The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-06
HAD A BOOM in STOCKS
WALL STREET DISPLAYED A GREAT
AMOUNT OF ACTIVITY.
Trade Checked for Time by n Furry
i'm Call LOans-The Day Closed
with Prices Generally Higher.

At New York yesterday money on call vas
strong at 10 &c % per cent; last loan, IA Ter
cent. ruling rate. Is Per cent.
Prime mercantile paper. 4s4Q5:s per cent.
Sterling exchange was weak. closing firmer,
with actual business IN bankers hills at SsS7sp
ss1s for demand and $3.50 for sixty days: posted
rates Hs1 ard s4sfs6ls5; commercial bills,
s479h@47ss..
silver certificates were s41kGe5Kc; bar silve-
ssiLc: Mexican dollars. 5Oisc. At London silver
bars sold at % 1s-1sd ounce.
There was a very ardent speculative spirit
manifest IN the stock market all day. i; Was
repressed at times by the difficulty OF securing
accommodation In the loan market, but before
the day had closed the market burst into great
animation following relapse in the call loan
rate and the activity continued up to the close,
almost wholly ignoring recovery in the money
rate to about the top rate OF the morning. Tax
ing OF profits by room traders made some slight
impression on prices here and there, but the
last prices were generally very the top.
The feeling il Wall street this morning was
that Fridays jump in the call loan rate had
been due to manipulation, tina. Saturdays bank
statement did not truly represent the available
resources OF the banks, and, in short, that oil
of the usually trustworthy indications CT a pinch
In the money market misleading and arti-
fetal. II was In this spirit that SPECTATORS
rushed to buy stocks at the opening They raised
prices from TO IL points over Saturdays level
IN q large number OF prominent stocks within
few minutes Then began the calling Ioaus
BY some Of the banks. Loans made yesterday
carry over uatl Wednesday. and when sps.u-
iators began look about 20 find accommo-
dations with which to carry their holdings OF
rate up rapidly to p per cent The first loans
were made at 10 per cent. One broker pla,ei
siOooooo at that rate. another million at Is per
cent, and then demanded Is per cent for
million more. This suddenly checked the ami
nation CT the stock market. and was followed
ty period OF contemplation. A conspicuous
feature of the market al this time was the large
number OF transactions for cash and the small
concessions from the ruling prices at which
these were cucsed. The condition in the money
market was Of course. responsible for this
when The rates OF Nancy fell away 10 10 per
cent again the spectators very promptly awaited
themselves OF he resources offered and rushed
prices mp the top level OF the day. The
strength In the market was very general AID
on the whole quite Uniform. The steel stocks
the prominent industrials and the Southern ard
southwestern railroads. especially the Atehisons
and Union Pacific were the leaders In roiu. az
strength with gains ranging from 1 "a per
cent The cioseness with which The speculation
kept pace WITH the resources OF lie money mar
ket and the sensitiveness of the sterling ex-
change market very striking The rate for
sterling exchange fell Syeaky at the time OF the
furry in the money market, bus became irnier
again when the money rate weakened The rate
went well below the gold import point during
the day. but engagements Were made, owing
20 the feeling that the days conditions We're
Temporary. There rs no doubt that very cOnsid-
erable loans time were secured last week 20
guard against the possibility OF unsettled
rronev market after the election. The same
feeling prompted the Withholding Of funds yes,-
-erday for speculative purposes. except me
most approved collateral IL Is the belief in
wall street that money conditions will relax
during the course OF the week Standard oil
sold on the cutside market at 625. compared with
the previous record OF 6l3 on Saturday.
Quite a large business done IN bonds and
prices we're well manta tncd. Total sales at rar
value we're N.sl5, 200. United States new foIrs
advanced = and the old fours declined \ per
cent ON the last call.
Following The Gays share sales and The
closing bill prices: