The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-02
WALL-STREET BU0YANCY
VERY MARKED IN ALL BUT THE
TRACTION SECURITIES.
Tennessee Coal and Iron Made n Re-
markabIe Showing-COnditions Of
Trade on the Local Bourse.

At New York yesterday money on call
was easy at "a to 2h per cent; last loan.
az per cent.
Prime mercantile paper, 4Q5 per cent.
Sterling exchange was strong, with actu
al business in bankers bills at s4S71sas4. SIX
for demand and s4S44q4S41s for sixty
days: posted rates. s4s5 and SASSY: COM
mercial bills. $4S3hq4s3A.
Silver certificates were 59IzG60Ac; bar
silver. 60ssc: Mexican dollars, 471zc Bar
silver at London was steady at 27Zd per
ounce.
While good deal Of !rregularity was
manifest in yesterdays New York market,
owing to the important operations for both
accounts In leading properties, the bulls
at all times held the mastery. as evidenced
by the generous sprinkling of net gains
through the list. Influences contributing
20 this result included heavy absorption
of the iron and steel stocks ana the excel
lent net statements OF the leading lines.
Efforts to dampen bullish enthusiasm met
with temporary success at intervals
through aggressive hammering Of the local
group. A ragged opening was due primar-
fly to the unsettling incident in Sugar
Wednesday and yielding prices for Amer
cans in London. 1t was soon made mani
fest that an important movement was on
the cards in the metal group, as issues
which are usually no factors livened up
and advanced rapidly. Strength developed
I'm other stocks and the market rose easily.
The bear faction made concerted attack
on the local utilities and broke Third ave-
nue. points Kindred properties sagged
to 3A points. and Sugar and Tobacco were
also largely affected. This maneuver pro-
voked some selling of the railroad stocks
but as the various encouraging traffic
statements came TO hand the offerings d.
minished. and business conferred almost
wholly in the fractions The demoriliza-
ton in Third avenue induced an official
statement by the counsel of the company
OF plan TO fund its indebtedness by
issue OF per cent. notes, allowing optional
redemption by the company within year.
The notes do not contain any clause per-
hitting their convertibility into stock
This statement effectually disposed of re-
cent runors that the issue would be
$20.0000o0. and would .jeopardize dividend
payments on the stock. Supporting orders
rallied 1t 3 points. but IL went down lower
than before in a drive near the close and
closed with a net loss of points. A va
riety OF rGmors were circulated In connec-
ton with the buoyancy OF the iron and
steel stocks, chief among which was the
establishment of the Tennessee Coal and
iron common stock on an per cent div
tons as TO the enormous earnings Of the
various Companies and trade reports as
sorting distinct Improvement in the in
dustry. Tennessee Coal did not develop its
buoyancy until numerous other issues of
this class had been advanced smartly.
When the movement in IL started IL quick
ly assumed pre- -eminence and rose points.
despite enormous realizations. Gains in
other members OF the group were less pro-
nounced. but ranged from to 3h per cent
The early attempts of the bears to create
liquidation in the standards proving una
vailing, the shorts became uneasy and con-
siderable lines were taken up, causing a
material rebound in the more depressed
properties. While the inquiry for the lead
Ing Ing, railways was not very urgent.
ron all around. which was fairly
we'll maintained till the end. The
ease with which the active issues respond
ed 10 the pool buying caused many of the
raise prices from the railroads into the
metal group. where the prospective profit
seemed alluring. In connection with the
monetary situation call and time money
rates were easy, but bids for large amounts
of the latter were made below the market
which holds at per cent. London opera
tions. while not extensive. were on the
long side. with purchases influenced by ru-
mors that General Buffers forces had re-
crossed the Tugela river. There was no
change In the Bank OF England's rate OF
discount yesterday, and an analysis Of the
weekly statement of that Institution and
or the Bank or France promises continued
ease In the foreign monetary situation.
A good demand developed for the active
bond Issues yesterday at higher prices
Some concessions. however. were noted in
SPOTS. Total sales at par value were 81 $780,
900. United States twos, new, and fours adj
yanced &c in the bid price.
Following are the days share sales and