The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-23
RIVAL FORCES AT WAR
RESULT WAS AN IRREGULAR AND
NERVOUS STOCK MARKET.
Wide Fluctuations Frequent, the
Close Being at a Net Gain-LocaI
Trade Helped by Better Weather.

At New York yesterday money on call
was steady at 2921k per cent
Prime mercantile paper. 31k94E per cent.
Sterling exchange was easier. with actual
business in bankers bill at s4s74 for de-
mand and s4.Ss1z for sixty days; posted
rates, AS4d4 s4.z and Sass; commercial bills,
As24@4ssL.
Silver certificates were 631kIe4c: bar sill
yer, 6%c; Mexican dollars. 4Ssc Bar sill
yer at London went below 2sd for the first
time In months and sold at % l5-l6d an
ounce.
The influences in the New York stock
market resolved themselves yesterday into
several distinct component parts, which
operated in conflict a part of the time and
never In clearly defined concert There
was a palpable effort to open prices high.
In fact. brokers in a number of stocks adj
mitted the receipt of orders to make first
prices as high as possible. This is a famil-
lar device OF traders who have gone long
of stocks during a rise on one day to get
the greatest possible benefit from the re-
lapse. st. Paul and Northern Pacific were
conspicuously affected in this way the for
mer opening up Ia and the latter rising al
most as much and then running off again
TO near Monday nights level The same
stocks came into prominence again late in
the day. after the news had been received
OF Queen victorias death. After that
event was reported there was pause in
the activity of the market, as though
awaiting its effect on prices. and shortly
afterwards room traders set to work to bid
up prices again. They lifted st. Paul an
extreme IA over Monday night, Northern
Pacific rs and the grangers. Pacifics, trunk
lines and more prominent stocks generally
from one to two points. The same traders
were active In Sugar all day, making the
extreme advance 2. On the other hand the
sensational movement in Missouri Pacific
was brought to a sudden stop after a three
point jump at the opening, and the Wabash
stocks also fell back The extreme decline
In Missouri Pacific was ~ and 1t closed at
loss OF 315. This action of the stock nat
urally caused some incredulity regarding
the many rumors afioat on Monday of
coming consolidation Of the Southwestern
systems and buying by a prominent CAPT.
talist for control. The other members of
the southwestern group were, however,
well sustained. and the absorption of Wa
bash debenture bonds continued on an
enormous scale and at price level above
that of Monday Missouri Pacific was In
urgent demand in the loan crowd and COM
manded as high as a per cent premium
for use by the shorts. This gave color TO
the belief of some of the traders that the
buying OF the stocks had resulted i'm a cor
ner. leaving a very heavy short interest
with Its requirements unprovided for
Amalgamated Copper again moved wildly
jumping nearly three points at the opening
and then falling back ga. The steel stocks
were comparatively neglected but the un-
dertone was weak. Federal Steel fell away
2S and other members of the group from
1 TO ia after small opening advances. The
late notable rise was not well maintained
especially In the stocks which were bid up
most aggressfvely. and the closing was ac-
tive and rather easy below the best The
level OF prices at the close was however
substantially higher than on Monday and
the undertone OF the market during the day
was steady. Standard Oil dropped to s79O63
795 a share. The announcement of further
gold exports had little effect on the market.
as money continues notably easier
The Wabash debenture BIS led the bond
market in point of activity. Texas & Pa
cifc seconds rose per cent. on light trans
actions Otherwise the market was rather
dull but firm. Total sales. at par vah,e
were 40S2.0o0. United States refundjng
twos declined y per cent and the threes'
coupon. advanced "a per cent. on the last
call.
Following are the days share sales and
the closing bid prices,