The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-01
RISE in SHARES
EARLY LETHARGY GAVE WAY TO
CONSIDERABLE ACTIVITY.
Changers and Steel Stocks Led i'm the
Advance-LocaI Trade Retarded
by the Continued Rains.

At New York yesterday money on call
was steady at 1zd: per cent; last loan, 2
per cent.
Prime mercantile paper. 3hG41z per cent.
Sterling exchange was easy, with actual
business In bankers bills at s4.s71sG4.s7A
for demand and A.s4lza4.s4% for sixty days:
posted rates. s4.S51z and s4.SS1k; CONNER
cial bills. 4.S3Ad4-S4H.
Silver certificates were 60d61c; bar silver,
Sic; Mexican dollars. 47isc. At London bar
silver was q 9-16d an ounce.
The stock market struggled for a while
with uncertainty and apathetic indiffer-
ence, but toward the latter part of the day
took on more aggressive strength and
closed with a greater appearance of activ-
ity and vital force than 1T has shown for
many days past. The impulse was upward
from the opening on a number of influences
accumulated over the holiday. The one of
widest bearing and interest was the re-
ported capture of johannesburg and the
readiness of the Beers in Pretoria to sur
render. The buying for foreign account
here. however. did not exceed 1900 shares,
and the tone of the New York ymarket be-
came weaker after the opening on profit
taking and on disappointment that no
greater strength was shown. The effect
may thus be said to have been very small
and momentary unless some of the later
buying was IN expectation of a more active
demand for stocks from foreign sources.
The latter strength was conspicuous In the
Southwestern and Western grangers. and
is doubtless attributable to the prospects of
the winter wheat crop. Atchison preferred
and Burlington were easily the leaders,
the former gaining 2 points and the latter
2L on large transactions. The strength
elsewhere in the railroad list proved to be
in sympathy with this movement and was
not widely disseminated. Another notable
source of strength was the demand for
steel stocks, which rose at one time from
Cne TO three points all around. Later more
hopeful views of the trade outlook were
quoted from authorities in the iron trade,
and reports were current OF large contracts
for export. The weakness of mine stocks
in Berlin was attributed to new competition
from American sources. In Sugar the main
squirt was In sympathy with the unofficial
quotation established by restless specula-
tors outside the exchange during the holi-
day. The opening price at 120 was the best,
and before the final rally in sympathy with
the other strength in the market the stock
reiapsed to within a small fraction of Tues
days close in spite of the credence given to
the reports of the taking over of "A part
of the opposition refineries In the interest
of the American company and a further
advance OF ten points In the price OF re-
fined sugar. The failure of the Bank of
England to further reduce its official rate
OF discount probably had something to do
with the moderate effect of the war news
on the markets. The maintenance of the
rate at 3h per cent Notwithstanding the re-
payment during the week of over 100000
loans must be interpreted TO reflect the
doubts In the minds of the governors over
the permanence of the present ease in the
money market. The large decline In gov
eminent deposits helps to explain that
ease. In the case of the Bank of France
a farther gain In gold Is. indicated Of nearly
$7.0O0,000, but in confirmation of the fore
sight of the authorities in increasing their
reserves the demand for credits has in
creased the mounts of bills discounted TO
the extent of over $4i. 600. 900. while addi-
tional notes have been issued TO the extent
of over 30,000.0 900. A doubt is warranted,
therefore. whether the demand for gold
from Paris has yet been fully satisfied.
The bono market was more active and
stronger. Total sales at par value were
81. 1856, 900. United States threes declined Il
and the old tours Is per cent. in the bid
price.
Following are the days share sales and
the closing bid prices: