The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-17
BIG STREAM OF BUYING
1T TURNS THE TIDE OF PRICES VERY
STRONGLY UPWARD.
Railroad and Steel Stocks Showed the
cnl Trade i'm Satisfactory shape.

At New York yesterday money on call
was steady at 36S4 per cent: last loan. 31z
per cent.
Prime mercantile paper. 41z@5k per cent.
Sterling exchange was steady, with ac-
tual business in bankers bills at $4.S4ss for
demand and $4S07s for sixty days posted
rates. S.S11z and SISSY; commercial bills.
s4.sO1s
Silver certificates were 64Q651zc: bar sill
yer. Gle; Mexican dollars. 5Ohc. Silver bars
at London sold at 29ssd an ounce
Although Fridays business in stocks did
not recover to the full measure of last
weeks i'm point of volume. the tone of the
trading and the showing of strength were
the most imposing and substantial that
have been made since the election. The
feverish and sensational movement In
Isolated stocks and the indiscriminate rush
to buy in lump were not shown. In
stead there a steady and persistent
absorption of stocks of the best character
with legitimate speculative prospects Of
increased earning power or increased Sc
curity by reason of added earnings for
junior securities. In the early dealings
the spectators showed disposition to
look for leadership, and powerful leaders
were at hand to naugurate inviting adj
vances in prominent stocks in almost every
distinctive group on the exchange The
absence of realizing pressure as the adj
vances were easily made encouraged the
growth OF the demand, and strength was
disseminated all through the list. The
Eastern trunk lines and the coalers were
rather conspicuous exceptions and were
not largely traded In nor widely moved, but
there was no positive weakness manifested
even there. There was no important ex-
ception TO the upward course of prices
and among the stocks of railroads all
through the South and West, including the
transcontinental lines, the strength was
astonishingly uniform. There was scarcely
railroad stock traded in within those linn
its that did not gain at least point. Not
few rose points or over, while Burling-
ton and Atchison preferred, gained, re-
spectively, 39s and ga. The soft coal
reads also made a good showing of
strength The preferred stocks of re-
organized railroads were evidently the
favorites in the speculation, from the way
one after the other of them was brought
forward into the trading. Those with pros
pect OF increased dividends and those al
ready receiving their full dividend rights
seemed to be in equal favor. The iron and
steel stocks were notably strong. and in
Colorado Fuel the gain was IA in Tennes-
see Coal "a, and IN Hoop preferred 31e.
Others of the group gained two points or
upwards. The local traction stocks and
the high-priced industrials were strong,
but were not conspicuous. General Elec-
trio got I'D another 61z points. Consolidated
Gas as much, Brooklyn Union Gas Az.
while New York Air Brake made one of
fits characteristic sky-rocket flights of %
points, relapsing half that amount. The
growing strength of the market was evil
IDENTIFY due to the determined buying CT
the class which held aloof from the excited
trading after election, confident that a re-
action must come, which would make the
market healthier, even though at higher
prices. A number of favorable crcum-
stances converged in the days news. Ad-
vance sheets of the trade reviews of the
week expressed so roseate a view of the
outlook for general trade as to stimulate
speculative sentiment quite notably. Fore
casts of the bank statement were accepted
with reserve, owing TO the complications
which have confused the significance of re-
cent statements, but a gain in cash re-
serve is confidently looked for, and the con-
tinued tendency towards lower rates for
money. which made the maximum for call
loans 5 per cent. falling in the late deal
fngs to 3iz, relieved all apprehension over
the money outlook.
The substantial character of the buying
was even more manifest i'm the bond mar
ket than in the stock market. high grade
bonds coming into additional favor. Total
sales. at par value, were s.. 10000. United
States bonds were unchanged on the last
call
Following are the days share sales and
the closing bid prices: