The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-09
Punctuation of Nearly Forty Points
i'm Northern Pacific Within Three
Minutes of the Opening.
RECORD OF THE DAYS LOSSES
AVERAGE FOR ALL ACTIVE STOCKS
Is ABOVE TEN POINTS.
FURRY in Gail Money to 10 Per Cent
Causes of the Days Brcak-Lo-
cal Business Conditions.

was strong at 4615 per cent; last loan, |
10; ruling rate, per cent.
Prime mercantile paper, 4G4Ik per cent
Sterling exchange was steady with ac- |
tual business in bankers bills at s4S75sG |
4.S7s4 for demand and $4S4hG4Sl9s for sixty |
days; posted rates, Sis5d4.s6 and S4.SS12a !
4.s9; commercial bills. s4sslkq4S4
Silver certificates were soc: bar silver. !
59lzc Mexican dollars, 4S15c; bar silver at
London 81 lied.
Yesterdays New York stock market of
fered the novel spectacle of a bear panic
and d bull panic in progress side by side.
The bear panic in Northern Pacific was the
impelling cause of the demoralized rush
TO sell other stocks, which was held in
check for a time after the astounding open
ing in Northern Pacific, but which gained
almost panic force in the late trading.
Prices were not toppled over as a direct
result of calling of loans and forced liqui-
dation, such as often eliminate a period
of ever-speculation, although there a
very general broadening of margins and
added severity in the scrutiny of collat-
eral, was inevitable in the uneasy con-
ditions prevailing; but it was evident that
the holders of long stock were holding
their stocks tenaciously and were waiting
which was being inflicted on Northern Pa
cific was such distressing example as to
keep the bears in such nervous frame of
mind that they hesitated to attack the
market. The support which came in on
the opening dip helped to encourage the
bulls and intimidate the bears, but the
liquidation seemed so large that the bears
took courage and attacked the market after
midday and secured rich returns. As the
line the decline gathered force, showing
the dislodging of long lines of long stock
by the wiping out of margins. A scrutiny of
the stock table will show the large number
or stocks whose declines extended to be-
tween 10 and 20 points, with the resulting
wiping out of the ordinary margins The
chaotic condition into which the market
was thrown became alarming in the after
noon, but the determined support which
developed and the resultant rallies, which
reached as much as points in one or two
instances. took away the effect. to par
tial extent of the disorderly drop in prices
and even induced expressions from some
of the more optimistic bulls that the health
of the market was greatly improved as a
result of the days happenings The APP
parently unlimited buying orders which
appeared in United States Steel preferred
when the decline had reached y points.
and the resulting rally OF S12 points gave
some of the bull spectators the courage
engineered by the powerful financial inter-
| ests which have been behind the bull mar
| weak followers, and that II was not out or
| proportion to the unprecedented advances
| which had preceued IL, TO the unequaied
conditions which at present obtain in this
| country, and to the prodigious dimensions
| of the market and OF the forces which have
| been at work in II. 1t is the contrary view
| that collapses such as that of yesterday
| do not tend to attract new buying demand
! by such reasoning as that shares are more
| attrac tive at lower prices.
Any seeking to explain the days
| movement Will have TO go back over
| period of many weeks. and for every sug-
| eestfon of a great financial combination
| or consolidation he will have to suppose a
| deep-seated doubt or apprehension such
| as was shown by the disclosures of yester-
| day morning in Northern Pacific. IT came
| with chilly shock 10 the speculation that
| the countrys great financial forces. which
! lit was supposed were earnestly WORKING
| in accord to secure a community of in
| terests i'm the whole railroad world were,
| in fact, arrayed against each other in meas
| ures of bitter retaliation and antipathy
| The Burlington deal, on which such far
| reaching conclusions have been based by
4 the SPECTATORS, was seen 10 be In Jeopardy.
| 1t was learned that the level to which
| prices had attained had induced insiders
/ presumably best posted the value OF
| their properties 20 sell sufficient holdings
| to endanger their control. This eXplana-
| ton of the competitive buying which has
! induced some of the sensational advances
| threw doubt on the whole series of rumors
| of plans for great consultations and trans
| continental combinations among the rail-
| roads In other words. the broad intima
| ton was carried by the disclosures growing
| out of the Northern Pacihc development
| that the recent great buying of stocks was
| for the most part speculative and with
| out the supposed basis IN investment pur-
] poses Add TO this the growing constric-
| lions of the money supply. continued in
! satiable demands from the stock speculator.
| inroads upon the narrow bank surplus by
the taking UP of the revenue surplus of the
| government further shipment of gold TO
| Europe Yesterday and growing uneasiness
| among money lenders as TO the stability
| of values of the securities which they hold
! as collateral and the delcacy OF the posi-
| ton is easily seen. 1t is not surprising,
| therefore that the shock OF the Northern
Pacific episode coming upon the situation
| skvrccket course in the morning to $50 COM
| pared with 1872 at Tuesday nights close
and 1872 for the London PARTY YESTERDAY
! morning is almost unprecedented for short
| time movements in the local stock market.
This stock was up 10 that ngure and back
| TO the opening figure OF 10 within three
| minutes. II went as low 145 afterward
| and as high again 40 closing at 100.
| The close corner into when the shorts were
/ crowded OF course. explained this move
| ment Among the severest sufferers in the
| afternoon slump may be mentioned st.
| Paul. which fell 1884. Union Pacific 17i2.
| Rock Island L. Missouri Pacific 10, United
/ states Steel preferred II. Delaware & Hud
! son 49, Amalgamated Copper ia. Pullman
IFS, Illinois Central IL, burlington lO7s.
! Rrooklvn Rapid Transit lO1s. Kansas &
| Texas 10. Western Union 10 and other
| stocks all the way up TO 10 points. The
| final rally reduced most OF the losses con-
| siderablv' but the closing showed specu-
| Iative sentiment in much disorder. and
! prices were breaking anew at some points
| while ralying at others
FOLLOWING are some of the most note
worthy fluctuations in the leading stocks
| curing the session.
| Northern Pacific. at opening. 155. Fluctu-
| ations between opening and noon: lao, l60
| 150 146 800 l47 155, 15S. Afternoon 10. close:
| ISIS 16S 167. 10. 163. l65. loo, TO
| c. b. a. O.. at opening, 1875. Fluctuations
| between opening and close: 1856. l9i24, 1874, 49,
| Is. 1872 1s9. 1904.
| Union Pacific. at opening, Pa Fluctua-
| tions TO noon: 1913 rs. 123s4, l25. 127. 129 III
Afternoon TO close: 127, l20, us, H. 1872, H.
| 1852 III. ll3. 1l5i2 IA
| Following are the total shares sold:
Northern Pacific common, 2SoVO; L, b. *
| o. 81 900; Union Pacific. 3Ss1OO.
The excitement in the stock market dis
tracted attention from the bond market.
but prices went off there In sympathy with
| stocks Total sales at par value were $4.-
| SEQ coo United States old tours advanced II
per cent. on the last cali
FolIowing are the days share sales and
the closing bid prices:
Closing