The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-27
MARKET WAS FEVERISH
NEW YORK STOCKS FELL AND ROSE
IN BROAD JUMPS.
Bulls Driven to the Bear Pit Early
and Bears Forced to Cover Later
-Condftions of Local Trade.
At New York. yesterday. money on call was

At New York yesterday. money on call was
steady at 1AG2 per cent.
Prime mercantile paper. 1905 per cent
Sterling exchange was weak, with actual BUSH
ness in bankers bills sLS6lsG4s6A for de-
rnand. and at s2zs for sixty days posted rates
SiazG4 s2h.
Silver certificates were e2zs@sSs4c; bar silver.
Csc: Mexican dollars. 4s7sc. Bar silver, at
London. TO % 1-16d ounce.
The New York stock marker more fever
ish and irregular yesterday than for months.
The movement OF prices very wide and the
dealings large scale but the action
of the market indicated that IL was being tested
by professional operators. The rally which set
in the first OF the week. seemed to have cul-
minated during the morning session, and the
overenthusiastic bulls who attempted to bid Up
prices against the outstanding short account
found themselves burdened with increasing Of
ferings realize. instead of driving the shorts
TO cover. They. therefore, allowed prices to drop
back and the market fell into dizziness at about
Tuesday nights level. The bear operators APP
Iarently made up their minds that the elimina-
ton of the short interest had far weakened
the technical position of the market to war
rant fresh inroad on prices. The raid was con-
Quoted with determination, and showed the
command of large resources. Northern Pacific
singled out as the special object OF attack.
on account or President Mellen'S assertion, In
the annual report that the prospects of business
are not so bright for the coming year. owing 10
the spring wheat deficiency Practically the
same commentary contained in the annual
report of President Hill. OF the Great Northsrn.
published during the day Northern Pacific had
failed to share. in the early strength, and, al
though there were other stocks which covered a
wide a rarge the down grade. Northern Pa
cihc fell furthest below tuesday nights level
OF the railroad group The selling of Northerf
Pacific supplemented by pressure against
Missouri, as there are supposed TO be large long
accounts existing in that stock. The raid was
successful in dislodging stop-loss orders. and
the whole market fell away with violence The
shown in the violent recovery of the last hour
OF the market when a rumor got into circulation
that the strike OF coal miners had been settled.
This attributed TO Chicago, and
though prompt measures taken to secure au-
thoritative information the point failed u
disorderly haste. Some violent recoveries Were
the consequence. Reading first preferred rally
ing 81 wide jumps and Jersey Central, g.
The covering movement extended throughout the
list and prices swiftly retraced their course tc
almost the top level in many cases. The marke,
closed considerably excited and strong. with
large number OF stocks showing net gains. The
news that the miners settlement applied only 10
one mine where peculiar conditions exist did
not become known until after the close OF the
market
The bond market was dull and continued irreg,
ular. Total sales. at par value were ST. 100 coo
United States new fours advanced y. and al
other issues u per cent in the bid price.
Following the days share sales and the
closing bid quotations.