The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-16

AT New York yesterday money on call
Was firm at 4d6 per cent; last loan, 4 per
, cent. ruling rate. 5 per cent.
Prime mercantile paper. 4a41z per cent.
Sterling exchange was easy, with actual
business in bankers. bills at &.S77sG4Ss for
demand and SASSY for sixty days; posted
rates. $4.S5h and $4.s9; commercial bills.
S4Sslza4s4.
Silver certificates were COO; bar silver,
5S1.c; Mexican dollars. 4s11c; bar silver at
London, 27ssd.
The stock market showed emphatic symp-
toms OF relief late yesterday. and recovered
vigorously from its early acute depression,
rising strongly over Tuesday night and
establishing substantial net gains in the
majority OF the stocks. At one time dur
ing the day prices had declined In a sensa-
tional manner the losses from Tuesday
night ranging from 3 to 10 points in a large
number of important stocks.
had lost 91a; General Electric. ga; Cleve-
land, Cincinnati, Chicago & St. Louis, rs;
Lake Erie x Western, Z; Union Pacific and
Missouri Pacific, 6h; Consolidated Gas, 8;
Delaware * Hudson, 5l2. New York, chi
cago * ST. Louis second preferred and
American Tobacco. .; Amalgamated Cop
per, SIS, Denver a Rio Grande, Az, LOUIS
Vile. Manhattan and Peoples Gas. ga,
anu al ONnt VI H oNolAfiii0 ram DeNc1
as much as 3 points. The level OF net gains
at the highest is the more remarkable
considering the acute weakness earlier in
the day. They reached, IN Rock Island, 4
points; st. Paul, 5A; Atchison, "A; Burling-
ton, Az. and Baltimore * Ohio. 394. while
the net gains as a rule were all the way
from a fraction up to ) points. These gains
were. only slightly yielded at the last.
which was firm and active at about the
top. This strong recovery seems puzzllng
in the face of the extreme constituencies
or the early market. The progress Oh tne
liquidation which caused the early weak
hess was in itself an immense relief TO the
the sOlvency of Stock Exchange houses.
who were emerging from any dangers that
may have beset them by the rapid CONVEX
sion or their resources into cash assets,
In the fear that this could not be safely
done. which overhung the market yester-
day. The more OF II that was accomplished
the less remained to do. The fact began
TO grow clearer also that speculative ac,,
counts in the stock market itself were all
that had been affected by last weeks
slump. There remained some holders with
borrowed funds whose loans were not suf-
hcient TO protect their holdings by addl-
tional security or to take them up outright.
The ceiling out of this class was still in
evidence in the morning and no effective
support was in the market to help them.
The opening gains In sympathy with the
higher prices In London were quickly wiped
out by this continued liquidation. When 1t
became evident that the urgent liquidation
= Iarg spe rese rS f force BEHIND nII " the ralIy b~ys
- 49,
ing orders came in, and were largest at
about the top level. The announcement
of gold exports to the extent OF $2,2OO,OOO
and the weekly crop bulletin of the Gov
eminent Weather Bureau, representing the
growth of the crops retarded by the UNI
s~easonable weather, helped the early de-
preston. So did the rather alarmist re-
ports as To the outcome of pay day yes
terday in the London Stock Exchange set
tlement. There was "a call on Tuesday for
the payment of 10 per cent. of the $5O.eO.-
900 subscription for the burlington pur-
chase, and next Monday there falls due
a % per cent. installment on the Union
Pacific bond subscription, which will ne
cessitate provision for about $l0,0W,OO. But
these developments were principally senti-
mental, as the money market shows grow
ing ease with the. progress. of the stock
market liquidation. The prospectus of the
Russian loan. issued in Paris yesterday
and providing for subscription by install
ments, gives some assurance against money
market pressure on that account. There
was a perceptible growth of confidence also
that the hostilities preciDitated in the
struggle for control of the Northern Pa
ciic would be in some manner adjusted.
The bono market did not fully recover
from its early weakness. Business was
| moderately active. Total sales at par value
were 81, 900 United States threes adj
| vanced "a per cent. on the last call.
Following are the days share sales and
the closing bid prices: