The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-29
BUOYANT RISE OF PRICES
1T MARKED YESTERDAYS TRADE ON
THE STOCK EXCHANGE.
Enormous Volume of Business, with
Sugar the Only Really Weak
Point-Local Trade Situation.

At New York yesterday money on call
was steady at S@i12 per cent; last loan.
4 per cent.
Prime mercantile paper. 494d5k per cent.
Sterling exchange was strong. with ac-
tual business in bankers bills at $4.s61s for
demand and sf.s21zG4.s2Ss for sixty days;
posted rates. s4.s31s and s4S7: commercial
bills. s4.s2@4.s2iz.
Silver certificates were 6Ol4G61Ac; bar
silver, 597sc: Mexican dollars. 47$.c. At Lon
oon bar silver was I'D per ounce.
Another day of furious activity and buoy
ant rise of prices marked the further prog
ress of the bull campaign in the stock
market. The process of digesting profits
by selling out on the upward course was
going all the time. and caused an ap-
pearance of some irregularity by pulling
back stocks here and there. But the buy
ing demand and the absorptive power of
the market were not at all impaired by this
process. The market gave every appear
ance of having shaken off the control of
the professional element. Manipulation
was in evidence in some individual stocks.
and the buying by the professionals on a
large scale emphasized the advancing ten
dency in some cases The profit taking by
the same element sometimes checked or
prevented the advance in other stocks, but
the large general demand for stocks from
all sources carried everything before it
and made the undertone of the market ag-
gressively strong Sugar was point of
weakness at different times during the
whole day. and there was a heaviness here
and there in the steel stocks. There was
some disposition to go contrary to Lon
Of he .s..tx
were advanced i'm that market being heavily
sold here. while others. which fell in the
early trading there. were abruptly ad-
yanced here This was notably true of the
Reading stocks and of Pennsylvania i'm
which profit-taking was in evidence in this
market all day. There was some heayiness
curing the early hours in the Pacifics also,
out as the day advanced the strength in
this latter group became very aggressive
led by Northern Pacific. which advanced
"a TO record price. Union Pacific,
missouri Pacific. Atchison preferred and
Southern Pacific were all bought on an
enormous scale at advancing prices the
latter meeting the heaviest opposition i'm
pront-taking. Peoples Gas was agrees
slveiy strong, also, and the strength was
disseminated all through the list The
Trading In Sugar was very large and the
price movement feverish. the stock closing
at about the lowest, having fallen an ex-
IRENE 5A. A cut in prices by a rival com
pany was the cause of the weakness of the
stock A feature of the day was the fur
ther sharp advance in the rates of sterling
exchange The fact that London is carry
Ing stocks with money borrowed I'm New
YORK serves to explain the apparent
anomaly or rise in sterling exchange
rates. when London buys stocks here. and
sells. "
Another unusually heavy days business
was done In railroad bonds. and with the
exception or some Drofit-taking i'm specula-
I've issues, prices were higher Total sales
az par value were $i.4S0.000. United States
twos declined Il in the bid price
Following are the dayss share sales and
the closing bid prices: