The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-04
GREAT BULGE IN PRICES
ID. a III. AND ROCK ISLAND GO UP
OvEa THIRTEEN.POINTs.
noteworthy Advances in COalers and
Local Business Conditions.
At New York. yesterday. money on call

At New YORK., yesterday, money on call
was steady at 21sa3 per cent.
Prime mercantile paper. 31k641k per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4.SSq4.SSb for
demand, and s4.s4A@44s for sixty days;
posted rates, S.s5h and s4.S9: commercial
bills. s4.S4d4.S4lk.
Silver certificates were 5S15G6Oc: bar sill
yer, 5S5sc: Mexican dollars, 4S4c. Silver
bars closed at I'D an ounce on the London
market.
Yesterday was a record day in many par
ticulars on the New York Stock Exchange.
The extent and variety of the price move
ments have rarely, if ever, been equaied
In a bull market, although the crumbling OF
prices in a panic has occasionally caused
as wide variations. All ordinary standards
fail in the computation of such a market.
The forces in operation were tremendous
in their power and effect. The undertaking
success of the speculative leaders in ad-
vancing prices made them bold to a degree
which 1t is moderate TO term recklessness.
They bought with an unsparing hand
through the stunning avalanche of offer
ings which was hurled upon them on the
advances and lavished their resources, APP
parently, with an abiding conviction that
the astounding rise in prices. now so long
continued, was destined to go on indei-
nitely. 1t cannot be said that news. in the
ordinary sense, had anything TO do with
the extraordinary buoyancy of the market,
although rumors were plentiful and all
embracing. 1t was also a marked character
istic of the market that the dealings were
heavily predominant in a limited number
or stocks and that the general speculation
was decisively influenced by the movement
OF these. Two stocks were conspicuous,
even In this list. the price movement in
which was astonishing throughout. These
were Delaware d Hudson and Rock Island.
The former stock was the conspicuous
leader of the early rebound from the slight
opening depression. Rumors were circu-
lated that a lease had been signed by which
the New York Central took control and
guaranteed a dividend of Z per cent. for a
year and 5 per cent. annually afterwards.
The stock was run uD an extreme 1872
points, to 1852. Rock Island was under
rather severe pressure at the opening and
was forced III under Tuesday night. 1t
was not until late in the day that IL as
sumed the leadership of the market, when
Ii was rushed up by rapid stages on the
purchase OF blocks of thousands of shares
10 l51. at which point II closed, at an ex-
treme rise from the lowest of 1884 points.
There were kindred movements elsewhere,
among both the granger and the coalers.
The buying of the grangers seemed to be
based largely on general considerations,
the large earning power of that group or
railroads., even in face of last years spring
wheat shortage, being cited as giving as
surance against the ordinary vicissitudes
of crops, to which they have been so SEN
sitive in the past. The movement resulted
In an extreme advance of SSs in Burlington,
6 in st. Paul & Omaha and . in the pre-
ferred, 34 in Northwestern and 4A in the
preferred, 21s In st. Paul and 3z in the
preferred. The rise in Lackawanna was OBJ
viously in sympathy with that in Della
ware & Hudson and extended to 619. Peo-
pies Gas became very buoyant at the last
and rose an extreme AS In sympathy with
Rock Island. There was an enormous
amount of p~rotit-taking during the day
and only a few stocks escaped without Sc
rious inroads on their best prices, the re-
action extending to as much as D in Della
ware & Hudson and large amounts in other
volatile stocks. There were some important
stocks which showed no wide movement
all day. some of them closing at declines.
This was notably true of the steel stocks,
which were under pressure all day ana
were much less actively traded In. The en-
gagement of an additional $l,OOO,OCO In gold
for export was totally ignored. The de-
mands of the enormous speculation MADE
no impression upon the money market.
Dealings I'm bonds were large and the
market Irregular. Total sales, at par value,
were So. 6S5. 600. United States new tours
advanced "a, and old fours. coupon, de-
clined II per cent. on the last call.
Following are the days share sales and
the closing bid prices.