The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-10
BULLS AGAIN In CHARGE
PRICES FORCED UP THROUGH AL
MOST THE ENTIRE LIST.
ubb Received the Only Permanent
Backset Weather Condition
InfmicaI to Local Trade.

At New York, yesterday, money on call
was easy at 3G4 per cent; last loan, A
per cent
Prime mercantile paper, 4z@5 per cent.
Sterling exchange was firm, with actual
business in bankers bills at s4.S6s for de-
mand and sLsSls for sixty days; posted
rates, s4.S31kI4S4 and s4.S7h; commercial
bills, A.S2LQ4-S3.
Silver certificates were 6419G65kc; bar
silver. es7sc; Mexican dollars, 1870. Silver
bars at London sold at q 17-16d an ounce.
After a snort preliminary contest, yester-
day, with the reactionary forces the New
York stock market resumed its recent bull
characteristics. There was a prompt and
striking response to any demonstration of
strength, the bull leaders finding no diff
ficuIty in running prices up by rapid stages
several points in any stock in which they
began bidding for shares. The influence of
these easy advances exercised so strong a
sustaining influence on the rest of the
market that the interests long of stocks
had no difficulty in marketing enormous
holdings without any noteworthy effect on
prices. The bears who sold the market
Tuesday in the conviction that the culmina-
ton of the rise had been reached and that
klt ItpOTlcQ llDcSS II tie fTeSlQeDI might
prove the deciding factor in precipitating
a reaction were forced to cover in some
disorder. The sustained strength in the
market cannot be entirely accounted for
without making due allowance for the per-
sistence OF a very large short interest at
all the present stages of the rise. The
borrowing demand for stocks is proof of the
existence of the short interest otwit
standing the repeated backsets of the bears.
they were still active yesterday. They eff
fected some declines at the opening. aided
by the W range or prices for Americans
I'm London and by the acute weakness of q
few stocks. especially the National Tube
stocks, on the announced projects for the
building OF great competing works by the
break OF 4 points in National Tube com
mon and OF 1112 IN the preferred. The
Rubber stocks fell "a for, the common and
3 for the preferred, and there was a drop
OF 81 in Lake Erie & Western. Excepting
the Rubber stocks. there were good raj
lies in all of these, in sympathy with the
general strength developed. The open
ing dealings gave the impression that
Union Pacific had been selected as the
leader for the day, the demand absorbing
nc less than 5000 shares on simultaneous
sales But Missouri Pacific quickly forged
to the 'front.', after a momentary backset
which carried 1t q below Tuesday night.
This was due TO the heavy proft-taking
attracted by Tuesdays 5-point rise. The
stock was easily the leader of the mar
ket and was lifted in the afternoon So
points more above the preceding level.
Many rumors Of coming consultations of
the outhwestern railroad systems, with
out any authority, were current, and these
were met In some cases by semi-Official
denials. but. Notwithstanding these dis
chalmers. the so-called Gould southwestern
all advanced from 2 TO ga. Manhattan
n Western Union also gained 3 and 3&s.
respectively. The various stocks which
were successfully brought forward in the
advance would make a long list. The most
conspicuous were Louisville & Nashville.
with a rise OF 3%; Delaware & Hudson.
~. Illinois Central, AZ; Great Northern
preferred, 5a: the local traction stocks.
from pa to 3. outside OF T~hird-avenue
which rose an extreme 9k: Sugar and
Peoples Gas. about 2@ each; Union Pa
cifls and New York Central. as much, and
less prominent stocks with even wider
gains. The manipulative character OF the
advance and the persistent prOfit-taking
was so evident that the bears attacked the
market again late In the day and forced
declines running from ? to 3 points in
several cases. but there were good rallies
on covering by shorts. The grangers were
rather less disposed TO rally than the gen
eral list. and the coalers were affected by
proht-taking throughout. The dealings
were again on a very large scale. but did
not approach Mondays record.
There was a very active demand for bonds
Of Southwestern railroads. and the whole
list showed strength Total sales ar par
value were $f,515.000. United States refund
Ing twos advanced y per cent. on the last
call.
Following are the days share sales and
the closing prices: =