The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-12
BOOM. in THE COALERs
BUYING IN THE LAST HOUR BROKE
ADAY OF DULLNEss.
Delaware &c Hudson Went Up Ii
Points-GeneraI Level Is Lower
Local Trade Is Dull.

At New York yesterday money on call
was steady at s9sh per cent; last loan. 8
per cent.
Prime mercantile paper, 4lzq5 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.S7a4.s7b for
demand and ~SLSSAQ4.sS% for sixty days;
posted rates, $4.S4 and .$4SS; commercial
bills. sls2hq4.S3.
Silver certificates were 64Hq65hc: bar sill
yer, 631z: Mexican dollars, 49A. Silver bars
at London were 29Ad an ounce. closing
easy.
The furious buying of Delawar & Hud-
son and Ontario & Western in the last hour
OF the market saved the day on the Stock
Exchange from something like positive
dullness. After the recent high level of
speculative excitement traders were unable
to distinguish the tone from dizziness, SO
strong was the contrast, and yet there were
many notable advances in the prices Of i'm
.portant stocks and a scale OF, trading that
would ave attracted marked attention pre-
vious 10 last November. The recent at
tempt to awaken a general speculation in
the Southwesterns commensurate with that
which has occurred in other groups appar-
entity were abandoned yesterday. The gen.
eral decline in the buying demand led to
large selling to take profits, and except for
the special points of strength the market
was under considerable pressure from this
selling. A growing scepticism regarding
many of the confident statements which
have circulated regarding coming combina-
tons In the railroad world was a foremost
motive OF the selling The market showed
no acute weakness at any time, and the
profit taking was well absorbed under the
sustaining power of the special strength.
At various times during the day this was
shown in the Pacifics, especially Union Pa
cifc, in Baltimore & Ohio, Chesapeake q
Ohio and Norfolk & Western and in a num-
Der OF less prominent stocks, including O.,
c.. C. Il ST. L., New York Central and the
Omahas, on light dealings. TIL absorption
for Ontario & Western was very large and
confident, and was by brokers' credited with
acting for the commanding Inquire IN the
anthracite situation. The increase OF 2 per
cent. in the yearly dividend on Delaware q
Hudson caught a large short interest, and
there. were wild fluctuations In the stocks
under the distressed bidding by this ele-
ment. Successive jumps of a half and even
a full point carried the stock up TO Isl, and
after a reaction of Is up again 10 loS12.
where IL closed. The net gain IS thus Ia
points. The other coalers unparalleled,
esnecially Ontario a Western, the Read
ings and the Fries, the latter having been
reactionary in the earlier part or the day
The extreme advances were: Ontario q
Western, 315; Erie second preferred, "A;
Erie first preferred, 3B, and Erie common
and the Readings about two points each.
Union Pacific rose to the best price OF the
day at the close. being then three points
above the lowest, but the market generally
did not close at the top. The indications of
a gain in cash by the banks of over &,OO0,O0O
during the week was without special effect
on the market, as the increasing ease OF
money has clearly indicated an abundance
OF funds. Standard Oil sold at $3.50 and $40
q share.
The bond market was firm. Total sales.
at par value, were S.025,00O. United states
bonds were all unchanged on last call.
FOLLOWING are the days share sales and
the closing bid quotations: