The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-14
VOLUME OF LIQUIDATION
SENT PRICES FOR SHARES RAPIDLY
TO A LOWER LEVEL.
Money Market Exigencies-Panic in
Linseed Oil Shares at Chicago
Conditions in Local Business.

= at New York yesterday. money call was
firm at sl.qs per cent; last loan, sls per cent
Prime mercantile paper. 41z95l4 per cent
Sterling exchange was firm. with actual BUSH
ness in bankers bills at $4.s4iza4Si7s for de-
mand, and $4sOzQ4.So7s for sixty days; posted
rates. s4-s11ka4s5is; commercial bills. $500
4s0ls.
Silver certificates were s414q651zc; bar silver.
SIC: Mexican dollars, 50Ac. AT London, silver
bars sold at 20 11-16d ounce.
Yesterdays relapse in prices was quite vigor-
ously contested by some powerful interests still
long OF stock. or which had fixed on a consider
ably higher price level as desirable to unload
holdings by speculative pools. But the reaction
was too closely In accord with skilled opinion
and observation to be opposed with hearty con-
viction. The real question in the morning was
not whether or not prices would decline. but
how far the decline would extend. The question
still remained undecided when the market
closed with speculative liquidation still in force
and prices on the down grade; except that pro-
by covering their contracts. AS result OF the
days trading prizes In numDer ol pT9 naI sna
Steel and Wire suffered losses OF TO points.
and Metropolitan lost AZ; still larger list of
rsrsad list not few losses reached between
] and points. The more substantial commission
customers for several days past to take their
profits and buy no more stock for the present;
Professional operators, except some powerful
speculative pools. have sold out on very ex-
sms snce hs Election nei buyers outside the
street have been unheedful Of their brokers' adj
vice and have continued TO buy stock without
prices had the inevitable effect which lao
amount OF advice could have. OF discouragng
some OF the outside demand The extent which
the advance has gone made the market.
matter OF course. top-heavy. filled, II was,
with many speculative accounts on light mar
sional bear spectators, who have been alertly
looking for the moment Of reaction ever since
terday. for the first time. not effectualIy
absorbed The efforts were redoubIed and when
prices began to make wide declines stop-loss
ders dislodged and the fall thus precipi-
tated. The bears were in reckless mood and
Hes as they covered their short contracts While
some outside demand continued during the day,
ton of another large war loan to be fioated in
London depressed the market and was direct
annrebension' hitherto felt OF future Gern sao
government issue also IL is not TO be supposed
that. with the huge Indebtedness OF the foreign
government authorities can hope successfully
float their loans without assistance from Ameri-
outward movement OF gold from New York
would probably be necessary The money which
is used for speculative purposes in the stock
market Is money for which no more substantial
demand exists and IL Is invariably the rule that
for fxed investment OF capital. speculative bor-
called upon 10 repay their credits
New YORK advanced 10 per cent. notwitha
standing the considerable speculative liquidation
An active demand sprang up for short time
ninety-day money TO per cent. The tone OF the
money market was. in fact. decisive influence
business in bonds was on large scale. and
there free profit taking in the speculative
sales. az par value. We're stoooo All United
states bonds declined 7 on the last call. except
Following are the days share sales and the
closing bid prices: