The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-13
ON A BUOYANT MARKET
ALL WALL STREET STOCKS CAR
RIED TO A HIGHER LEVEL.
Friends of Sugar Went to Its Support
Foreign Monetary Situation En-
couraged the Bulge.

At New York yesterday money on call
was steady at 31i per cent; last loan. per
cent.
Prime mercantile paper. 51za6 per cent.
Sterling exchange was weak, with actual
business in bankers bills at s4sss4@4s7 fer
demand. and s4S3q4S314 for sixty days:
posted rates, s4-Sih and $4S71zQ4.SS; COM
mercial bills, $4-S21za4S 49,
Silver certificates were 5Sizd591zc; bar sill
yer was 5s5sc; Mexican dollars were 47lkc
Bar silver at London was steady at 271sd
per ounce.
The opening sales of Sugar at New York
yesterday afforded convincing evidence that
its friends had rallied to it's support. and
were prepared TO contest the progress
which the bears have made in cutting down
its price. Very heavy blocks were thrown
upon the market at the opening, but the
quotation was lifted from lib to ia on run
ming sales in the first transactions of the
day. The opening price was the lowest.
After the stock got above Thursday nights
level the bears renewed their efforts to de-
press it again, but without success. The
resistance shown by the stock caused I'M
easiness in the ranks Of the unwieldy short
interest, and they started to cover. They
carried the stock UP to lis, near which it
closed There were no further signs of the
acute weakness which was shown Thurs
day by the local traction stocks, and
Tobacco, which was said to bSrdue to the
closing out OF an embarrassed account
These stocks were under pressure during
the morning, but they responded to the re-
covery in Sugar and late general strength
In the market, and rose vigorously above
Thursday nights level. The relaxation of
the pressure in Sugar played no small part
In the general strength of the market Rail-
roads advanced at the opening in sympathy
with strength abroad, but they were not
embarrassed by decentralization i'm the spe-
cialtiez, and so gained strength as the day
progressed. All the principal stocks rose
from i To points over Thursday nights
level and closed strong at the top. Some
very large blocks of Baltimore & Ohio were
taken on in the late dealings, by the cir
culation of rumors of approaching dividend
declarations. The market broadened out
notably In the late dealings, on the inn
proved sentiment in foreign financial cir
Giles, and In expectations of a strong bank
statement The Bank of Germany followed
the other European government banks yes
terday by reducing its minimum discount
rate from TO per cent, and the rapid
downward course OF private discount rates
in London gave confidence in still further
reductions in the bank rates. London also
Gcneral Buffers new position on the Tugela
river The buying for London account was
sufncient TO cause sharp break in sterling
exchange rates all around Money was in
abundant supply, and rates for time loans
We're shaded TO per cent on railroad COL
lateral Call loans fell to per cent Sub
treasury operations had yielded to the
banks IS. $4,000 up TO Thursday night. The
net gain OF the banks on the regular export
movement with the interior is estimated
at about the same amount. This does not
take account OF receipts by registered mail.
which are reported TO have been on a large
scale. From these amounts must be de-
Quoted last Saturdays golD exports. as well
as S1.0OO.OOO in gold. which went to South
America yesterday. The net gain by banks
on al accounts is figured at about 81, 600 OOO
The bond market continued dull. bur was
strong Total sales. at par value were
s2,ly5,OOO. United States threes registered
declined Is, but the fives advanced Is in the
bid price.
Following are the days share sales and
the closing bid prices: