The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-21
NORTHERN PACIFIC KITE
1T SCARED OVER THE MARKET IN
TREMENDOUS VOLUME.
Also Dominated by Rise i'm Price
Other Stocks ConspicuousIy Dealt
In-Rain Checks Local Trade.

At New York. yesterday. money on call
was steady at $500 per cent; last loan,
81 per cent.
Prime mercantile paper, 4Q5 per cent.
Sterling exchange was steadier, with
actual business in bankers bills at s4-s49s
for demand and $4s1 for sixty days; posted
rates we s4S2 and slS5l4; commercial
bills. s4.s0ts.
Silver certificates were 64ll665c; bar sill
yer. &c: Mexican dollars. 5014c. Silver bars
sold at 29ssd an ounce i'm London.
1t Is not often that a movement in the
stock market attains the volume and the
price movement as that of yesterday in
the Northern Pacific stocks. Occasional
~, in the past. there have been sales
ir a single day of an imposing aggregate
OF some of the largely capitalized Western
railroad systems, OF which the floating
supply in the market is always much larg-
er than that of the more firmly established
railroad properties in the early settled por-
tions of the country. but the very fact of
the enormous floating supply of these
stocks hampers the price movement Yes
terday's sales of Northern Pacific foot up,
according TO the customary approximate
calculations. 20l, 500 shares for the common
stock and 1850 shares for the preferred
stocks, a total of 81. 400 shares The COM
mon stock arose an extreme 81, and the
preferred els. Various causes, doubtless,
served to longest the speculation in these
stocks. For one reason. there was but
languid interest in the general market, and
the eager army of operators and specu-
lators who watching for available open
ings failed TO find any until the movement
IN Northern Pacific developed. The volume
and character of the dealings in the stocks,
however, precluded the idea of a purely
speculative operation. No authentic news
was disclosed TO explain the movement.
such rumors as were heard being prompt
ed rather by the effort 10 explain by guess
work 1t was alleged that it had been
determined to retire the preferred stock at
par, as the company has the right 10 do
under the terms of its issue The favorite
theory, however, was that the buying or
Northern Pacific represents a process OF
TRANSMISSION of interests between the diff
ferent transcontinental railroad lines, or
more Immediately, the Northern and North
western routes. Such a process is on the
lines OF what has already been accom-
plished on large scale in the Eastern
trunk-lne field. and is in accordance with
the best accepted theory as a solution of
competitive problems in railroading. That
, some important development will be forth
coming is indubitable by the testimony
of the tape The movement in Northern
Pacific had dominant influence on the
whole market. and pulled IL up effectually
from the reactionary tendency which had
overborne il during the early part OF the
day. This was due to the continued heavy
profit taking, and TO very large selling
for London account after a light buying
movement for that account in the early
dealings. 1t is believed that very large
shipments of stocks. and especially of
Northern Pacific. which have been sold for
foreign account since the election, are now
on the ocean. This would create q tenn
porary shortage in the supply available for
borrowing purposes, and would add materi-
ally to the embarrassmentS OF a short in
tersst. The proht-taking continued to a
had become strongly upward. and some
OF the prominent stocks, particularly, prac-
tically failed to respond at all. The move
ment In the iron and steel stocks was ex-
ceedingly irregular and a number of other
specialtiee. which have had recent notable
advances. hung back yesterday. As con-
sequence, the days net changes were ex-
ceedingly uneven. and not a few declines
were mixed in with the notable gains. The
conspicuously strong stocks. besides the
Northern Pacincs. were the Union Pacifics,s
Great Northern preferred, the Atchisons,
Missouri Pacifcs. the Denver & Rio
Grandes and the Baltimore and Ohios. The
industrials and specialties, the steel and
wire stocks, Federal Steel. Tobaccos, Peo-
pie's Gas. Sugar, and International Power
were conspicuous
PrOft-taking was In evidence in the bond
market. and prices generally lower.
Total sales. at par value. were So 200.
United States threes. coupon, declined "a,
and the new fours r. The old tours adj
Following are the days share sales and
the closing bid prices: