocks rose buoyantly,
while the larger part Of the list moved in
more sedate manner. but still upward But
while this is true OF perspective view of
the whole market, there was nevertheless
hrna rrf in RI
interests, not only through the partially
active list, but embracing many dormant
stocks. 1t has been manifest for some time
that the n0ating supply OF stocks was
small. and that prices moved easily on
any considerable demand, but this and
everything else seemed unavailing to invite
any considerable demand. Even the obvi-
Gus unwillingness of prices to go down and
the determined ignoring of depressing in
fluences, reflected from the London market
have seemed. until yesterday, to be viewed
with apathy by the speculative public.
These events have, of coure. tended to
building up confidence in the stability of
values, and apparently it needed only some
special incident TO crystalline sentiment in
TO an active buying movement. The action
of the directors of the American Steel and
Wire Company, Monday, in setting aside
n years dividend for the common stock at
the rate OF per cent, and the handsome
showing presented in the balance sheet of
last years business was the effective in
cident. There was rush to buy American
tions We're a full point apart on running
sales. The stock scored a subsequent ad-
vance which carried IL up an extreme five
points. Its net gain was 4esc This ag-
gressve strength had marked sympathetic
enect on the metal stocks. all the more so
on account Of the extreme depression from
which they have long suffered. There was
large demand from eager sAorts in
Sugar, and the prevailing cold weather re-
suited In sudden Jump in the price of the
coalers. In the railroad list, the grangers
and all the Pacific and Southwestern
stocks were in notable demand, but the
whole list was strong. The on.y thing TO
account for the sudden drop of liz in
Ptttsburg, Cincinnati. Chicago g. ST. Louis.
was a report of a new Pittsburg- Chicago
line in contemplation Chesapeake &
Ohio was heavy perhaps in sympathy.
The first two hours of trading recorded as
many sales as the recent average for a
full days business. While the market is
still largely professional. the calibre of
the operators is obviously much heavier
than those recently in evidence individual
transactions OF thousand shares and
upward being frequently recorded.
Bonds showed increased activity and
were strong throughout. Total sales, at
par value. were Si,940.0O0 United States
old fours. regular, advanced &C, and
United States old tours, coupon, &c in the
bid price.
Following are the days shares sales, and
the closing bid prices: