The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-20
VERY ACTIVE, BUT EASY
STOCK MARKET SUFFERED FROM
EXCESS OF LIQUIDATION.
Close Was Feverfsh-Some Sensatfonal
Breaks-A Slight Check to LO-
cal business Activity.

AT New York yesterday money on call was
steady at l@5 per cent: last loan. AZ per cent
Prime mercantile paper. 4zQ5h per cert.
Sterling exchange was steady. with actual bust
ness IN bankers bills at Sass for demand and
yi.soh for sixty days: posted rates. s4.SiG4.s1s
and g. 5 s51s: commercial bills. s4.7sh@4.7sz-
Silver certificates were CSC; bar silver, SIC:
Mexican dollars. soc. Bar silver at London was
2s&sd an ounce.
There was no appreciable let up in the furious
activity In the stock market yesterday or in the
exceedingly broad and varied trading. A quick
market was offered for almost any volume OF
stocks and very notable strength continued at
various points in the list. but the burden of the
pront-taking sales proved rather heavier than
for some time past and made more general in
roads on prices. The market fairly turned reac-
tionary throughout at one time, under the inhu-
ence of som. rather violent breaks in special
stocks. Tin Plate was the most effective Of
these. when II suddenly slumped 3a ate. a show
OF early strength. A drop of IA points in New
York Air-braxe was impressive in its way, but
had little effect on the market. The reactionary
tendency of the junior Vanderbilts developed
that spectators had been taking rather too
sanguine a view of possible readjustments Of Sc
curities OF these companies. Cleveland. Cincin-
natl. Chicago & st. Louis and the New York,
Chicago & st. Louis stocks fell back heavily.
An effort was made to reclaim the bull position
I'm the final hour by sudden advances in Northern
Pacific. Sugar. Illinois Central, General Electric.
the Chicago Terminal Transfer stocks and the
Wisconsin Central stocks. The advances in these
above the low point was from 2 to Az points.
Prices did stifen in sympathy, but the specula-
tive enthusiasm was not fully renewed and the
market closed very feverish and unsettled, with
a point or more lost OF some Of these sudden
yains. Even the Erie stocks. which have been
tha real backbone for some days, came to a
pauSe. and the first preferred, after rising "a.
reacted Ia. with = final fractional rally. Stand-
ard oil shares sold at SS21 anu SS24. Tho general
bullish enthusiasm up to this time has proved too
mrch for any restraining influence. n sustained
hull NOV efnent always means prosperity Tor the
Iarge market contingent, whose trade II Is 10 OPP
erate In stocks. and, coming in the tide Of the
halliday period. the present movement Is especial
~ popular. The demands OF the speculation on
the money market have made no impression yet
on money rates. a Development which would
nrrye an edectuas check on. excessive specula-
ZION. London was quoted 20 be "A buyer or $4,000
shares OF stock ON balance here yesterday, but
an, true origin of this buying IS open TO Count,
In view of the advancing money market IN Lon
dor and the failure OF the dealings 20 affect the
sterling exchange market IL New York. The
initial dealings here IN the stocks which were
most affected In the early London. trading were
- 400 shares changed hands at once at the open
Ing. In Southern Pacific 5000 shares, in Kansas
a. Texas preferred 1900 ST ares and IN Erie nrSt
preferrca 4.0sc shares. The higher money rates
mental exchanges in favor of London, but IL Is
the common expectation that the Bank OF Eng
land discount rate viii be advanced to-day, rs
the open market rate has risen well above the
bank rate and borrowers are resortns very
largely 20 that institution.
The bond market was active and strong. Total
sales. at par value. were S.. 26o. 600 United States
ref1ndlns twos aosan as shs last call '" o"
Following are the days share sales and the
Closing bid prices -