The Indianapolis journal., 1900-12-27
SPECIALTIES in THE VAN
THEY LED In THE KALEIDOSCOPE
wALL-sTREET CHANGES.
An Early Bulge, n Subsequent Col
lnuse and a Final Rally-POst Hol-
fday Local Trade IL Dull.
A, Nav York yesterday money on call was firm


nj 4ds per cent; last loan, per cent
Prime mercantile paper. 4ss95ls per cent
sterling exchange was firm, with actual busi-
NESS In bankers bills at 4S5Is for demand and
"a. so5sG4Sl Fer s.xty days; posted rates, Aslh
and s4sss.: commercial bills s4-s0is.
silver certificates were 64l5G65c; bar silver. e4c
Mexican dollars soc. Silver bars were % l1-lGd
an ounce in London.
The stock market went through some vicissi-
tudes yesterday. but its most astonishing phase
was the final recurrence OF the undertone OF
strength which has come in TO support the mar
ket so persistently of late and driven OF all
moods of depression. After opening with
sky-rocket advance in prices. followed by a
drop very like the sky-rockets stick, the mar
ket rathered itself together again. and. Ignoring
the continued pressure OF liquidation. which
continued in force at the time IT resumed
its irregular show Of strength, the struggling
new points of strength being unaffected by the
weakness OF others. The sharp reaction at
rnid-session was due. more than anything else.
TO the extremely doubtful character OF some OF
the openn. advances. The character OF the
stocks affected and the violence Of the Jump in
urices gave. a suggestion of a speculative de-
bauch such as is the nvariahIe accompaniment
OF the elimination of a bull market. Profess
picnal traders have been constantly on the look
out for the signs of such elimination. and they
cold the market eagerly the opening rise.
These offerings supplemented by the very
heavy roft-takirg Of interests long on the mar
ket AT this period CT the market 1t took on an
appearance of general weakness. prices crum-
bling throughout tho list The surprising open
Ing gains in a number of industr:a; specialties
and few railroad stocks very generally
wiped cut and some of the important railroad
frac h.
low Saturdays closing level. The violent break
In the Northern Pacific stocks had a large in
nuence in the decline. as the unbridied specula-
tIon in the same issues has been the salient
poInt OF the market for days past. A per cent
call monev rate emphasized the cautious feeling
and ths relapse to > per cent later in the day
was an important element in the rally. The
snbstantiai character of the buying orders en-
courtered at the decline discouraged the bears
and thei< buying to cover helped the rally IL
had its Inception in the local traction stocks
which were all very strong with accompanying
rui,io-s OF consolidated control Missouri Pacific
Reading first preferred. People . Gas and Sugar
xesc also conspicuous features OF the late
covery The closing was very irregular, but
with the undertone strong. Standard o.. stock
prices In brooklyn Transit varied nearly points
on an extreme advance OF 5ls. and there werc
- ,,,erfres on running saIes In Tennassea
Coal. Sugar ST. Paul. Erie FRS preferred and
Atchtson- The extreme gains in these stocks
ran from 70 over 5 points. except Erie first
preferred. which was at no time than a
traction Saturday There seemed 10 be
plenty OF funds available for borrowers and
lenders show themselves anxious to put out
money on tire. having In mind the coming dis
bursersnt OF the yearly dividends and interest
and the promise OF lower rates, while borrowers
show a preference for call loans. The turn Of
the inner currency movement In favor OF New
York and continued gains by the New York
banks from the subtreasury account OF large
premiums on government bonds and anticipatory
payment OF government interest give a feeling
80 rra w he fT1rns lfb-
ont trouble In the money market.
The railroad bond market active and
showed only n few weak spots Total sales al
bar value were 81. 4;e.ots. All United States gov
eminent bonds advanced = per cent or the last
call.
Foliowlns are the days share sales and the
closing I'D prices.