The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-17
SHOWING IS AGGRESSIVE
wALL-sTREET SHARES ADVANCE
BRISkLY IN MOST LINES.
Western Stocks, Led by Atchison Pre-
ferred, Make the Greatest Gains
Local Trade Is Satisfactory.

At New York yesterday money on call
was easy at 1lz@2 per cent; last loan, 1h
per cent
Prime mercantile paper, 3zd41 per cent.
Sterling exchange was easy, with actual
business In bankers bills at s4.SSA for de-
paand and s4.s4z@4s5 for sixty days; posted
rates, $4.s5lz and sIssd4sslz; commercial
bills. $lS4G4S41z.
silver certificates. 5ohc. AT London bar
silver was 271zd an ounce.
Stocks OF railroad companies made
demonstration Of persistent strength in the
stock market yesterday. Whatever un-
favorable factors developed during the day
were ignored or their influence resisted and
the resulting declines overcome. The bear
element was so far impressed by the show
Of strength that they retired from the field
before the day was over and did not repeat
Tuesdays maneuver of a fierce raid in the
Industrial quarter, which on that occasion
upset the market In the last fifteen minutes
Of the trading. The market showed itself
much less sensitive than for some time to
any depressing influence. and the close was
distinctly firm at about the best level of
the day, earlier losses in industrial stocks
having been almost entirely overcome.
The stocks of Western railroads were
easily the leaders in the movement. and
the buying was attributed to Western ac-
count, as for several days past. This
Western buying is believed I'm Wall street
to be covering an outstanding short inter-
est, prompted by the good crop weather
and the favorable conditions ia the winter
wheat belt. The leadership Of the move
ment was shifted from Burlington to Atchi-
son preferred, which scored clean net
gain OF two points. The approach of the
dividend meeting and the circulation of
rumors that the stock would be placed on
a per cent. basis were used with effect.
Burlington continued aggreSsively strong
and scored an advance of ia in spite of
denials of the recent rumors that a re-
funding plan was about to be announced.
Northern Pacific gained as much. and the
strength of these stocks affected the other
Pacifics and ultimately the trunk lines,
which rose l to ~ points. The steel stocks
all rebounded sharply on covering by shorts
and official denials OF assertions that gen.
eral shut-downs were imminent on account
OF the prospective demands for increase of
wages The early weakness of Sugar. Peo-
pies Gas, the tobacco stocks and other in
Gustrials was met by denials Of the various
runeors which accompanied the decline
Recoveries ensued on the demand from the
bears caught short. Besides this weakness
In the Industrial list the market had to
CONTEND WITH the announcement or gold
engagements for export to-day fully 81, Co.,
COO in excess Of the preliminary estimate
To-days shipments foot up fully s., 150, 900
for France The fact that so large ship
ment should be made in face of the con-
siderable decline in discount rates in Eu-
rope aroused some uneasiness lest the ap-
parent ease of money abroad was fictitious
and unstable. But the continued ease of
money here apparently relieved this appre-
tension Call loan rates fell TO ~. and the
gains by the banks from the subtreasury
and on the interior movement of currency
evidently will offset the gold exports. AL
though the advance in stocks was general
ly wiped out when the gold engagements
were announced. the upward movement
was resumed upon further consideration
OF the circumstances. IL Is the conviction
on Wall street that only a small amount
OF gold can be shipped 10 London on Sat-
urday's steamer under present conditions.
the sustaining influence of the recent
strength in Missouri Pacific, that stock
dropping back at one time two points on
the request to stockholders TO authorize
additional capital TO the extent of $4,000
Boo The stock partly recovered on the ex-
PLANTATION that the new issue must be re-
served for retirement of debenture bonds.
The bond market was dull and only part
~ shared in the strength of stocks. Total
sales at par value were $1,1S5,O00. United
States refunding twos when issued de-
c!ined Il and the threes u in the bid price
Following are the days share sales and
the closing bid prices: