The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-18
TRADE BECOMING ACTIVE
POINTS OF STRENGTH DEUEL.
OF IN THE STOCK MARKET.
Expectations of a Good Bank state
ment To-Dny-Efect of ~Unseason-
able Weather cn Local Trade.

AT New York yesterday money on call
was firm at S4a515 per cent. last loan. 5
per cent; ruling rate, AZ per cent.
Prime mercantile paper, 4G41z per cent.
Sterling exchange was firm, with actual
business In bankers bills at SASS for de-
mand and $4.S44Qi.s5 for sixty days; posted
rates. S4.s51a and $3.50; commercial bills.
Sl.S%q4.S4A.
Silver certificates were Coo; bar silver,
5S%c; Mexican dollars. 4Sl5c.
The fever and nervousness were practic-
ally all gone out of the stock market yes
terday. There were demonstrations of
strength, which was somewhat intermittent
and spotty i'm the early dealings, but which
grew and broadened with the progress of
the day and closed with a buoyant outburst
which recalled the days of the early period
of the late boom. The strength in the mar
Ret was principally based on general con-
ditiOns, but there were besides an ur-
usually large number of stocks influenced
these strengthening influences was a potent
factor In its sympathetic effect on the
market. Broadly considered, the general
leelng that prices were on a safer level by
reason of the imitation let out of them.
While the business conditions of the country
ana the earning power of properties were
cnimpaired, encouraged buying. Evidence
that forced liquidation growing out of the
panic had been completed was thought to
leave the way open for renewed advance.
The indications for to-day's bank statement
were of such a strong regeneration that
some pressure to lend money seemed \
probability not far in the future. The be-
lief in the settlement of the Northern Pa
citc controversy is felt to offer assurance
oil a more effective naturalization Of the
Whole Northwestern railroad territory than
has ever before been known. The prom
enc II the STOCKS OI railroads. IN that
region was due TO this cause. There were
very definite reports afioat that the divi-
dend on Missouri Pacific at the rate of .
per cent. was an early probability. The
movement in the local fractions was due
TO the inauguration of the underground
trolley on additional lines of the Metro
politan Street-railway and estimates of the
benefits of the Manhattan systems from
The use of electricity. Sugar was affected
by reports OF an agreement with the cof-
fee interests and was heavily bought for
Boston speculative account. Expectation
OF a melon cutting helped Consolidated
Gas. A reported settlement with the city
authorities, giving assurance against inter
ference, Was the cause OF the strength
OF Peoples Gas. The better prospect of a
settlement with the machinists and the
progress of measures toward reorganization
OF the United States Steel Corporation
companies, indicated by the election of new
directorates, induced buying of the United
States Steel stocks. Reports of large de-
posits of stock in assent to the proposed
exchange with Am-algamated Copper ex-
planned the demand for that stock. There
was talk of closer relations between the
American and Continental tobacco com
panies. The Pennsylvania Railroad was
said TO be perfecting its control of the
subsidiary coal-carrying roads. Gains all
the way from 2 to 10 points are shown b.
an extended list of stocks. and the last
prices were practically at the top. Owing
TO heavy receipts from the interior the
tanks are expected to show a gain in cash
in to-day's statement of nearly $1,000. 900,
after allowing for gold exports. This
promise neutralized the effect of the fall
ing due on Monday of the third installment
on Union Pacific bond subscription, IN
v~olving so, coo. 900.
The bond market was broad and prices
were well sustained. Total sales at par
value were 50, 455, 600. United States threes
declined Il per cent. on the last call.
Following are the days share sales and
the closing bid prices: