The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-28
ERRATIC AND UNSETTLED
STOCK MARKET FEvERIsH UNDER
ATTACKS on INDUsTRIALs.
Wide Punctuation I'm n Number of the
specfaIties-Good Showing Made
I'm Local Trade Circles.

was steady, actual transactions ranging
from to "a per cent; last loan. 2 per
cent: closed offered at per cent
Prime mercantile paper. 41zd5A per cent.
Sterling exchange was firm. with actual
business in bankers bills at AS6zG4.S7 for
demand and s4S314Q4s3ss for sixty days;
posted rates. s4s4g4.S5 and $4S71zQ4.SS;
commercial bills. s.s3@4ss11.
Silver certificates were 59zG60sc; bar sill
yer, 5s%c: Mexican dollars. 45s4c. Bar sill
yer at London lower at q 7-16d per
ounce
The violent fluctuations of prices of a
limited number Of stocks on the New York
exchange yesterday realized the profess
sional traders dreams of elysium. Hand
some profits were realized within a space
OF ten minutes, and necessarily heavy
losses had TO be pocketed But Ii all added
to the excitement and interest of the
hazard. and the board room traders kept
the speculation at the boiling point, work.
ing in and out of the market many times
during the day. The commitments were
made almost entirely on the bear side of
the market. but the frequent taking of
profits by covering of shorts worked fire.
quent and violent rallies keeping the mar
ish uncertainty. with cratic fluctuations
whose end 1t was impossible to see. Third
avenue was the center of interest, as on
previous days of the week. On the sale of
2.100 shares at the opening quotations were
practically lost, simultaneous sales being
made all the way between 6S and 63. against
II at Monday nights close. The limits of
the total stock issue seemed to be no bar
to the volume of the transactions. The de-
tailed record of the stocks erratic course
during the day would be without interest.
At the lowest price il was 20l1 points be-
low Monday nights quotation, and a final
fractional rally was spasmodic and with
out significance. Sugar maintained its
prominent place in the market, but re-
fected much doubt and uncertainty on the
part Of the large outstanding short In
terest. Ii was forced down 10 10l1s and In
the late dealings rallied strongly to 1854,
with only fractional reaction. There was
much disorder and weakness manifest at
other points i'm the list Of specialties. not
ably in the local traction group and T0bac-
CO. But an active demand for some of the
railroad stocks on reports of large earn
ings and coverings of shorts in the special
ties brought the market to n high level
and a quiet tone. During the hour after
noon the market seemed TO have divorced
itself entirely from the demoralzing in
huence Of the movement in Third-avenue.
whole list tooth and nail, forcing down
Western Union extreme 3$t and Balti-
more * Ohio "a. Weakness spread from
these to other points in the railroad list.
and wide losses were effected among the
industrials. The local traction group were
down from pa to So. United States Leath-
er over 2. Rubber preferred 3, American
Hoop more than 4, New York Air Brake
and many railroad stocks from / to 2
points, the latter Pennsylvania, and Pitts
burg. Cincinnati. Chicago q ST. Louis
dropped 4. The bears rushed to cover at
the decline, causing rally of from / TO
Zz points in the stocks which had shown
greatest weakness. The final downward
sudden rise in Sugar, leaving the tone in
the general list confused and unsettled,
but with losses In some points in the rail-
road list practically recovered. Strong
showings of net earnings for January were
made 10y Atchison, with an increase over
last year OF Il per cent; Erie, with an in
crease of a per cent. and Pittsburg, Gin
cinnatf. Chicago * St. Louis and Buffalo,
Rochester & Pittsburg. Southern Railway
made a strong showing of gross earnings
for the third week in February London
bought stocks here. but not on a large
scale, the surrender OF General Cronje
having apparently been discounted. The
tone Of the money market was firm, though
rates were not quotably higher. but col
lateral Is scrutinized with growing care
and the standing and resources of borrow
ers are considered. The fact that the SUBJ
treasury has absorbed since last Friday
nearly &.0o0,00o of cash cannot be without
influence In the stock market.
Railroad bonds were dull and irregular
Total sales at par value were 81, $50. OO0
Government bonds continued their buoyant
advance. United States new tours ad-
vanced 11s and the threes, old fours and
hves Il in the bid price.
Following are the days share sales and
the closing bid prices: