The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-07
STILL IN FULL SWING
BUYING ENTHUSIASM GREATET
THAN EVER At NEW YORK.
Northern Pacific Rises Twenty-Three
Call Loans-LOcaI business

At New York yesterday money on call
was firm at slaQ1O per cent; last loan.
per cent; ruling rate 7as per cent.
Prime mercantile paper. 4d4ta per cent.
Sterling exchange was easy, with actual
business in bankers bills at $4.Ss7s for de-
mand and sis4lk for sixty days; posted
rates, s4.S51s@4SG and $751; commercial bills.
$4.S3%q4.s414.
Silver certificates were 60l4c; bar silver.
6Oc; Mexican dollars, 4Sl1c Bar silver
closed at 27ssd ounce in London.
The interrupted speculative advance was
renewed yesterday with great violence, the
speculative holders of stocks apparently
having been entirely treasured by the
check to the reaction which was achieved
en- Saturday The urgent selling which
was in evidence ON Friday afternoon, not
only on the part Of the forced sellers whose
loans had been called, or whose margins
had been wiped out, but of those who
feared that they would be. was entirely
lacking in the morning. Those who still
mad their stocks held 10 them with deter
mination, while those who came to GRIEF
seemed 10 be turning in vast hOrdes TO
make good their losses reinforced by an
increasing tide OF spectators. APP
parently the speculative public was con-
WINGED that Fridays sharp reaction was
nothing more than a mdnlpuatlVe dip de-
signed to shake out weak hoIulngs which
are a menace 10 an ADVANCE, and 10 anord
great railroad capitalists opportunity to
continue their buying Tor cOntroi 10 better
advantage and al less expense. There was
no sign OI timIdiJy, lest the same experience
should again overcome the weaker class
OF holders, and the Wall-street district
gave ample evidence that that class of
spectators was again taking an active in
terest in the market. the effect of tho
Saturday market seemed TO have had time
over the intervening Sunday 10 gain great
force ana as result there d heavy
congestion OF urgent buying orders 10 be
executed at the opening. Large numbers OF
stock brokers found themselves eagerly
DiudlnS against each other when the CHAIR
nan 5 hammer Tell on the New York
Stock Exchange. THE result was a volatile
upward squirt OF prices which has scarcely
been equaied IN any opening during the
.p-esent boom. This upward squirt of prices
proved in many cases to be the highest OF
the day, although there We're constant re-
coveries and reactions in the general list
ali day. Opening sales were of 1,0l0 to 25, 900
shares in separate stocks at extreme ad
VgnceS of from l to II. points, and at prices
iu some instances varying as much as 2
points on simultaneous sales. The grangers.
Pacihcs, trunk lines and Southwesterns
proved TO be the most active stocks. Con-
solidation continued to be the magic word
to influence the trading There was even
a rumor that all the great railroad inter
eStS, whose supposed contest for control
has caused the recent violent movements
/ In prices. had come 10 a compromise ana
were about TO consolidate all the principal
railrpad systems of the whole country.
This narrowed down somewhat TO more
specific reports of progress in the South
western merger and OF further steps to-
ward the adjustment of relations i'm the
Northwestern railroad deal The last
no med rumor was the only thing to account
for the sensational movement in Northern
Pacific, which In its range and suddenness
exceeded that OF any OF the individual
stocks which have been singled out at
different times recently as centers OF at
tention. Northern facific made an extreme
advance of % points without any important
reactiOn on the way up. Long strings of
1000 10 5000 share blocks were recorded
but the successive price changes did not
exceed three-quarters OF a point after the
opening. when the second sale was made
al a jump of 2i2 points over the first sale
which was points over Saturday. The
movement in Canadian Pacific was appar
emily sympathetic. and reached an extreme
OF 1871. Panhandle rose Si9. Minneapolis &
ST. Louis and the coslers generally from
Ia 10 3 None of these gains was fully
maintained. In fact profit-takng was in
| steady progress all day under cover of the
strength In individual stocks. The United
States Steel stocks. especially. suffered
| from liquidation and closed practically un
| changed from Saturdays closing. The call
money rate touched 10 per cent in the
afternoon. but fell back after the most NJ
| sent demand had been satisfied. The DAYS
business was we'll over 100000 shares hut
was a half million less than on any full
| days trading last week
Bonds. were comparatively quiet outside
| the price movement I'm the convertible
| bonds. The general tone was strong Total
sales at par value were S3.17O.O00. United
| States new fours declined a the threes u
and the old fours = per cent. on the last
call.
Following are the days share sales and
! the closing bid prices: