The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-01
SHARES ROSE BUOYANTLY
SCRAMBLE AFTER SPECIALTIES TO
FILL THE SHORT CONTRACTS.
Railroads Advanced Bris<Iy, Being
Released from the Recent Drag
Bad Day in Local Trade Circles.

At New York yesterday money on call
was steady, actual transactions ranging
from to "a per cent; last loan, "a; clos
ing. offered at per cent.
Prime mercantile paper, AZ to 5ls per cent.
Sterling exchange was heavy. with actual
business in bankers bills at $4.S65s for de-
mand, and $4S3as for sixty days; posted
rates. s4.s4a4.S5 and $i.S71sa4SS: commercial
bills. $4.s2s4@4SS1z.
Silver certificates were 5924@602.c; bar sill
yer. 5ea4c: Mexican dollars. 47s4c. Bar sill
yer at London was 271sd per ounce.
Evidence developed as the day progressed
in the stock market that the short interest
in the specialties. which have recently been
declining. had become unsteady, and before
the day had closed an urgent demand de-
veloped for these stocks from the bears.
who had overstayed the market and who
were eager bidders for stock to cover short
contracts. Thus the apparent anomaly was
presented of a buoyant rise in the price of
stocks concerning which unfavorable news
was still uncontradicted, or new facts de-
veloped of still more unfavorable charac-
ter. Additional mechanics liens were piled
up on the assets of Third-avenue, and
receiver was appointed. yet the stock Of
uTn resistance a TUESDAY low ieNei,
and rose at one time as much as Sls. The
franchise tax commission, which recent ru-
mors by professional bears have credited
with purpose to practically confiscate the
net earnings OF local corporations, began
its sittings yesterday. but the stocks of the
New York public utilities rose from 21k to
points. Published reports alleged con-
tinued decentralization and cutting of prices
o. Sugar, and the conviction of professional
Spectators remains mistaken that the next
dividend will be cut. but Sugar shows net
gain of "a. The simple explanation is that
bear traders have been selling these stocks
without holding certificates to make deliv-
cry, and when they tried to buy they found
horde of traders in the same situation,
and a lively competition sprang up TO
cure the floating supply. Peoples Gas. the
Tobacco stocks, a number of metal stocks.
Western Union and some others which have
been under recent pressure moved upwards
under the same influence. The Leather
stocks weakened on the yearly earnings
reported. which were much below recent
sanguine estimates, and the bears endeav
ored TO create a diversion in their favor by
raiding the stocks. The rest of the market
refused to respond. Relieved of the eie-
ments of acute weakness which have re-
Gently dragged il back, the railroad list
rose strongly and uniformly, the exceptions
being stocks which have already advanced
In face of the recent weakness. The ad-
vance was rather marked in a group of
whose senior preferred stocks have already
reflected their improved prospects of divi-
cends by reason of increased earnings
Foremost of the group were Atchison and
Southern Railway, which rose "a and l. re-
spectiveiy. There were good advances also
in Erie. ST. Louis, Southwestern. Wabash
preferred, Chicago Great Western, Cello
RADIO Southern second preferred and North
American. The movement in the granSers
led by Burlington was based on the fall OF
snow In the Northwest, which is believed
10 afford security 10 the wheat in the
ground. as was reflected by the downward
tendency OF that cereal on the grain ex-
changes. This movement is of special in
terest being the first OF any movement
IN the stock market founded on the pros
poets OF this years crop. thus ushering in
new influence and hazard which will play
a growing part in the problem OF values
The closing was active and strong at about
the best
The bond market was not very active, but
was firm. Total sales at par value were
$i595.0O0. United States fives. coupon ad-
vanced y, and United States fives, regis
tered, old fours and threes "A, and new
fours declined y in the bid price.
Following are the days share sales and
the closing bid prices: