The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-23
THE INDIANAPOLIS JOURNAL. TUESDAY, APRIL %, 1901.
ANOTHER RECORD MADE
STOCK TRANSACTIONS FAR ABOVE
HOsE OF LAST
General Tendency of the Market.
tions I'm Local Trade Circles.

AT New York. yesterday. money on call
was steady at S19a5 per cent. last loans,
4; ruling rate. 4 per cent.
Prime mercantile paper. 4a4Ih per cent.
Sterling exchange was strong. with act
ual business in bankers bills at 1851 for
demand and s4.s5bq4s5A for sixty days;
posted rates, s4.s5lk@4Ss and sI.s9; COM
mercial bills. $4.S4d4S4hs.
Silver certificates were nominaIly COO;
bar silver, 6Ossc; Mexican dollars. 4s15c.
Bar silver. at London, closed strong at
Esd an ounce.
The extraordinary activity of the specu-
lation is Witnessed by the record of the
aggregate sales of the day, which arose
again to 1882. 500 shares. compared with the
previous record, on Friday. of 2.193. 400
shares. The character of the market
showed a marked change from that of the
latter part of last week, when the tendenc
was distinctively upward throughout the
list. There was great variety in the specu-
lation, and extreme irregularity in the
movement of prices all day. and there was
a resumption of the feverish tone which
had broken in on the present extended
advance in price at various times. 1t was
obvious that there was heavy proft-taking
going on I'm stocks which have showed the
greatest strength recently. but the bulls
had the situation fairly we'll in hand
through the early part of the day, and
the process of shifting the speculation
from one set of stocks TO another, which
has gone on in constant succession all
through the period of the rise, seemed to
be going on in a normal manner. The
weight of the proft-taking became so for
midable. and the violent manipulation of
special stocks by which it was sought TO
sustain prices became so palpable that the
bears made a powerful concerted attack
on the market in the final hour. They
offered prices down by rapid steps with
out meeting any effective support. taking
the market away from the bulls. who were
eagerly taking their profits. The relapse
from the high point was very violent in
stocks. and the level of the whole market
was carried well under Saturdays. The
violence of the decline ingited some quick
proht-taking by the bears, whose covering
demand caused a few sharp rallies, but the
general market was weak at the close.
Except for the slump in A~malgamated
Copper, at the opening. the market started
of with every appearance OF q continuance
I'm full swing of last weeks active specu-
lation for the rise. Gains Of l to l2 on in
itial purchases of from 1000 to 1900 shares
were shown by q number of the leading
active stocks. including St. Paul, Union
Pacific. Missouri Pacific and pennsylvania
and Southern Pacific was rushed up rs.
The bulls sought TO make capltdl OF the
advertised invitation for subscriptions to
the new British consol issue. as arguing
confidence by bankers in the future plenty
of money. but the sharp rise In sterling ex-
change rates. In response to the large, sub
scriptions said by the bankers having them
In charge TO be received for the loan. de-
tracted from the force of this argument
Call loans did not rise above 5 per cent.
owing TO Saturdays strong bank return.
The proft-taking on purchases made In an
ticipation of tina statement proved larger
than the new business attracted by II. In
the late recession In prices st. Paul dropped
seven points, Northwestern 5, II. X q AZ.
Union Pacific as. and a large number OF
the active stocks from l TO 3 points. United
States Steel stocks were weak throughout
the day, and show net losses Of q for the
common and IA for the preferred.
The bond market was active and broad.
but the price changes were irregular. To-
tai sales. at par value, were s6.4SO.OW.
United States bonds were all unchanged
on the last call. ,
Following are the days share sales and
the closing bid prices: