The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-26
BETTER TONE IN STOCKS
SPECULATION on A FIRMER BASIS.
u IN SMALLER VOLUME.
Announcement of Burlington Merger
rad Helped by Weather.

At New York. yesterday. money on call
was steady at Sa4 per cent; last loan, 3
per cent: ruling rate. 4 per cent.
Prime mercantile paper, 4Q4ia per cent.
Sterling exchange was firm, with actual
business i'm bankers bills at s4.SS4 for de-
mand and s4.s5d4.S5hs for sixty days; posted
rates. s4s5ha4S6 and $3.50: commercial bills.
$4SilsGlS4&.
Silver certificates were Coo; bar silver.
$3.50; Mexican dollars, 4Sl4c. Silver bars
at London closed at 27lkd an ounce.
Speculative sentiment showed a decided
Improvement yesterday over that which
prevailed Wednesday, although the move
ment of prices continued very irregular
and at times cratic The heavy speculative
liquidation which was accomplished on
Wednesday and on previous days of the
week, relieving the overcongestion OF the
speculative holdings. doubtless had a great
deal to do with the better tone of the
market. The sustained strength Of Union
Pacific, even after Wednesdays remark
able squirt and a disposition to take mora
account of the many rumors of actual de-
velopments concerning the property, re-
lieved the feeling of uneasiness over recent
extraordinary transactions in that stock,
which in themselves led to some specula-
ton. owing TO the suspicion aroused that
they were designed TO cover heavy profit
taking in other quarters of the list. There
were further developments of strength yes
terday as a supplement TO the Union Pa
cifc movement, and the strength OF the
market was more generally diffused than
at any previous time this week. The man
ner In which the market received the formal
announcement OF the terms of the Burling-
ton merger had an encouraging effect IN
sentiment. There was little effect on Bur-
ilngton itself. which moved narrowly by
comparison with other stocks, but was
very firm all day. For the first time this
week the bears refrained from their final
attack on the market. and there was not
the flood OF realizing orders which have
been a feature of the last hour of each
previous day this week. The fact that the
buying demand was considerably relaxed
ala not seem TO encourage the bears to any
aggressive efforts, although there was a
distant ebb of prices in the final hour on
profit-taking for the day, and final prices
were considerably below the best, except
in a few cases. The grangers, Pacihcs and
SouthWesterns therefore played a promi-
nent pant IN the trading. The marked
strength (f some of the Eastern trunk
lines was Supposed TO be associated with the
movement hi the Western lines. Thus the
s~tock-market gossip. attributes the large
buying of Atchison TO a design on the part
of the Pennsylvania To control a Pacific
outlet. Baltimore d Ohio. as a subsidiary
company, was even more acutely affected
AAAaLAA &AAAA2 ~
extended to Az and in the preferred to ..
IN Baltimore * Ohio TO ga and in Pennsyl-
vania to "a. The advance in Northern
Pacific was resumed after a lengthy period
of comparative quiet, apparently on the
theory that 1t was entitled to rise with
Union Pacific. Union Pacific itself was at
one time pa over Wednesday night. and
twice receded below that point, closing with
4 net gain of only a fraction. The strength
Of Southern Pacific was due TO the supposi-
ton that it will share in any advantages
which accrue to Union Pacific. The Of
fetal denials which were given out OF
r.any Of the rumors of Wednesday and yes
terday were without the slightest effect on
the market. Special strength was shown
10y the Chicago Terminal Transfer AMI
Colorado Fuel stocks, at advances OF ga
To- 5ls, without news TO explain them.
Smelling broke AZ on the announcement OF
another Injunction against the stock issue
proposed 10 take up the Guggenheim in
iorests. The stock rallied PA. The ease of
call money precluded any anxiety over the
money market.
The large buying % Union Pacific con-
vertible bonds continued and the market
generally was strong. Total sales at par
value were 81. 600. United States refund
ing twos declined n and the threes, regu-
lar, "a per cent on the last call.
Following are the days share sales and
the closing bid prices: