The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-14
ERA OF WEAKNESS GONE
VERY MARKED STRENGTH IN ALL
THE STOCKS BUT RUBBER.
Railroads Active and Higher on In
creased Earninss-Locnl Markets
Show the Eject of Bad Weather.

At New York yesterday money on call
was steady at 2Q2h per cent; last loan
2 per cent.
Prime mercantile paper. AS per cent.
Sterling exchange was firm. with actual
business in bankers bills at A.S7hG4S7A
for demand. and $Ls4AQ4S4h for sixty
days; posted rates. Sass and SASSY; COM
mercial bills. 4.s3hQ+S3A.
Silver certificates were 59%461c; bar sill
yer. 59%c; Mexican dollars. 471kc. Bar sill
yer at London was 27kd per ounce.
The New York stock market gave evil
dence yesterday that the selling movement
to take profits which developed about the
middle Of last week had run its course.
The professional operators in stocks. who
hesitated to resume operations on the eve
Of a double holiday. were buyers at the
opening yesterday. There was no evidence
OF renewal of outside demand, orders
through commission houses being on a very
small scale. and not showing a notable in
crease as prices made progress upward,
but the professional traders bought with
confidence, and maintained prices quite
firmly. There were quite notable advances
in the local traction stocks, due to indi-
vidual causes. the principal one being a
rumor that Metropolitan was about to take
over Third avenue. There was a heavy de-
mand from shorts in this group. driven to
cover by the strength of the stocks, thus
affording material aid to the advance.
Otherwise the strength of the market was
due to the general favorable outlook for
business and industry. The days returns
of railroad earnings were all extraordinar-
lily favorable, even those of the cotton-car-
ruinO r0ad c zhnUinO remuneration from the
recent low level. on account of the in
creased movement of cotton induced by
the high prices for hat staple and the
sharp foreign demand. Some of the West
ern railroads, which suffered severely
from last years snow b~lockades, are show
ing large increases, and the increased grain
movement caused notable strength in the
grangers But the trunk-line railroad
stocks showed the most conspicuous ef-
fects of the improved condition of the rate
situation and the continued large volume
of merchandise traffic. The Southern
group Of trunk lines. in which the influence
and control of Pennsylvania are becom-
ing dominant by large purchases of stocks
OF the competing companies. were all
markedly strong, Pennsylvania leading
with an extreme rise of 5A. Baltimore
K Ohio preferred rose over 2 points, be-
ing greatly affected by the January state
ment of earnings, which showed practi-
caily all of the Increase in gross earnings
saved for net, with the resulting increase
in the latter of over 1861 600 or nearly 15S
per cent Inc iron and steel STOCKS were
all notably strong on the growing evil
dences of a continuance of last years large
demand for all grades OF iron product.
Considering that last years high prices
We're made by the urgent demand of be-
lated bidders for a comparatively small
part Of the years product, II Is estimated
that the continued high level of prices for
the total product will yield largely in
creased returns in the aggregate. The
eager demand for cotton is also taken large
account of as assuring prosperity to the
southern section OF the country. The Rub
Der stocks broke sharply without explana-
tfon- Not much account was taken OF the
money outlook and Of the opinions Of care
full Observers that a period of higher rates
Is likely in the near future. owing to the
renewed absorption Of funds by the treas
ury and the cessation of the movement of
funds from the interior TO New York on
account Of active business. Spectators
are inclined TO discount n probable in1a-
ton of the currency by the pending fnan-
cial bill.
There was a good business In bonds at
mixed price changes. Total sales, at par
value, were 2,250,00. United States bonds
are unchanged In the bid quotations..
Following are the days share sales and
the closing bid prices: