The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-27
DAY OF HEAVY DEALING
STOCKS STRONG AND ACTIVE 4,
SPITE OF LIQUIDATION.
Day Closed ut n Higher Level of
Prices, with Few Exceptions-Ex-
pansion of Local Business.

At New York, yesterday, money on call
was steady at Slsa4lA per cent; last loan.
4 per cent
Prime mercantile paper. 42id5l4 per cent.
Sterling exchange was firmer. with actual
business in bankers bills at sIs5zq4S59s
for demand and As2h@4s22s for sixty
days; posted rates. $i.ss1z and stS61s9i.s7;
commercial bills. s4.S11zq4S2.
Silver certificates were e0Aa6lAc; bar
silver. soc: Mexican dollars. 47Ac. AT Lon
don. bar silver was q e-16d per ounce.
Yesterdays stock market made re-
markable display of strength in the prices
OF securities and of absorptive power in
the face of the enormous liquidation of
profits. Sharp reactions from best prices
were made in many stocks. and others
which have been the recent favorites
among spectators for rise were heavy
on realizing of profits throughout the day,
but the general level of prices was de-
cidedly higher on the day and a very
heavy aggregate of stocks was marketed.
Dealings were more or less congested in
the usual leaders OF Stock Exchange move
ments, but there was a very broad market
for usually dormant stocks. some of which
have not made their appearance in the
records of transactions for many weeks
past. London was an eager buyer I'm this
market. and while there were sales for
that account to take profits, where recent
advances have been considerable, the dis
position of the foreigners seemed to be
TO reinvest their profits in other stocks.
They were free sellers of Norfolk & West
ern and Of Baltimore & Ohio, but the pur-
rha on far hal caH
the sales. II was estimated that London
bought fully $1,000 shares on balance,
principally among the low-priced common
stocks with preferred stocks ahead of
them The commission houses had large
orders to buy which had accumulated over
Sunday. and the professionals took advan-
tage Of this demand to market their hold
fngs. This. coupled with the weakness of
the local traction stocks. Sugar and Peo-
pies Gas, turned prices back before the
end OF the first hour, but the buying con-
tinued in undated volume and carried
the market upward again. Later in the
day, when the buying orders had been
executed and realizing developed in the
q INK lines, the market went off again.
The final rally did not bring prices back
TO the best. but il made the closing firm.
Baltimore x Ohio common rose an extreme
5A and at one time crossed the preferred.
There was very heavy realizing in the
other trunk lines. under cover of the rise
In Baltimore * Ohio. Special strength and
activity was shown by number of the low
priced Southerns and Southwesterns, the
Pacifics and some of the coalers, both
anthracite and bituminous. The news of
the day did not receive much attention,
the movement apparently being based on
confidence on the general outlook for bust
ness and values, and i'm future ease in the
money market. All departments of the
local money market were appreciably east
er yesterday. in spite of the largely in
creased speculative activity and the result
Ing demand for funds. In spite of the large
buying OF stocks for London account,
sterling exchange advanced fraction, APP
parently in response To the hardening of
money rates in London. A marked falling
off was reported in the quantity of cotton
bills offered in the exchange market.
The bond market continued broad and
active, and higher prices were made for
most bonds traded in. Total sales, at par
value, were S4.Sl0.000. United States threes,
coupon. advanced q; United States threes
registered. "a, and the refunding twos
when issued. declined y in the bid price.
Following the days share sales and
the closing bid prices: