The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-06
BIG DEMAND FOR STOCKS
IT CvERSHADOwED THE TENDEN-
CY TO SECURE PROFITS.
Market Very Active and Closed ut Top
Priccs--Indfcations for Big
Week in Local Trade.

At New York yesterday money on call
was steady at to 21a per cent; last loan,
212 per cent.
Prime mercantile paper, 4d5 per cent.
Sterling exchange was firm, with actual
business in bankers bills at s4S71z94 S72i
for demand, and $4sil4q4s419 for sixty
days: posted rates. s4S5 and s4SSn: COM
mercial bills. "a. SS1k@4s4.
Bar silver was Coo: Mexican dollars
471zc; silver certificates. 5s1zq6ol2c. Bar
silver at London was 275sd per ounce.
The New York stock market was sub
jecteo to a notable process of digestion
yesterday. and came through the ordeal
remarkably we'll. Stocks which were lead
ers in activity and strength during the
movement Of last week were heavily sold
10 take profits. The proft-taking was met
by so strong an outside demand that Of
ferings were absorbed without difficulty
and without any material change in price
being made necessary. Indeed, any ap-
proach in price to Saturdays level result
ed in a notable hardening in the market
the surface becoming particularly unyield-
ing at Saturdays level. Offerings of stocks
fell TO minimum. and buyers. in order to
Secure stocks, were obliged to raise their
bids TO a point to yield profits to the SELL
ers on their last weeks purchases. While
professional operators were thus taking
profits at some points in the list they were
replacing their funds in other stocks, which
had not moved last week. or in which the
movement had been only inaugurated.
Thus, with trading proceeding on an active
scale, and the movement of prices taking
on a considerable degree of irregularity,
the market presented all the characters
tics of a true bull movement Upward
movements in prices were easily achieved,
and the speculative sentiment showed it
self quick TO respond TO any new develop
ments regarding special stocks. Thus a
number of railroad stocks responded quick
~ and emphatically TO returns of earnings
for the fourth week in January, showing
large increases over the high level of last
year. The leaders of the railroad list were
the Norfolk * Western stocks, the fourth
week statement showing an increase of
sl2354 over last year AS this is one of
the roads which, by reason of previous
heavy outlays. is able to reduce the current
rate of operating expenses, the showing
was doubly effective. The common stock adj
vanced 33s. and the preferred 1l5. Louis
vile & Nashville, st. Louis & San Fran
cisco. Denver & Rio Grande, and number
or other railroads responded to good state
ments of earnings. st. Paul and Burling-
ton showed renewed strength on reports
OF an Improvement in the movement of
grain over Western lines, in addition 10 the
extraordinary movement Of general mer-
ehandise. The iron and steel stocks con-
tlnUed very prominent, and the leadership
here was shifted also under the influence
OF realizing in American Steel and Wire
and some others. The new leader of the
group was National Steel. which was very
heavily bought on floating reports of enor-
nous earnings for the past year, to be
shown by the forthcoming report. Reports
o. a similar kind have been unheeded for
months past in Wall street, but yesterday
the stock shot up under their influence an
extreme csc. Other members of the metal
group, closely allied by identity Of owner
ship. moved in close sympathy. American
Hoop and American Tinplate are in this
class. Republic Steel. the smelling stocks,
and Anaconda were also strong. Specu-
lators are inclined TO discount 10 some ex-
tent the increase in the circulation pro-
Vided for in the financial bill before Con-
greSs, and in consequence ignore some OF
the indications of further demand on the
money market on other accounts. The
market closed firm, and at the highest
prices for some stocks.
The bond market was irregular and not
SO active as of late. Total sales at PAL
value were s2.07S,5 500. United States ole
fours. new tours and fives advanced
In the bid price.
Following are the days share sales and