The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-06
THE PROPS PULLED OUT
WALL STREET STOCK MARKET
PROMPTLY WENT TO PIECES.
Heavy Realizing, Especially i'm Penn
sylvania and ID. & O.-LOcal Bus
mess Is i'm Strong Position.

At New York yesterday money on call
was steady at SQsai per cent; last loan,
per cent.
Prime mercantile paper. 1905 per cent.
Sterling exchange was firm, with actual
business in bankers bills at s4SfAa4.S5ls
for demand and s4.ssAq4S31z for sixty
days: posted rates. s4.S4 and s4S7; CONNER
cial bills. S4.S21z.
Silver certificates were 6OAG61Ac; silver
bars. 5s5sc; Mexican dollars. 47aac. At Lon
don bar silver was 27i5d an ounce.
The stock market continued its active and
extreme irregular character yesterday.
There was some hesitation at the outset
and profit-taking was on a large scale dur
ing the early hours of the days, but the ag-
gressive strength of some individual stocks
notably Pennsylvania and Baltimore &
Ohio. served to maintain prices in face of
realizing until the latter part of the day.
The market then developed unmistakable
symptoms of being overbought and the
pressure to sell in order to realize profits
became urgent. The reaction I'm Pennsyl-
vania and Baltimore & Ohio left prices
without sustaining prop and they crum-
bled rapidly The Pacifics. the grangers
and some of the Southern railroads were
most strongly affected, but the whole list
fell easily and efforts to support the mar
ket were apparently withdrawn for the
time being. The selling movement was al
lowed to spend itself before support was
Forthcoming. There was a rally in the last
fifteen minutes, bat il retrieved only a
small part of the decline The operations
In pennsylvania were on a similar scale to
those OF Wednesday and carried the price
almost point over last years highest
level The very large selling orders which
were detected in the stocks aroused unea ST.
ness In spite OF the upward movement in
the price. Baltimore * Ohio was rushed
up also to Sll5 and proved unable to hold
the advance, which was unaccompanied by
any news of further development to ac-
count for the strength The topheaviness
OF Pennsylvania and Baltimore x Ohio de-
cided the reactionary character of the mar
ket on the announcement of no dividend on
Baltimore & Ohio common stock Wall
street was full of rumors of further COM
binations already effected or to come i'm the
trunk-line territory. The rumor of a COM
bination OF the coalers persistent and
raised the prices of those stocks for time
but they yielded sharply on denials of the
rumors- Various minor roads in New York
Central territory were affected in the same
way. There was very general wiping out
OF gains of this character in the late reac-
ton The Hooking Valley stocks showed
notable strength on reports of large earn
ings. the common crossing 40 and retaining
a net gain of la. The general news and
conditions continued favorable TO values,
money working easier and good assurance
being AFFORDED of a favorable bank state
ment. Reports OF earnings. especially Of
soft coal roads. were notably large. Lon
don was seller of stocks here. with an eff
rect on sentiment out of all proportions to
the volume of transactions. The sensitive
ness or the market to this influence and the
continued firmness of sterling exchange,
while London buys stocks leads to consid-
cradle questioning to whether foreign
operations are not conducted under cover
and through channels other than those
under observation.
Dealings In bonds continued on a very
large scale and at advancing prices. Total
sales. at par value, were $5.370.OOO United
States twos declined a and all other is
sues I. I'm the bid price.
Following are the days share sales and
the closing bid prices: