The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-10-17
EFFORTS OF THE BULLS
THEY RESULTED IN SOME MATERIAL
RISES IN VALUES.
Advantage, However, Could Not Be
Maintained to the End of the Ses-
sfon-LocaI Trade situation.

AT New York yesterday money on call was
Arm at $685. per cent: last loan. 3A per cent.
Prime mercantile paper. 566 per cent.
Sterling exchange was steady. with actual bust
ness in bankers bills at s4.s4k for demand and
g. so1z0r4 SOS for sixty days; posted rates. ASIA
and ASH: commercial bills, s47szQ4.s0A.
Silver certificates were e21zgs4c; bar silver.
Czc; Mexican dollars, 49hc. At London bar silver
was 20 s-1sd an ounce
Yesterdays stock market demonstrated con-
vincingIy how large a short interest had been
eliminated in the course of Mondays wholesale
demand for stocks. and the supporting influence
Of this element deprived the bull pools Of very
enectuaI source of strength. The campaign for
the rise was by no means abandoned. On. the
contrary. very powerful and resourcefuI efforts
were made towards continuing the upward move
ment OF prices. The notable buying of the day
was In Union Pacific, IN which transfers OF 1000,
LOO and even 5000 share lots were frequently
recorded on the tape. 1t was the advance in
price that brought out those offerings. and they
were confidently absorbed By the brokers having
the advance in charge. On the frequent reac-
tions the volume OF dealings. both in this stock
and in others which were manipulated for a
rise. fell away notably. leading to recurrent per-
iods OF dizziness during the day. Norfolk &
Western gave most conspicuous evidence Of con-
CerIeG EFFORTS LOT a RISE next 10 OnlOil fdCiuc.
But these movements by the bull party did not
become prominent until very large selling 20
realize had been accomplished. The greater part
Of the first hour was given up TO furious activ-
fty and a somewhat wayering upward move
ment, marking the feeding OF the outside demand
by those who had accumulated stocks at the
lower level. The taking OF profits during this
period must have been on a very large scale
The subsequent efforts to resume the advance
met with a number OF drawbacks, and the heavy
undertone of the market gained force as the day
progressed The closing was distinctly heavy
with prices below the best and losses in some
important stocks, while the striking net gains
were confined to comparatively few cases. The
sudden Frightening In the money outlook by rea-
son Of Saturdays bank statement and the gold
import movement gave the bulls an opportunity
for a swift turn against their opponents. There
was some positive weakness In Peoples Gas as
q result OF the proposition for municipal control
Of the selling price or the product, and some Of
the steel stocks gave evidence of depression.
There were recessions In the anthracite coalers
on the delay Of the strike settlement. These and
ether like minor considerations would have been
ineffective In Mondays rush to buy. but in the
pause yesterday they had added influence. One
large engagement Of gold for import was an
nounced. bat there Is a striking falling of IN
the number OF cotton bills offering in the ex-
change market. which promises TO reduce the
The bond market showed a continuance OF i'm
proved conditions. prices generally advancing on
an enlarged demand. Total sales at par value
were 81. f70. 900.
United States refunding twos and the old tours
advanced u per cent. on the last call.
Following are the days share sales and the
closing bid Eices: