The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-19
BUSY DAY FOR TRADERS
PLENTY OF LIFT IN STOCKS. PRICES
GENERALLY HIGHER.
Leading Movements OF the Day and
Underlying Causcs-Much Activity
i'm Local Trade Circles.

At New York. yesterday, money IN call
was steadier at 2Aa3 per cent: last loan.
22 per cent.
Prime mercantile PAPER, S1zd4k per cent.
Sterling exchange was strong. with act
ual business in bankers bills ut $l.S75s for
demand and s4.s4asqS4.s41k for sixty days;
posted rates were s4.S5Q4S5K and Si.S212;
commercial bills at $i.sS1kQ4S4.
Silver certificates were G.; sG6sc; bar sill
yer. Gle: Mexican dollars. l9c. Silver bars
closed at % 3-16d an ounce IN London.
The course of events in las- weeks stock
market led up to to-day's excitement in
the Stock Exchange. The powerful sTecr-
lators who had been manipulating prices
for an advance. for a long time, saw the
promise of their reward In the growing
outside interest in the marker. The relief
afforded by Saturdays bank statement
gave pretty good assurance of an increased
demand for stocks. yesterday morning.
The public appetite was whetted by several
announcements, which either came very up-
portunely for the purpose or were set afioat
with a view to their effecs. one rf the
greatest difficulties which the professional
bulls have had to contend With was the
dragging tendency OF the steel stocks, under
the apprehension that when the United
States Steel Corporation stocks were in
troduced on the Stock Exchange they may
prove weak, and nave an unsettling influ-
ence on the general market. The report
that the Rockefeller iron interests III the
Lake Superior region We're to DC Included
in the steel merger, therefore. proved very
opportune for the bulls and awakened the
steel stocks from their dormant state into
strength and activity. There was IL con-
tinuance of the excited speculation in Eur
lington, on the publication of circunstan-
tial assertions that President ]. j. Hill. of
the Great Northern, had secured control OF
the Burlington. Burlington insiders We're
inclined to deprecate these assertions, CIV
ing color to the belief that competitive buy
ing for control was going on. 1t was also
confidently stated that New York Central
had secured control of Manhattan, and
would guarantee a dividend OF 8 per cent.
This statement received an emphatic de
NAL from the president OF the New YORK
Central. These influences form the frame
work of the days very animated and buoy
ant market. Other movements were either
directly related to these, or were under
their indirect influence. Thus the belief
that Burlington had been substituted for
St. Paul in the proposed adjustment OF
railroad affairs revived the
correlative belief that Erie was TO be in
cluded in the programme. Hence the
strong recovery in those stocks after their
early weakness, in sympathy with the 9TH
er coalers. General Electric's advance was
an ouJgrowth of the suppoSition that new
control of Manhattan would hasten its
electrical equipment. The rise i'm the other
= "aS PaAPo0AS III oS 10 NN
Burlington. st. Paul alone standing back.
Missouri Pacific seemed TO be marked Up
in an endeavor to revive the strength If
Southwesterns, but the maneuver proved
without effect. A number of specialties
moved independently, including Sugar. To-
bacco, Consolidated Gas, Peoples Gas and
American Snuff preferred. The New York,
Chicago & St. Louis stocks. Pacific Coast
second preferred. Lake Erie * Western pre-
ferred, and Louisville * Nashville were all
conspicuously strong. The weakness of
the coalers was due to fears o. Il min
ers' strike. Great Northern preferred re-
acted on the declaration Of stock subscrip-
ton rights. The gain in the principal steel
stocks extended from 2 to 5 points, and
they held better than any others. Bur
lington's extreme rise was 4%, Mammal
tan's Az and a large number of the Other
most prominent stocks from , to !. North
western preferred jumped I. The taking
of speculative profits caused wide reac-
tions at times. but the un lertone continued
strong TO the close. although LAST prices
of many stocks were notably below the
best.
The railroad bond market continued act
i've, but was reactionary in spots, on profit
taking. Total sales, at par value. were
s ,335, coo. United States tNvos, registered,
advanced u on the last call.