The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-05
Over Two Hundred Thousand Shares
i'm Excess of Any Previous Trans
actions, and at Bullying Prices.
GENUINE BUYING sATURNALIA
1T SIMPLY ELIMINATED THE BEARS
FROM THE MARKET.
Price Advances Ranged from Two to
Nearly Fourteen POints-Loca1
Trade Active, Values Firm.

At New York yesterday money on call was
steady at 3zQ5 per cent; last loan, Az per cent.
Prime mercantile paper, 4AQ5h per cent
Sterling exchange firm, with actual bust
ness in bankers bills at siS6Isq4.S6A for de-
mand and s4.s21s94s2A for sixty days; posted
rates. s4.s3 and s4.S7; commercial bills, $tSlA@
ASH.
63%c: Mexican dollars. 1880. Bar silver was
2s Sled an ounce in Lcndon.
The Evening Post says: ''To-day's advance in
sterling exchange, with the return now or cur
by bankers in estimating the probability of
gold movement to the other side. The feeling
ing crisis when New York would have to step
In and help bel for the sood OF valid all oTd &
assistance needed and whether such an amount
could be sent without niluencng ane iSSd
most authorities seemed to doubt. one hnancler
OF wide reputation points out that the extraor-
binary trade revival in this country might inn
pose some obstacles to the return flow OF panK
notes which might be expected from the interior
in enormous quantities. now that the periodical
demands had been met. But there propaply
money at this center before long. with surplus
over current needs sufficient to satisfy portion
should be drawn in small remittsnces New York
could let it go without serious inconvenience s
The volume in which currency is returning from
the interior may be judged from the fact thas
eight banks have received this week on s alrec
apiece One bank has received s6Sl. 600 and sen,
only $3.50 another reports
and $4,000 shipped One OF the he, larger Wall,
street banks has received s5SS.oOo and shipped
Yesterday was ono Of the most exciting days
in the history of the New York Stock Exchange.
exchange is inexact at the best. and especially
In such market that OF yesterday are trans
there can be no doubt that the aggregate sales
for the day exceeded anything ever done before
ed up 1881. 800 shares, compared with the pre- pre-
xious record of l623 sls shares on Nov Y. 1902;
any. of those made yesterday In individuai
stocks or in groups of stocks but II is doubtful
tuaton in the average price for all stocks traded
in as from the low price to the high Price Of
the market, while the ultimate course of prices
scription and the excitement during the late
hours of the day, when the demand was at It's
height and prices were moving most rapidly up
ward, warrants the use OF the term frenzy.
Blocks of many thousand shares OF stocks were
brokers with no more apparent consideration.
beyond the excitement OF the game. than boys
treme variation in prices and the highly con-
centrated character OF some of the dealings 1t is
no exaggeration to say that vast fortunes were
made and lost on the fioor of the exchange dur
sentiment on the exchange has been SO abruptly
changed from mood OF depression TO one OF
although events have occurred to precipitate
sudden parcs in the midst or speculative ex-
cess 1t would be useless to sttemPt 10 analyze
There was recrudesceDce In fun force or all
bulliSh sentiment which mas stirred up the Stock
market for two months past The effect was the
more acute by reason OF the rebound from
thursdays depression. There was, OF course.
the actual buying requirement from the bear
element, which overextended itself Thursday on
the confident assumption that. the reaction once
established and liqucaton started, 1t was bound
to run heightened course. but the actual buy
ing from this element could have formed but
transactions. The sentimental effect of the re-
bound on current opinion was far more worthy
CONFIDENT mood, and they attacked the market
with enthusiasm. The decidedly gloomy state
Of mind on The s, Londo9 , stock MARKET W of
declines running from one TO two points at the
very outset. The weakness OF the market was
BILE losses ali through the first hour. Thursdays
sharp reaction brought In prOht-taking and stop
loss orders from many outside sources. But evil
opening dealings to serve warning to the
bears, and they began to cover very early. The
rebound In Sugar, on the story OF settlement
OF the trade war; was in itself a backset for the
bears. But the powerful lever which moved the
market was st. Paul The story that the road is
to be leased to the Northern Pacific and Great
preliminary distribution of the company's great
surplus received renewed credence, although
there no additional confirmation. The price
moved upward as result 1SA points from the
withstandingN .feverish vibrations, the price
closed within a quarter Of the top. Parallel with
Pacific OF eight points and in Great Northern
preferred OF seven points. The gains In all the
stocks most actively traded IN ranged from two
the rise reached nine points The market closed
amid intense excitement and furious activity,
with many stocks at the top prices and rising
Recoveries In the bond market were not so
general as in stocks and the weakness of many
value So, $780, 600. United States new TOURS.
coupon, declined per cent. United States new
fcurs. coupon, advanced a
81 f1er