The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-07
LOWER PRICES THE RULE
LOW-GRADE SECURITIES THE ONLY
POINTS OF STRENGTH.
Decided in Many Parts OF
the Market-Local Trade Is TAX
ing on a Holiday Tone.

At New York. yesterday. money on call was
arm at 4a5z per cent: last loan. 5 per cent.
Prime mercantile paper. 4d4A per cent.
Sterling exchange was heavy. with actual
business in bankers bills at SlS5Bq4Sh for de-
mand and $.s1h for sixty days; posted rates.
tlsc1s and s4.ss1z: commercial bills, s4soAg
ASH.
silver certificates were 64Q65c: bar silver.
sic; Mexican dollars. 50hc. Bar silver sold at
- 13-1ed. in London
A determined effort was manifest in the
stock market. yesterday. to start a renewal Of
speculation for a RISE In the early dealings
there was a fair degree of success attending the
effort, under the influence of striking gains In a
few stocks. Strength persisted in a few stocks
throughout the day, but it was Offset, later, by
equally striking losses in some Of the leading
specialties. A large part OF the list fell back to
about Wednesday nights level and wavered in
an uncertain way until the closing. which was
generally easy. The rally in this market. late
Wednesday. was taken as a cue by the London
market In the morning Foreign markets have
shown a growing disposition to follow Wall
streets lead. and the rally Wednesday was pro-
nounced by some observers as due to manipula-
ton with the purpose of inviting buying OF
Americans in London yesterday. IL this was the
purpose IL was successful. for London bought
stocks here at the opening. helping on the rise.
There was a considerable short interest as a re-
suit . u II aklcc VI lAc AAdLACls cdLAAcA III
the week. which proved vulnerable to the rather
imposing show of strength. and the covering
movement helped on the rise. Even among those
stocks which were afterwards the weakest, there
were some considerable gains during the early
strength. both Sugar and Tennessee Coal get
ting up about a point. Quite a number OF i'm
portant stocks achieved gains of near a point,
but a careful scrutiny OF the market showed
that the movement all day was distinctly one OF
special stocks. The low-priced noncividend
paying railroad stocks were the favorftes, espe-
cially the Fries and the Wabash issues, both
stocks and bonds. The rise extended to over two
points in Erie first preferred. and TO IA In the
second preferred. and both closed at about the
top, being practically the only stocks in the
upwards OF thirty stocks selling under 40 which
were advanced from a half to one and a half.
Sugar wa< active and feverish all day, and ap-
parently the traders were seeking to retrieve
They circulated a report OF the serious illness
OF the president OF the company, which was
denied. The stock fell an extreme 3%. and closed
only slightly better at a net loss OF 2A- Tennes-
fell altogether Is, to 81. closing at the lowest
with a loss OF az on the day. The report was
confidently disseminated that il had been deter
mined 20 pass the next dividend on the stock.
The increase in the dividend rate for the half
year on Denver a Rio Grande preferred from
2 TO 2ia. caused a late advance in that stock OF
2 sympathetic hardening in the market, but
prices did not hold in face OF the renewed weak
ness In the specialities- Standard Oil shares
sold at 5sS and 500 There was no appreciable
change In money market conditions.
The bond market was active and consistently
strong. many low-grade junior and contingent.
interest bonds advancing strongly. TotaI sales.
par value. ST. 425, 900. United States new TOURS
Following are the days share sales and the
closing bid prices: