The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-03
STRONG OUTSIDE DEMAND
1T UPsETS THE CALCULATIONS OF
THE BEAR TRADERS.
Stocks Make Material Gains Except In
q Few -Cases-Local Trade Starts
BrfskIy, with Firm Prices.

At New York yesterday money on call
was easy at 9 to 10 per cent; last loan. 8
per cent; ruling rate, 8 per cent.
Prime mercantile paper, s per cent.
Sterling exchange was firm. with actual
business In bankers bills at si.S7494.S7A
for demand and s4S2hg4.S21s for sixty days:
posted rates. s4ss and s4ss1z; commercial
bills. $.S1z.
Silver certificates were 5S1lkq59hc; bar sill
YER was 5S5sc: Mexican dollars were 47Ac.
Bar silver at London was quiet at 27sd
per ounce.
The strength developed in yesterdays
New York stock market. in the degree to
which it extended, was a surprise TO trad
ers. Last weeks very considerable ad-
vance in prices offered inviting profits. and
It was expected that selling on this ac-
count would be sufficient to feed the new
demand The selling to take profits in the
first hour of the trading was, in fact, on a
very large scale, sharp advances at the
opening helping along the process. Last
weeks persistent demand and the large
gains in prices were a paradox in Wall
street eyes. and the professional traders
were very persistent in selling the market
on any advances. This element was watch
ful yesterday for any opportunity to swoop
upon the market and break prices to a
point at which they could buy in at a
profit. When the proft-taking became
manifest they made a vigorous attack on
Brooklyn Transit, forcing it down over
three points and bringing the rise in the
general market TO a halt. So far the course
of the market was about as had been ex-
pected- The tone of the money market was
firm at tho ononfno on1 the 49, ;-o;
dent to the active speculation in stocks
pushed the money rate up to IL per cent.
during the day. Thus all things seemed
to confirm the expectations of the reac-
tionists. who. however. failed entirely 20
properly gauge the outside demand for
stocks. This absorbed the sales 10 take
profits, and then proceeded TO swallow up
all other offerings available. The bear
party became alarmed at the proportions of
the advance and FASTENED to cover. The
money rate ran down later I'm the day to 8
per cent, and the tone of stocks became
buoyant. The most striking gains and the
greatest activity were shown in the indus
trials, OF which Sugar was the leader. The
Iron and steel stocks, especially the COM
mon, were also in eager demand at advanc-
ing prices. and the strength spread to other
industrials. At the same time there was
q confident and well-distributed demand
for the railroad stocks. The grangers
showed large advances, owing to the re-
bound from last weeks weakness, due 10
the St Paul and B~urlington's earnings, and
the tTuuk lines, lncluu1nS Is. & u, NOrI0ik
& Western and the great trunk lines were
all notably strong. So were the Central
Traffic lines, such as Pittsburg, Cincinnati,
Chicago & St Louis, Cleveland, Cincinnati,
Chicago & ST. Louis, and the Lake Erie &
Western stocks. Chesapeake e. Ohio failed
TO respond. The striking declines in dis
count rates abroad aroused some confidence
that the export movement of gold will not
extend much further, though the financing
of the South African war expenditures
must be reckoned with. and may have been
the motive of the strenuous efforts tina
have been making TO bring about easier
conditions In the Londo money market.
AS To the domestic situation, the movement
OF money has evidently turned in favor of
\ New York. New York exchange at Bos-
hon went to a sharp premium yesterday.
An accepted authority estimates that the
total disbursements for January. this year.
taking into account securities of banks. in
surance companies and such, will foot up
$3.50. 600. 600.
There were sufficient points OF weakness
In the bond market to give an irregular
price. although the general tone was
strong. Total sales, at par value, were
-$2.255.000 United States threes declined Il
In the bid price.
Following are the days share sales and
the closing bid prices: