The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-01
ACTIVE TRADE in SHARES
MARKET REAPS THE BENEFIT OF
TUESDAYS SHARP ADVANCE.
IndustrfaIs Suffer from an Overload.
ed Short Interest-A Dull Day I'm
Local Business Circles.
At New York yesterday money on call

At New York yesterday money on call
was easy at 2Q2h per cent.
Prime mercantile paper. 400 per cent.
Sterling exchange was heavy, with actual
business in bankers bills at s4.S7A@4S71s
for demand, and $4.S4d4.s41l for sixty days;
posted rates, $iS5 and SASSY; commercial
bills $4S3hd4s3 s4.
Silver certificates were 5sl.@sOl2c; bar sil-
yer. 69isc: Mexican dollars, 47ikc. Bar sill
yer. London, was frmer at 27azd.
Yesterdays New York stock market
showed the stimulating effect of Tuesday s
sharp advances and increased activity, in a
largely augmented outside demand. The
commission houses showed more buying or
ders TO execute In the morning than for
many weeks past, and their brokers made
lively opening on the floor of the board
room. The great activity of the market.
and the steadiness of prices during the
first hour made II obvious that spectators
who had bought stocks Tuesday were feed
ing the new demand with judicious liber-
atty, so as to realize profits on Tuesday s
rise and yet not disturb the new level of
values The steady and confident absorp-
ton of these offerings proved highly salts
factory to the professional bulls, and be-
fore the end of the first hour they COM
menced TO bid up prices again and to take
on new lines of stock. The market was a
good deal unsettled by a sudden break of
four points in Sugar, and the announce
ment OF the failure of an important Stock
Exchange house. The closing out of the
accounts of this house under the rule of
the exchange caused a pause in the specu-
laf
absorbed and prices well sustained. The
best prices of the day i'm the majority of
stocks were made after this episode, the
demand from the short interest becoming
eager and pressing for some of the stocks
which have been targets, recently, for
bear operations. The frightened shorts
were ca ger TO cover and IL cannot be said
that the bull contingent retained the same
placid confidence during the latter part of
the day. They were disposed to avail
themselves of the forced demand from the
shorts 10 realize. and prices yielded quite
materially during the last hour. The mixed
sentiments thus manifested were partly
due TO the facts disclosed by the days in
cidents that an important part of Tues
days large buying was due TO a reckless
and Incorporate attempt TO recOup bear
losses by piunging into long account. *
was evident that operators short of the
general market had made prodgal out
lay in Sugar which relapsed weakly in the
face of an effort 10 realize profits. There
WIS very HctNy CoNcflllS eNlucuCe at Va
rious points in the list. the Industrial stocks
recently under pressure being most con-
spicuously affected The very heavy deal
ings in Brooklyn Transit and a part of the
demand for Steel and Wire were attributed
to this cause. There was very large de-
mand. however, for Steel and Wire for the
long account. The sympathetic effect on
other metal stocks was less marked than
Tuesday. The aggressive bear strength
seemed to impress foreign markets. and in
vited some small buying demand from Lon
DON Conspicuous strength was displayed
by the grangers. the coalers and some of
the Southwesterns. but the gains In tic
railroad stocks were much affected by the
late realizing and were nearly all reduced
20 fractional limits, after having extended
well above a point. Third-avenue and
Pittsburg. Cincinnati. Chicago * ST. Louis.
continued heavy in face OF the general
tendency of the market. The money mar
ket continued very easy without rejecting
IN any degree the enlarged stock market
activity and sterling exchange was distinct
ly reacsfonary.
The bond market was active but Yielded
Mt some points Total sales at par value.
were s2.355.000. United States threes cou-
pom, declined X: and the old tours, :; in
the bid price. Tine twcs rose IL
Foucw,-g sre 'i.e days share sales and
the closing bid prices: