The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-09
TRADERS TOOK PROFITS
RESULT WAS A GENERAL DECLINE
IN wALL-sTREET STOCKS.
Liquidation Was Quict, IL Persistent
Money Market Not So Favorable
Bonds Showed Recession.

At New York. yesterday, money on call
was ST idy at 2G2h per cent; last loan, 2
per cent.
Prime mercantile paper, 4Q5 per cent.
Sterling exchange was easy, with actual
business IN bankers bills at $4S7l64s71z
for demand and s4.s4d4.s4A for sixty days:
posted rates. S.s5 and s4.ss1a: commercial
bills. $4s3@4. s3s4.
Silver certificates were 591xG601zc; bar
silver, 5sssc; Mexican dollars. 471kc. Bar
silver at London was steady at q 5-16d per
ounce.
There was a decided falling of yesterday
IN the speculative interest of outsiders in
the New York stock market. There was
considerable degree OF activity and some
irreguiarity. but 1t was largely due to the
closing up OF speculative accounts on
either side OF the market by professional
operators. While the market seemed to be
largely In the hands of professional opera
tors, Ii was singularly free from pro-
fessional manipulation so far as could be
detected. That is to say, the professional
bulls manifested no disposition to bid up
prices where there was evidence of out
standing short interest, but were content
to devote their attention to the nquida-
tion Of their profits. On the other hand.
the bears showed no aggressiveness. In
offering down prices where realizing was
in evidence. but conferred their attention on
covering up their own short contracts.
While this covering demand from the
shorts was in evidence in number of con-
spicuous stocks the predominant DISPOSE
ton was to take profits by selling out long
lines The center OF the demand from short
selling was Smelling, and some other in
dustrials. including one two<of the metal
group, showed sympathy. Others of the
metal group, the local fractions and the
railroads generally showed the effects of
realizing all day. The profit taking was
conducted In an orderly manner and with
out any such violent movements of prices
or furious activity of trading as was the
ease Wednesday. The high opening, in
sympathy with London, helped the profit
taking, but opening prices were generally
the best. There were continued absorp-
lions of Union Pacific after the reaction
which followed the dividend announcement.
ond the railroad list generally was well in
hand. prices being rallied occasionally to
facilitate the realizing. The report that
the Union Pacific had determined to close
the Ogden gateway caused some heaviness
in the railroads which have relied on that
outlet for traffic to the Northwest, notably
Burlington, Rock Island and Missouri Pa
have shown themselves responsive to de-
velopment In the rapid transit tunnel prof.
ect. were weak on the announced decision
to accept the contractors bono. The
stormy weather prevailing in the West
had some effect on the railways. The an
nouncement OF bond issue by the West
ern Union Company of twice the amount
first reported yesterday caused weakness
in that stock The expectation is growing
that Saturdays bank statement will not
show the money position strengthened. as
the receipts from the interior have shown
a falling of, owing in part to a renewed
demand from the South to command a cot
ton movement stimulated by the higher
prices 1t is obvious that the gain made
by the banks early in the week on sub
treasury operations will be about wiped
out before the end of the week. There is
an Increased partiaiity for the railroad
stocks as collaterals for their develop
ment. There were a few gains en- the
days trading, but net losses were the rule
The bond market was moderately active
and showed recessions at some points To-
tai sales at par value were 81. OK, 900. United
States old fours declined Il in the bid price.
Following are the days share sales and
the closing bid prices: