The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-18
UNLOADED BIG HOLDING
CONSERVATIVE BULLS LIQUIDATED
HEIR LINES o PROFITS.
EARLY Gains Wiped Out or Badly Cut
by the Process-FinaI Small Rally
Local Trade I'm Good Volume.

Al New York yesterday money on call was
steady at 4Gs per cent; last loan. 4 per cent.
Prime mercantile paper. 4&q51k per cent.
Sterling exchange was weak. with actual bust
ness in bankers bills at s4.s4A for demand and
Si.soa "a. SOFA for sixty days; posted rates. a.s19
ASIA and A.sSQ4SSh; commercial bills. s4.so9
4.sosz.
Silver certificates were 64965c; bar silver, &c;
Mexican dollars. 50Hc. Silver bars sold at 29Sd
IN ounce In London.
The surface indications in Mondays stock mar
ket all go to show that stocks were I'm very ac-
tive course Of transfer from the hands OF strong
to those OF weak holders. The elimination OF a
rise invariably presents this very condition., but
4. is a condition also which occurs in every long
nantained upward movement. The conservative
element. after seeing a certain profit assured.
makes II a habit to sell and take a profit. with
out regard TO the prospect Of further advance.
The weight Of influence then passes to the bear
party and the upward course is not renewed un-
Ill IL has exhausted its best efforts to push the
reaction to a elimination. What was evident
yeserday was that powerful. skillfui manipula-
ton was at work to make the opening prices as
nigh as possible to meet the food of outside buy
ing orders which was certain to come into the
market after last weeks events. From the very
first. enormous realizing was in evidence. Later
IN the day various attempts were made TO hold
up the market by marking up the prices OF vari-
Gus Individual STOCKS. As the TACT became more
and more evident that the sustaining force of
these individual movements was taken advan-
tage OF 10 continue the unloading of heavy lines
CT long stock. the professional element in the
Exchange turned 10 the bear side. IT was sue
cessfui in forcing a sharp reaction. much reduc-
ing the gains which had been largest and COM
pletefy Wfping out a large number OF those that
had only reached moderate proportion. ManYpu-
market by. bidding Northern Pacific to rs, a rec
orr price. Shorts were buying TO cover else
where. so that the close was generally steady.
with the course OF the market unsettled and
doubtful. The days ortburst of outside specula-
ton was the logical consequence or last weeks
events. The palpable fact that the large bank
nous lines OF various stocks. and the develop
ments of the week pointing to far-reaching
plans. and the Improvement OF values was off,
sci for a time by the apparently dangerous con-
the Saturday bank statement led TO the concIu-
sion tsalt extraordinary measures We're being
taken by powerful financial interests TO conserve
the ease of the money market against the nat
of subtreasury operationS also promised some re-
lief this week. Last weeks bank statement was
accepted as the assurance hat money resources
would be ample 10 hold stocks over the January
general advance. ranging up TO from 1 to 9
points. the most striking later advances were in
the New York public utilities, led by Brooklyn
Transit and Metropolitan, the Erie stocks and a
number Of the minor VanderoiIts. Amaigamate.I
Copper also developed notable strength, raliying
4 points
movement Of prices was irregular. Total sales.
at par value. We're $3.50. zoe. United States
three. registered. declined. Il. the twos advanced
y and threes. coupon. = per cent. on the last
Following are the days share sales and the
closing bid quotations.