The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-28
TRADE In VAST VOLUME
WALL STREET ABSORBS AN I'M
MENsE AMOUNT OF STOCKS.
Recession of Prices on PrOfit-Taking
Followed by strong Rally-Local
Business Generally Dull.

At New York yesterday money on call was
firm at 4Gs per cent; last loan. per cent.
Prime mercantile paper. 4s4q5ls per cent.
Sterling exchange firm, will. actual bust
ness In bankers bills at siS5 for demand and
s4s1h@4sIA for sixty days. posted rates. As2
and sLs5lsQ4.S6; commercial bills. &eoAq4-so4
Silver certificates were s4lkQs5c; bar silver.
Sac; Mexican dollars. soc. Silver bars at Lon
don sold at 20 l1-16d ounce.
The stock market disested enormous amount
OF stocks on proht-taking yesterday. These
heavy offerings we're not without effect on prices
and in fact. there a period OF very general
reaction but like Wednesday. the market again
demonstrated its marvellous recuperative power.
and the speculative enthusiasm was shifted into
new quarters, where the buying resumed
the general list the movement OF prices was
not wide at any time. and the large volume Of
business was accomplished without either max
ing an inroad on the market value or increasing
IT, In other stocks the days price range was
very wide, while the net change is quite inn
portant In this list stocks which yielded
sharply to the proht-taking movement and then
recovered strongly in sympathy with the strength
which developed at new points. The grangers
and Pacifics were examples The distinguishing
feature OF the days trading was the develop
ment of aggressive strength in large group
miscellaneous departments. The advance in
Denver 6 Rio Grande common gave the cue for
this movement. The strength in the Rio Grande
stock and the large amount Of the absorption
gave rise the conjecture that process had
begun OF TRANSMISSION Of interest between rail-
road companies in that region, looking to a set
Element OF obstinate rate problems similar to
the exchange OF holdings which has occurred be-
tween railroads in other regions. The response
was not especially noteworthy among South
western railroads. but among low-priced stocks
Rio Grande had risen 81 there were successive
responses In Iowa Central, Norfolk 4 Western.
Fort Worth K Rio Grande. the Wabash stocks.
United States Leather, Hooking Coal, North
American. Reading second preferred. Mexican
Central. Ann Arbor and Ontario * Western of
! as points In addition TO these features OF
strength in the days market there was an
opening rush TO buy Peoples Gas. which made
the price 1l1. "a points above Wednesday
night. Although IL fell back nearly points IL
was well sustained al the lower level and closed
reports OF Vanderbilt requirement OF the stock.
Sugar was very feverish over wide range.
rallying strongly after early decline and
with net gain OF 314- st. Paul moved
up pretty near to al, coming within less than
a point OF Burlington. Standard Oil sold at
$S15 and SSH a share Uneasiness over the money
marxet was again dllayed by the abundant Of
ferings on call which carried the rate down TO
per cent in the late dealings.
Business in bonds continued large. and the
market gained in strength the day progressed.
Total sales at par value We're So 130 OBJ United
States old tours and fives advanced =. -efunding
rwos ~, and thrCes a per cent. the last call.
Following are the days share sales and the
closing bid prices: