The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-06
GOOD STRENGTH SHOWN
MINOR SECURITIES ADVANCED ON
CONSOLIDATION RUM0RS.
CoaIers Also I'm Good Trfm-Heavy Alb
sorption Of Bonds-Local BUSH
ness Active for the Season.
AT New York. yesterday. money on call
steady 2Tf2 mar rent

AT New York. yesterday, money on call
was steady at 29s per cent
Prime mercantile paper, 3q4 per cent
Sterling exchange was easier, with actual
business in bankers bills at s4.SS1s for de-
mand and 81 S47sQ4.S4S4 for sixty days;
posted rates. $4.s5l2 and si.s9; commercial
bills. s.Sss. q4s41l
Silver certificates were CSC; bar silver.
e1ssc; Mexican dollars. 47lkc. Bar silver. at
London. was IS 3-16d an ounce.
Yesterdays market was very active, and
ended the day generally higher. but prices
the course OF the trading The market was
extremely spotty throughout. but the con-
slant cropping out of new and aggressive
points Of strength to overcome the dispo-
sition TO sell on the part of timid holders
OF long stock, well by the bear trad
ers. who were disposed TO aggressive tao
tics early in the day. The opening bulge in
prices met with a decidedly discouraging
reception and some of the leading stocks
on the list were carried below Monday
nights level. under the heavy burden of
proft-taking sales and operations by the
bears. Mondays leaders In the speculative
advance. including Louisville & Nashville.
were all carried below Monday nights lev
ell. and the dropping tendency of Southern
Pacific became more manifest. With weak
ness I'm these important stocks, after Mon
days large buying in them for speculation.
the whole market necessarily made some
response and the earlier gains elsewhere
were largely curtailed. The steel stocks
showed themselves not so yielding as those
L..
force OF the selling movement had ex-
pended itself. tho recovery in the steel
stocks was an important influence. Buying
was credited TO the insiders and there was
recurrence OF recent rumors OF a coming
wholesale consolidation OF the great corpo-
rations In the trade. The opening rise In the
Southwesterns was not so well maintained.
although Missouri Pacific made a strong
recovery later. rising TO 9l7kc. and the Wa
bash securities were very largely bought
II was rurlored that Chicago q Eastern
Illinois had passed to the control OF Mis-
sour Pacific or ST. Louis Southwestern.
and the lately prevalent rumors OF a gem
eral consolidation OF the Southwestern rail-
way systems still retained their force in the
speculation Chicago x Eastern Illinois
rose 5i4 and the preferred a. A squirt of
31s in Tobacco. about midday, was a fea-
ture. There was very large number OF
stocks or smaller railroads which adj
vanced sharply under the prevailing i'm
preston that absorption OF such roads by
the larger railroad systems is the order OF
the day. Hooking Valley rose Az: Hooking
Valley preferred. 3ts: Pere Marquette. 8:
Minneapolis & st Louis, 2iz; Evansville a
Terre Haute 8: Lake Erie & Western ?
and quite an extended LIST from / To 2
points. The most important movement OF
the day was in the later dealings when the
coalers and Pennsylvania developed sud
den and aggressive strength, after showing
symptoms OF heaviness earlier I'm the day
Gains on the movement were 3ik for Lacka-
wanna, 3 for Delaware & Hudson from
20 for other members OF the grour. The
movement In Pennsylvania was not ex-
planned. but IL resulted in an advance OF
points. Union Pacific and Southern Pa
clhc also succeeded In throwing of their
depression. the former advancing 10 81 and
the latter 10 IS. through heavy offerings In
both cases. A furry 20 per cent. In the
call money rate was not much needed al
though II calls attention 20 the fact that
last weeks enormous inccrsion into the
reserve forces by reason OF the loan expan-