The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-13
SHARE PRICES RECEDING
OUTSIDE DEMkND FOR STOCKS
SEEMS TO BE SATISFIED.
Market Was Very Active, but the
Close Was Generally Lower-Week
Opens Well I'm Local Trade.

At New York yesterday money on call
was firm at 4Q5 Der cent: last loan. per
cent.
Prime mercantile paper. fkG5I per cent.
Sterling exchange was easier. with ac-
tual business in bankers bill at s4Sih
tual business in bankers bills at s4s4ls
posted rates. s4.s41k and SASSY; commercial
Hills, s4sOa4SOls. Silver certificates were
s41z@65Ac: bar silver. csc; Mexican dol
lars, 50hc. Silver bars at London sold
ur % LIED ounce
The first decisive setback to the upward
course of prices, which has been in full
swing in the stock market since Wednes-
day morning last, occurred yesterday. and
conservative cir,:les in Wall street breathe
easier as a consequence. The headlong
pace at which the speculation has pro-
ceeded has been the cause of uneasiness
lest some untoward event should precipi-
tate a violent decline with disastrous re-
suits. Mondays late reaction was largely
due to manipulation by professional bears,
and there were indications that some of
the large bull interests were acquiescent
in the movement. prolonged and ex-
tensive advance. such as that of the last
week, attracts a following of weak spec
liquidation on very slight reaction are
a menace and an obstruction to the more
powerful bull spectators. This latter
class sometimes wink at a bear attack
In. order TO shake of this undesirable fol-
lowing. There was an enormous amount
of profit taking accomplished during the
early hours OF the day by professional
SPECTATORS. VINO began To feel doubts over
mand for stocks. Interests which had
thus sold out were willing TO see lower
prices in order To buy back some stocks.
Ii looked at one time, however, as though
the absorptive power of the market was
sufficient to carry through this realizing
and lift prices TO a higher level. as was
the case many times during last week =
rampant bull market High prices for the
Der of stocks after the early reaction. and
the speculation had shifted into the stand
ard railroad stocks. so as 10 give a
healthier tone TO the market than during
the morning. when the widest movements
were i'm the mercurial specialties. The
stiffening OF the call money rate was the
most effective factor in inducing the late
reaction. Skillful spectators have kept
a watchful eye this index OF money
conditions TO detect the first signal of dan
ger that the borrowings for speculative
purposes were overrunning the available
resources OF the money market Satur-
days bank statement was conflicting
end so far removed from preliminary esti-
mates that its unfavorable features were
ignored yesterday morning. the more so
as money continued 10 be offered at 4 per
cent IL Is not likely that there was any
actual pressure on speculative borrowers.
but the effect on speculative sentiment OF
the rise in the money rate To ) per cent
WAS conclusive. The constituencies of oDin-
ion 10 this Indication and the success n
The professional attack upon the market
after the many failures of last week, war
rant the suDposftion that the eager rush
20 buy stocks has at last begun 10 show
signs of safety. The signs We're not clear
fn the morning when orders 20 buy came
into the market IN seemingly undiminished
volume. but by monday the activity had
sensfbIy fallen of. and the later recovery
in prices had a somewhat artificial an
pearance the rise shifting from one stock
&c another. giving the market a spotty
appearance and leaving the points OF
strength somewhat isolated Pennsyl-
vania- which has been reactionary Tor