The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-27
BUOYANT STOCK MARKET
PENNSYLVANIA AND h. a o. SET THE
BALL BOILING.
Strength of Sugar and Good Earnings
Returns Aided i'm the rengt
Local Trade Is Very Active.

At New York yesterday, money on call
was steady at 2d21z per cent; last loan, IA
per cent.
Prime mercantile paper, 4AG5 per cent.
STERLING exchange was unsteady, with
actual business In bankers bills at A.SsQ
1881 for demand. and s4s4A64sHs for sixty
days.: posted rates, s4.s5d4S5a and A.Sgh;
commercial bills. $f.sS1za4.si-
Silver certificates were 59AG60h; bar sill
yer. SOY; Mexican dollars, 47A- At London
bar silver was q I'D an ounce.
The New York stock market developed
an impresstve show of strength during the
latter part of yesterday. The principal in
fuence In the rise was a assumption of the
upward movement in Pennsylvania and
Baltimore & Ohio stocks. The recent re-
action in the stocks has been accompanied
by rumors that important speculative in
terests, which had been prominent in the
advance, had sold out and taken their prof
its. The news of the very heavy OUTLAWS
I'm prospect for permanent betterment and
increased shipments awakened some appre-
hension of dividend increases being in
definitely postponed, not only on Pennsyl-
vania stock, but on Baltimore & Ohio and
many others which have been subject to
rumors of increased dividends but to-day
the report of a probable increase in the
Pennsylvania dividend rate took form
again, and was circulated with great ex-
plicftness. Bids were made on the board
for the next semi-annual dividend on
Pennsylvania on thousands of shares of
stock ga per cent. compared with pa. the
last rate. The meeting of the directors.
for the purpose Of fixing the dividend rate.
Is fixed for Tuesday next. These reports
In regard to Pennsylvania had the most
direct influence in Baltimore & Ohio stocks.
next to Pennsylvania itself, but the whole
railroad list responded, in varying degree,
to the influence OF this movement. Those
pools, whose operations for a rise were
interrupted by the "steel and wire episode
resumed their operations TO some extent.
This was notably true of the Gould South
western group, which are the subject of
teeming rumors or prospective combina-
lions or consultations The determined
firmness of Sugar and it's buoyant upturn
later had a sympathetic effect on the mar
ket. The movement is still attributed TO
the demand from the shorts. but the many
assertions OF favorable developments in
the trade war may a had their effect.
A number of unusually favorable railroad
statements also had a strengthening effect
on the market. Increases in net earnings
Tor March were reported by the Atchison,
Topeka & Santa Fe OF So per cent; by the
Hooking Valley Railway of los per cent.
and by the Central, OF Georgia of 80 per
cent.
Returns OF gross earnings for the third
week In April were also uniformly favor
able These factors of strength caused
growing uneasiness among the rather un-
wieldy short interest, and the demand from
that element had no small part in the rally
In the market. The unsteadiness of the
sterling exchange market gave ground fol-
renewed doubt as to the continuance, fol
the present. of the gold export movement
The strong return of the Bank of England
for the week. as well as that of the I'm.
perial Bank of Germany, had some effect
on the exchange market. The subtreasury's
debit balance at the clearing house showed
q further decline, yesterday, falling tc
$500, 119. compared with the recent average
or over a million dollars IF this replenish-
ment TO the money market is cut off II
may serve to prevent the outward flow Of
gold.
The bond market showed increasing &C.
tivity and strength. yesterday Total sales
at par value, were s. $50 900. United State:
bonds were unchanged in bid quotations.
Following are the days share sales ant
the closing bid prices: