The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-14
AT RECORD HIGH PRICES
STOCKS OF ERIE RAILWAY AND
PENNSYLVANIA COAL WE'RE SOLD.
The Rest of the Market Was Reac-
tionary and Lower-Locai business
Active, with strong Prices.

At New York yesterday money on call was
steady at SOS per cent: last loan. per cent.
Prime mercantile paper 44a5 per cent.
sterling exchange was hrTner. with actual bust
ness in bankers bills at s4.S45s for demand and
$500. for sixty days; posted rates. ASlAQis2
and s4ssI.a4 Sc: commercial bills. Aspg4 soy
Silver certificates were 6f065c; bar silver t4ssc;
Mexican dollars. 50isc. Bar silver was % iS-l6d
an ounce in London.
The New York stock market less under
the influence Of the strength Of individual
stocks and more under the coming exigencies of
the money market Even the sensational and
buoyant rise in the Erie stocks IN the last half
hour hardly served TO more than check the liq-
uidation which in active force in the gen
eral market. Twenty-eisht years is given as the
elapsed period since Erie Company stock sold
as high as 80 on the Stock Exchange. Yesterday
the first preferred sold at 525s in the late deal
fngs Extreme advances for the day in the COM
panys stocks were. for the common. sh; fer
the first preferred. a.. and for the second pre-
ferred. 5%. The authoritative announcement
that a contract of sale had been signed between
the Pennsylvania Coal Company and syndcats
HEADED by the central power in the anthracite
trade was the cause of the buoyancy. The bid
for Pennsylvania Coal was rapidly advanced
without bringing out any stock. except an &C.
casional odd LOT at wide intervals, ard lot of
100 shares was sold 7s5 and another at .4o.
Wednesday night the stock was 6lo bid and s'5
asked. The market for this stock has been pure
Is nominal and it sold 45Ois last month which
was the highest price OF the year. NCtwith-
standing the notable effect OF this operation on
the Erie stocks, and efforts made by spectators
10 emphasize the general benefit to result 10
THE anthracite Industry as whole the effect
was very small. even On the otner anthracite
stocks. which We're. none of them. more than
steady Some nrmness was manifest IN the
southwestern railways on buying. seemingly in
the interest OF the bull pool The ELECT was
most noticeable in the Wabash securities 9th
erwise selling general throughout the list,
and those stocks which have persisted in their
the weakest This noticeably true or the
steel group. ia which the declines ran up 10
two points Sugar and tie New York
public utilities fell from about points TO "a
in Consolidated Gas. A number OF other prom
inent stocks. both In the railroad and Industrial
list, fell from TO Ia. The belief was general
early that the rise In the money rate here would
bring gold from London. but the hrmer tendency
OF exchange la.e Wednesday. and more emphat-
ieaIiy yesterday morning. has brought the spec
ulative contingent face to face with the GER
sainty OF a very weak bank statement Sat
urday Already the subtreasury has taken some
$1,000 from the money market compared
with "A surplus reserve last Saturday OF only
n,ent tor the Standa.c Oh dividend will pass
through the clearing house. involving the dis
bursenent of &c. eco The preparation for
this disbursement Is likely TO make additional
inroads on available credts. and increase re-
requirements.
The bonds OF the Erie Company and some OF
the southwestern railroads were in demand
Otherwise the market was rather reactionary.
Total sales "a par value were "a. 600. United
States refurding twos advanced Is old tours
A. and fivee x per cent. the. last call
Following are the days share sales and the
closing bid prices: