The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-29
PRESSURE IS TOO HEAVY
BULLS OBLIGED TO sUCCUMB TO
LIQUIDATION FOR PROFITS.
Stocks Irregular, Closing Generally
Losver-St. Paul Moves Above Bur-
lington-LocaI Trade Situation.

At New York yesterday money on call was
firm at 3Gs per cent; last loan, per cent; rul-
ing rate. 5ls per cent
Prime mercantile paper, 4s4qS1z per cent
Sterling exchange was firm. with actual bust
ness in bankers bills at. si.S5 for demand and at
si.s1AGfslzs for sixty days; posted rates. s4-s2
and $iSs: commercial bills. Si.S0lzQ4.Sl-
Silver certificates were 6f1zdS5lzc; bar silver.
e34c: Mexican dollars, soc. Bar silver was 2s1sd
an ounce in London
The history of the days stock market does not
materially differ from that of preceding days
for long time. That is to say, selling to take
profits came the market in flood, and the
professional bears. constantly watchful for the
first sign of the reaction which they know must
inevitably come offered prices down to dislodge
long stock. Their efforts defeated. as they
had been on many previous occasions, by the
supporting orders which came into the stocks
attacked, and the new points of strength which
were confidently marshaled from among the
stocks which have not yet enjoyed any consider
able rise. The point wherein yesterdays market
differed from those of recent Stock Exchange
history was that the profit taking renewed
in force before the close, and the unsettled condi-
ton continued until trading ceased. prices at
that time showing wide declines from the best.
and in some cases being well below Tuesday
night. There were no remaining points OF
strength TO sustain the market in this late break.
the ingenuity of the traders having apparently
failed them. or their industry in seeking out
stocks being overcome by very WEAKNESS. Once
again the often recurring cry of year-end
squeeze I'm the money market was raised in tho
morning in connection with the opening attack
on stocks. Loans made yesterday carry over
until Monday but this fact. coupled with the
year-end requirements, failed to create ripple
Of trouble in the call loan market. Only at the
opening per cent asked, and the rate de-
ened from that point; A strong bank state
by the banks by reason or subtreasury opera
tons tc the extent OF $2.05O00, and an estimated
The failure OF the money market to
harden the occasion OF the strong rally
from the opening break. in which People Gas,
Brooklyn Transit and sugar were forced down
buoyant market which prevailed during the mid
die portion of the session the inconsistency
OF the strength and demand for special stocks.
"A rapid price movement in an Individual stock
Speculative demand would SHIFT hurriedly 10
other quarters The list of stocks in which these
operations occurred includes many Of the high
grade railroad stocks, as well as those known
In Stock Exchange parlance cats and dogs
An incident OF the day the rise In st. Pa III
above Burlington. This supremacy con-
stock again TO above St. Paul, but the latter
closed within half OF the top and q above
burlington The late reaction in the market
was unexplained by any special incident and
convert paper profits securely into cash. stand
ard Oil sold at SS0SQSlO share.
The demand tor bonds not conspicuous
the market. Total sales at par value were
s.. s25, 900. United States old tours advanced q.
rcfunding twos - and fves a per cent. the
last call.
Following the days share sales and the
closing bid prices.