The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-20
STRENGTH in LAST HOUR
DEVELOPED BY THE STOCK MAR
KET IN WALL STREET.
Buying Orders for Investment Pur-
poses Were Much I'm Evidence
Local Trading still Is Slow.

At New York yesterday money on call
was steady at 3d3iz per cent; last loan,
per cent.
Prime mercantile paper. 5Q6 per cent.
Sterling exchange was heavy with actual
business In bankers bills at $.S67s for de-
mand. and s4sSs4 1915 for sixty days:
posted rates. s4Sfk@4S5 and sisS; commets
cial bills. 81 s3d4S31k
Silver certificates were 59]A660Ac; bar sill
yer was 5s9sc; Mexican dollars were 471kc.
Bar silver at London was strong at 27%d
per ounce.
The dizziness and apathy which have pre-
vailed in the New York stock market all
week gave place in the late dealing yester-
day to a considerable show of animation
and strength. Business broadened out and
embraced a greatly extended list of stocks,
and practically all that were dealt in adj
vanced briskiy to level substantially
above that of Thursday night. The imme-
date motive of the buying movement was
the preliminary estimates of gains in cash
for the week by the associated banks The
money market during the week has shown
with sufficient clearness that cash reserves
were being largely replenished, but it is
rather a tradition with stock operators to
defer action TO discount the bank state
ment until Friday afternoon. There has
been a very large waiting contingent in
Wall street watching for some positive de-
velopment In the market before committing
themselves 20 action. All the larger COM
mission houses have been advising their
customers to refrain from action and await
the market. Apparently a large proportion
OF these were impressed by the earlier
events of the market and came in with
buying orders in force in the last hour. The
hnr ,calxra frrr,, cd In,
a body to the long side of the market, after
having made a savage drive in the morning
at Third-avenue, breaking that stock over
ten points. The amount of stocks brought
out on the decline did not prove very en-
couraging and the rest or the market was
not acutely auected. A plumber of positive
points OF strength also developed, notably
IN Missouri Pacific, In which there was evil
dence of operations by pool. The whole
or the southwestern group was affected by
sympathy, notwithstanding the deteriora-
ton In earnings on account of a small cot
ton movement The metal group was also
strong, led by Steel and Wire, which was
bought I'm anticipation of dividend action
sugar was a prominent figure in the adj
vance on heavy dealings, in which the de-
mand from the shorts was a large factor.
These special points of strength were the
vantage points from which the late general
advance in prices was inaugurated. There
were rumors all day of the relief of Lady
smith. but as London sold more stocks
than she bought in the New York market,
the rumors were without much effect 1t
was estimated that the associated banks
had gained up to Thursday nearly $4,000, =
600 in cash. the estimate being based on
figures furnished by the principal banks of
the direct express movement. OF this total
operations with the sub-treasury have
furnished A196.0O0. There has been no evil
dence of any large loan expansion in the
stock market. but the time money market
and that for mercantile paper has been
quite active. A notable increase in surplus
reserve Is, however, considered assured.
The market for railroad bonds continued
broad and active all day, and strength was
general throughout the list. Total sales at
par value were So 10000. United States
threes declined one-eighth, and the new
fours, coupon, advanced one-fourth in the
bid price.
Following are the days share sales and
the closing prices: