The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-20
BROKE ON LIQUIDATION
STOCK PRICES DECLINED ON VOLUME
OF PROFIT TAKING.
= Few Spots of Relative Strength Due
30 Manipulation-Weat Checks
Local Distributive Trade.

Al New York yesterday money call was
steady at 3Izapk per cent; last loan, ga per
cent
Prime mercantile paper. 4lz@5 per cent.
Sterling exchange was steady. with actual
business In bankers bills at 4srk@4s4ss for de-
mand and 4so&d4sO7s for sixty days; posted
rates. 4s1ikG4.s2 and ASH; commercial bills.
4s0a4 soss
silver certificates were 645sas5c; bar silver. Gle:
Mexican dollars, 5014c. silver bars, at London.
were 2sssd an ounce.
The selling pressure yesterday again proved
more than the market could absorb. and prices
are very generally lower as a result There
are a few exceptions. both in the industrial and
railroad departments. but the strength in these
few stocks was not free from appearance of
manipulation by the bulls for the purpose of
sustaining the market and encouraging renewed
buying for the advance. The downward course
OF prices promptly set in after the market had
opened generally higher. Easier money in Lon
don and the extent of the advance for Americans
prompted some speculative ventures in that mar
ket. and there stories cabled from abroad
OF great trunk line consultations. showing that
the rumor monger had been RECALLING the British
public with much the same kind OF fare that
which has been offered in Wall street for some
time past The lower prices. here in New York.
attracted buying by the arbitrage brokers. which
served a sustaining influence but the con-
tinued evidence of depression London turned
seller and Iiquidated very heavily, the sales on
balance being estimated at upwards OF $1,000
shares. Selling from domestic sources also
very large. The railroads. rule most
affected. and many standard stocks forced
point over Saturdays level. In the
late dealings a strong demand developed for
Northern Pacific. which carried that stock Up
2ss TO 6Sz. Great Northern preferred easily
an extreme points, but this rally, while IL af-
fected the market generally and drove the bears
cover. did not hold. long stock coming out
he adv Derc Ved hey
made fresh attack and drove prices down
sgain. and while the level OF the market did
fall generally to the early low point. the
closing active and easy. Among the points
Electric Metropolitan, American Ice. Steel *
Wire, Colorado Fuel and Smelling, and. for a
time, Sugar and Brooklyn Transit The an
nouncement of the failure OF board member
I'll IL learned TO be Of no Importance. There
was no actual news development TO account for
- downward course OF prices. and IL was large
u due to technical causes The custom OF pro-
market against public bull position asserted
feself and there much solid opinion TO
BE- heard that the rise In prices had overrun IT.
self. and that a reaction overdue The
diminishing resources. Call money hardened
slightly hut eased of again in the late DEALINGS
New York exchange at Chicago also fell from
small premium TO a small discount. The ster-
ling exchange rate held steady. In spite of the
slightly firmer money rate here. and easier
rate In London
IN stocks, considerably diminished but
prices OF bonds held hrmer than those OF stocks
Total sales. at par value. were 81 3O5 Oo0 Unitei
States refunding seconds and the coupon threes
Following are the days share sales and the
closing bid prices