The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-07
STILL HOLDING STRENGTH
NEW YORK STOCKS CONTINUE Up
WARD, WITH FEW EXCEPTIONS.
Partly Successful Attacks on Sugar
and Tennessee Coal-Local Trad
ing I'm Healthy Condition.

At New York yesterday money on call
was easy at to 21a per cent; last loan.
per cent
Prime mercantile paper, 4Q5 per cent.
Sterling exchange was easier, with actu-
al business in bankers bills at s4s71z for
demand and 1854 for sixty days; posted
rates. Sass and $4-Ss1z; Mexican dollars,
471zc; silver certificates. 5S1kG5915c. Bar
silver at London was q 7-1sd per ounce.
The New York stock market retained it's
general character yesterday of strength
and breadth A large outside interest was
manifest. and the professional operators
who bought at the lower level busy
In bidding up the prices of their holdings
and in feeding the new demand to take
their profit, but while selling stocks on the
one hand, TO realize on the rise. they were
taking on new holdings of different stocks
with the other Apparently the confidence
that stocks which have not yet shared in
the advance in the stock market would
move upward was unimpaired. and the
holdings of the large financial interests
which have taken hold of the market were
broadened and extended. The duration of
this kind Of upward movement does not
always depend strictly the continuance
OF the public demand for stocks. There is
a constant process of unloading by COM
pact and well-organized financial interests
into the hands Of scattered and unskilled
Spectators. who have the same
perience and adroitness in protecting their
holdings. the same resources for main
tanning them. The progress Of bull move
ment almost inevitably results in the
transfer of holdings from strong to weak
q
TO attack by bear operators who able
TO force selling by offering down prices and
uncovering markets Efforts yesterday
attempts by bear operators. were in evil
dence TO force declines, but the general de-
mand for stocks continued so good and
the leading shares are still in such strong
hands, that the market resisted bear as
saults and presented a hard and unyield-
Ing surface. even at points where realizing
was going on Mondays strength in Ma
tional Steel gave way to realizing yester-
day, and the metal group of stocks
without any conspicuous leadership. Nor
FOLK q Western was also sold 10 take prof.
its all day. after an opening rise of
point. but refused to yield below Monday
nights level. Tennessee Coal was forced
down at one time 3A points. The bears
conferred their attack on Sugar, and had
that stock down at one time to 1882. Ru-
mors that the refineries were to shut down
and overproduction to be worked off at a
loss figured In the manipulation. But in
the meantime aggressive buying movement
developed in the trunk lines, led by Penn
sylvania, and the coalers, led by Reading
hrsts. by decision to pay dividend. and
In the grangerS and Westerns, led by st.
Paul and Atchison. both common and pre-
ferred- The Baltimore & Ohio stocks also,
after a pause of day to digest proffs-tak-
Ing, renewed the advance. The progress
towards extension of holdings by the great
railroad systems OF lesser and competing
systems had much to do with the strength
of Pennsylvania and other lines supposed
to be In process of absorption. The COM
Ing advance in the tidewater freight rates
on bituminous coal was also element.
In the outside market there was an adj
vance ofpver 3 points TO 5i5 in the price of
Standard Oil. on the declaration of a divi-
dend Of 70 per cent. for the quarterly per-
iod. Last years dividends We're 6. u. Is
and per cent for the four quarters. There
was also activity and strength in Anal
gamated Copper The close of the market
was active and strong at about the top.
The bond market showed increased activ-
ty and general strength. Total sales at
par value were $3.625. 900.
United States threes advanced kc. and
the rev fours &c in the bid price.
Following are to-day's share sales and
the closing bid prices: