The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-31
TOOK a SHARP UPTURN
SUGAR AND TRACTION STOCKS SUR
PRIsED WALL STREET.
Several Iron and steel Stocks Rose
BriskIy-Railroads Dull-Local
Business Not satisfactory.

At New York. yesterday, money on call
was 5ismfz per cent; last loan, AZ per
cent.
Sterling exchange was steady, with actual
buasiness in bankers bills at s4ssls for de-
mand and sis2ka4s2ss for sixty days;
POSTED rates. s4s3lk and sLS7: commercial
bills. $lS2hG4S3.
Silver certificates were eoA@s1hc; bar sill
yer. 5oSsc; Mexican dollars. 47a.c. At Lon
don bar silver was 27Isd per ounce.
The railroad stocks retired into the back
ground OF the stock market yesterday and
gave place to the industrials and special
ties. Sugar almost outdid its traditional
reputation for uncertainty BY suddenly re-
tracing it's course of Thursday and mount
ing well above that days high point. There
was a momentary decline OF less than a
point at the opening and then quick rally,
and the stock never got back to Thurs
day nights closing level. Twice during the
late dealings II was 15 points above the low
level in the morning. and its net gain is
ia. The transactions in the stock were
enormous. and the buying without doubt
came very largely from the outstanding
short interest. but the urgent demand from
the shorts was prompted by what they be-
lieved were evidences of buying for the
account of inside interests. The course of
the stock clearly demonstrated a cynical
Skepticism on the part of the speculative
public regarding the sincerity of the pessi-
mistic official outgiving which caused
Thursdays slump in the price of the stock.
All sorts of sensational rumors were afloat
regarding measures for compromise of the
sugar trade war, and there were yelled in
timations that the opposition refners had
been emulating the example of the Metro
Tafatff fIrrrsar fNnf~ in. he
Third-avenue company by acquiring Sugar
stock at the decline. At all events, the
shorts in the stock were acutely perturbed
IN mind and scrambled to obtain stock The
surprise in the market and. like Sugar, de-
veloped aggressive strength I'm the face of
bad news. The demand in this group un-
doubtedly came from the shorts. The fig
ures given out from Albany Thursday night
Of the valuation placed on the franchises
of the New York traction companies were
as high as the most extravagant estimates
In Wall street. With the exception of pre-
liminary drives which carried the stocks
down from ~ to points the whole group
was eagerly bought all day, rising well
above Thursday nights figures and not
falling far below that level again. Peo-
pies Gas and a number of the iron and
steel stocks by rising sharply completed
dustrial group The demand for the rail-
roads seemed to have quieted down for
the time being. with the exception of a
stock here and there in the list which
showed a good advance. There was no
stiffness in the rates for money, but pre-
liminary figures OF to-days bank statement
failed TO indicate 80 strong a return as has
been counted upon. Owing To the falling
of I'm the amount of government bonds
offered for conversion the disbursement of
premiums has decreased. and the week $
gain by the banks from the subtreasury
will be less than $l,000,000. On the interior
movement by express the net receipts are
estimated at less than a half million.
Against this small gain in cash the expan-
sion In loans has unquestionably been
large There is ground for doubt. therefore,
whether considerable inroad has not been
made on the surplus.
Business in the bond market showed a
falling of, but prices were about MAIN
tanned. Total sales at par value were &c.
$4,000. United States threes, DID, old tours
and new tours declined a in the bid price.
Following are the days share sales and
the closing bid nrices.