The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-05
STRONG BUYING POWER
1T MADE A HIGHER PRICE LEVEL IN
NEW YORK STOCKS.
Strength of Monon and l.. Il. & W.
Big Foreign Business - Increas-
ing Trade I'm Local Markets.

At New York, yesterday money on call
was steady at 3q4 Der cent; last loan, 3
per cent.
Prime mercantile paper, 4i4q5h per cent.
Sterling exchange was firm, with actual
business In bankers bills at AS64q4SS for
demand: posted rates. sIs3zq4S4 and s4.S7;
commercial bills. s4.S2Aq4.s2z
Silver certificates were 60i4d61Ac; bar
silver. 5sssc; Mexican dollars. 473ac. At
London, bar silver was steady at q 7-16d
per ounce
The New York stock market again re-
fiected strong buying power yesterday or
ders for stocks coming from widely sepa-
rate sources. both by cable and telegraph.
The demand showed a tendency to con-
verge on a few stocks and this shifted
from one group to another. Prices turned
back from highest level in all the active
stocks under influence of profit-taking by
the professional room traders on the days
advance. The sustaining force of special
stocks also awaited of to take profits
on stocks already enjoying a notable adj
vance. The market was almost entirely
heved from any depressing factor in the
shape of positive weakness In individual
stocks, though some pressure was brought
10 bear on Federal Steel and in Peoples
Gas. The weakness of Federal Steel had.
by no means. as much influence hith-
erto during tn week The net result of
the days trading is a substantially higher
average Of prices and an important diges-
ton of realizing sales without any ma
terial harm being done to prices The
movement in Pennsylvania was the most
impressive OF the day, owing to the extern
sive trading and the large individual trans
actions which marked it. No special news
reached the public for account for the
movement. and it was generally attributed
TO the increase of funds made available for
stock market use, and the accumulated
evidences of the prosperity OF the COM
pany. Its recent investment i'm the stocks
OF Il. & o., c. & o. and Norfolk & West
ern. besides the advantages given in the
extended control OF possible competitors.
evidently insures a good direct return of
the outlay in the shape of dividends Part
of the stock, which is offered at par. was
not taken up by the privileged stockhold-
ers- The premium commanded by this
stock would thus revert 10 the treasury of
the company. Reasoning by the course of
the Pennsylvania Company. many rumors
are current in the Stock Exchange of
movements toward consolidation or alb
sorption of railways in New York Central
territory. One such, alleging the passing of
control of the Erie. Reading and Lehigh
ditey 10 New 1OFk central, was denied
by Reading officials and the early strength
gave way TO sharp reaction. The rise in
Chicago. indianapolis & Louisville. and
Lake Erie & Western is due to the preva-
lent belief I'm the general policy OF extend
Ing control on the part OF the great trunk
lines. The marked strength of the Pacific
stocks was largely due to demand from
abroad. the buying for London account
again assuming important proportions ST.
Paul. on the fourth weeks statement of
earnings. was cause of strength, and
Sugar, the local traction stocks and To-
bacco showed good advances. Realizing
was heavy in Baltimore x Ohio. Peoples
Gas, and, on a lighter scale, in the Atchi-
son stocks. The final reaction of a point
in Pennsylvania from the top level,
checked the activity of the market. and
the closing was dull and barely steady.
Business In the bond market was on a
very large scale. Reading general fours be-
ing taken In round amounts The buying
was generally widely distributed. and
prices advanced. Total sales. at par value
were sl.175.000 United States refunding
twos. when issued fours, registered. old
Tours and fives declined u in the bid price
Following are the days share sales and
the closing bid prices: