The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-15
CHECK In THE DECLINE
MARKET CLOSES WITH SLIGHTLY
HIGHER PRICES FOR SHARES.
Pennsylvania, Northern Pacific and
General Electric the Leading Fac
tors-LocaI Trade Conditions.

At New York yesterday money on call was
steady at 2izQ6 per cent; last loan, ger cent
Prime mercantile paper. 4lz95A per cent.
Sterling exchange steady, with actual
business I'm bankers bills at s4Silz04.s4ss for
demand and s4.sOss@4sO7s for sixty days; posted
rates. s4s11s and siS5la commercial bills s4.soh.
Silver certificates were 64Aq65Ac; bar silver.
s47sc: Mexican dollars. 5OAc. At London bar
silver % 1i-16d ounce.
The striking fact about yesterdays New York
s.ock market was the decreased volume of trad
Ing. Tuesdays reaction was checked and quite
imposing show of strength was made after
~Srds. but there was renewal Of the inordi
nate buying demand which carried prices up
with rush all through last week. The market.
I'm fact. dropped back into an affair Of ordinary
Importance. Business continued large scale.
compared with the normal but the movement
OF prices obviously depended on artificial stimu-
lants. Tuesdays sharp decline induced some
selling orders from outside sources In the morn
Ing. but powerful support by the bull pools.
which still operating for advance. checked
the decline and secured control Of the market
almost Immediately. There small
buying for London account but IL not
potent factor in the market The buying fell of
prices rose above Tuesdays level. The most
effective movements of the day in Pennsyl-
vania and in Northern Pacific. There vague
rumors aioat OF further deals by the Pennsyi-
vania company. of the same character as the
series of requirements of stock in other COM
panies earlier In the year The accompanying
strength of Baltimore & Ohio. Norfolk & Western
and some OF the coalers intended give
color to these rumors. but no authoritative con-
frmation forthcoming. and the stock OF
Psnnsylvania was highly manipulated all day.
and preferred, seemed OF a more substantial
character The statement of the condition OF the
company. issued by the trustees In dissofving
the voting trust. and the desrability OF addi-
tional holdings for centralized control, following
motives for the buying. The movement in the
local traction stocks and in General Electric
grew out OF the statements in the annual report
OF the Manhattan Elevated Company the
and the friendly cooperation OF the Metropolitan
Strcet-railway Company. The advances extended
al the way from las in Pennsylvania to ~ in
General Electric. These stocks about measure
the dimensions OF the upward movement gains
elsewhere being for the most part in sympathy
Northern Pacific and Pennsylvania, which pTac-
tically wiped out their earlier gains. and in Man
haitian. the whole market turned weak again and
fell back TO an average level about low as
that Of the morning. There a final rally
but IL was lacking in snap and well
maintained. the market closing irregular Pa
chic Mail, Linseed Oil preferred and two
OF the steel stocks We're actively reactiOnary
Call money got up 10 per cent again. and the
time money market continued firm and rather
active.
The bond market was Irregular In sympathy
stocks Total sales were
&. 9zo.oo0- United States refunding declined
J.. and the fives. registered, advanced u ami
the hves. coupon, = per cent on the last call
Following are the days share sales and the
closing bid prices: