The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-02
PRESSURE IS Relaxed
steel STOCKS, IN CONSEQUENCE,
MOVE SHARPLY UPWARD.
Some Railway Shares Make Good
gish-LocaI Business Conditions.

At New York yesterday money on call
was easy at ? per cent.
Prime mercantile paper, S&Q4A per cent.
Sterling exchange was easier, with actual
business in bankers bills at S4.S7ss for de-
mand and &.S4q4.siA for sixty days; posted
rates. $4.S5a4.s51z and SISSY; commercial
bills, &.SSAG4SSA.
Silver certificates were 611kG62c; bar silver,
611sc; Mexican dollars, 49hc. Bar silver
closed at 2SAd an ounce in London.
Pressure was relaxed against the steel
stocks in yesterdays market, and they
scored unequal recoveries. Probably this
had as much to do with the better tone of
the stock market as anything that could be
cited. National Tube was the most affect
ed, with a rally of S15, and Steel and Wire
is about 2 points higher Other members
of the group gained between and 2 points.
There was a marked decline of speculative
interests in this department of the stock mar
ket incident to the completion of the process
of adjustment OF the conditions disclosed
earlier in the week, OF the steel merger.
The realizing in St. Paul on the stock priv
ileges carried it down a point, but 1t was
we'll supported at that level and later
scored a full recovery. After the turn in
the market had set in there were large
buying movements developed in a number
of individual stocks or allied groups or
stocks. This was most notable among the
Gould Southwesterns including missouri
Pacific, the st. Louis Southwesterns, the
Missouri, Kansas x Texas stocks and the
Wabash issues. The extreme advances here
ran from l to pa, the latter in Missouri
Pacific, and 21z in st. Louis Southwestern
preferred. The movement was apparently
based on the large earnings which are be-
ing reported by the railroads in hat re-
gion. There was another pronounced move
mPnr in the roads which carry hirnminOn1
coal to tidewater. Pennsylvania, the Balti-
more & Ohio stocks, Chesapeake * Ohio
and Norfolk & Western We're all largely
bought and were sharply lifted by this de-
mand. Burlington, Rock Island and the
Chicago Great Western stocks enjoyed a
period of strength, and the gas group
Peoples, Consolidated and Brooklyn Union
were advanced in concert. There was
active demand for Sugar all day, at an ex-
treme advance of Az. There were, in addi-
ton, good gains made by a number of
stocks not usually prominent in the trading,
such as the American Linseed Oil stocks,
international Power, the Cleveland, Lorain
* Wheeling stocks, the Toledo, St. Louis &
Western stocks, Evansville 81 Terre Haute,
the Chicago Terminal Transfer stocks and
Texas Land Trust, in which the advances
ranged from L TO A points. Notwlthstand-
ing the advantage of this very considerable
show OF strength in special stocks the
condition OF the general market remained
quite apathetic, and moved only ~sluggishly
upward in sympathy with the general mar
ket. In spite of the late upward movement
in Southern Railway stocks, on a large
demand, the close was barely steady. The
continued easy money market detracts
from any apprehension over to-day's bank
statement, which is expected to show a
decline in cash reserve, owing to the alb
sorption of over 100000 by the subtreas-
ury this week.
The bono market was moderately active
and irregular. Total sales were $3,315, 600.
United States refunding twos, coupon, adj
vanced Is per cent. on the last call.
The following are the days share sales
and the closing bid prices: