The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-21
STOCK PRICES CRUMBLED
TUESDAYS PROFIT TAKING INDUCED
HEAVY PRESSURE TO SELL.
Steel stocks, Especially the New Is
Local Trade situation Favorable.

At New York, yesterday. money on call
! was steady at 2Q3 per cent; last loan, 3 per
cent.
Prime mercantile paper, 3hd41 per cent.
Sterling exchange was steady, with actu-
al business in bankers bills at A.S7% for
demand and s4.S4Ik04s49s for sixty days;
posted rates, A.S5Q4.s5h and SASSY; COM
mercial bills. s4S3Aq4s41z.
Silver bars were 607sc; silver certificates.
61hQ6Sc: Mexican dollars. ACC. Bar silver
closed at 2S1sd an ounce In London.
The market was overwhelmed with sell
ing orders during the course OF yester-
days trading. and the phenomenon oc-
Cured Of an eager unloading of stocks by
alarmed holders without any bad news
bearing on the value of their property to
alarm them. The bull leaders attempted,
for a time, to contest the decline and to
divert the speculation into new channels.
But the market was obviously tired and re-
sponded languidly to the manipulation for
the advance. Tuesdays heavy proft-tak-
ing brought further selling orders through
commission houses, and the bears, detect
ing the strained conditions in the market.
put out larger short lines. When the bulls
finally ceased their efforts to check the de-
CllAt pilICS CLulilDicu Idpiuiy anu III
loss orders were dislodged on a larger
scale. With only a few exceptions prices
fell below Tuesday night. Proft-taking by
the bears caused a considerable rally in
the last hour so that last prices We're not
the lowest, although proft-taking was re-
newed on the advance, making the closing
tone irregular. The taking of speculative
profits In Burlington was on an enormous
scale. There was determined support in the
stock at the opening, but the utmost that
could be secured for it was a half point ad-
vance. The opening price was the highest
and it was steadily under pressure for the
rest of the day, except for the covering
movement by the shorts. The contest for
change of control of this road seems to
have been Intellectual. the competitive buy
ing of insiders, which carried the price to
Tuesdays high level, having defeated the
attempt. Yet the recorded transactions in
the stock within a few days past have been
much more than would be sufficient to
change the control. The highly specula-
tive character of the dealings is thus clear
ly indicated. An effort was made to substi-
tute st. Paul and Northern Pacific as mar
ket leaders, and Missouri Pacific was
marked up very buoyantly to 101, crossing
par for the first time in many years. There
was a strong upward movement in Brook
lyn Transit, on rumOrs of official changes,
and on buying of the same character in
Manhattan. The steel stocks all continued
strong, the dealings being in trusts for
expired yesterday. AS the success of the
plan was obviously assured, there was a
final rush to deposit stocks, so that the
clerical difficulties of the transfer make it
probable that delayed deposits will be leni-
emily treated. The preferred stocks showed
greater strength. gains extending to Az.
Members of the group reacted with the
rest of the market, but resisted better.
The profits OF the syndicate are. apparent
ly. TO accrue in the shape of allotments of
the new stocks, for which a strong market
will inure to the benefit of the syndicate.
There was no actual bad news to account
; for the reaction in prices, beyond the con-
tinued possibility of a coal miners strike,
the international irritation over the situa-
ton in China and the p~rolongation of the
South African war.
There was a further decline in the activ-
ity of the railroad bond market and the
price movement continued irregular. Total
l. sales, at par value, were 50, 190.0 900. United
| States threes dvanced Il, and the new
tours and old fours Is per cent. on the
| last call.
Following are the days share sales and
the closing bid prices: