The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-29
HUGE VOLUME OF TRADE
OVER A QUARTER MILLION SHARES
OF ST. PAUL CHANGED HANDS.
Strong Rise Followed by Greater
FalI-Snmmary of Conditions i'm
the Local Markets.

At New York yesterday money on call
was steady at 1902 per cent.
Prime mercantile paper. 31kG4il per cent.
Sterling exchange was firm, with actual
business in bankers bills at 4.S7ss for de-
mand and 4s4a4s41s for sixty days; posted
rates, 4SfkQ4S5 and 4SS1k; commercial bills,
4 s3464S32s. Silver certificates were 6slk
@65; bar silver. 611zc; Mexican dollars. 4sc.
Bar silver was -S9sd an ounce on the Lon
don market.
The huge proportion of the dealings in
st. Paul made it the dominant factor in
yesterdays stock market. Its influence
was marked on very few stocks nearly
affiliated with IL, and the general list
showed dragging tendency both on the
upward and downward course. The violent
and erratic movements in st. Paul kept
the market confused and unsettled for the
greater part OF the day. There were con-
siderable gains established during the early
dealings. and later in the day prices fell
considerably below Saturdays level but
the net changes are for the most part
small. and some gains are mixed with the
preponderant losses. St. Paul, at one time.
was nearly three points above Saturday.
closed the day with a net loss of Il on
sales OF $4,000 shares. The intermediate
movements were excessively erratic and
feverish. A very noticeable feature of the
trading in the stocks was the much heavier
volume of transactions on the advance
than on the decline. Very heavy offerings
had to be taken, in fact, before the advance
was inaugurated, the price running off a
point from the opening under the crushing
weight OF the offerings and very heavy
blocks being taken at each stage of the
advance. When the price had touched
1874 the buying demand received an abrupt
check and was not at any time afterwards
equal TO that of the first hour, although
there were considerable revivals of de-
mand from time 10 time. On the down
grade from 1855 to 1521a, the offerings did
not appear to be OF overwhelming volume
absorb them. The St Paul movement was
supplemented by a strong rise in Kansas
& Texas preferred and in Manhattan. The
first irregularity OF the market was caused
by weakness IN the steel group in which
the opening gains had been moderate. The
session OF the directors of the American
Steel and Wire Company focused the at
tention OF spectators i'm the group No de-
cision was announced on the dividend ques-
ton before the market closed, but the
stock. after selling down to SS%c had n
spasmodic rally TO Ale in the final dealings
The other steel stocks which had weakened
In sympathy, notably Federal Steel did
not have time TO respond before the close
There was sudden stiffening OF Southern
Pacific In the final dealings also. but the
closing generally was heavy and dull The
cause OF the reaction in the market seemed
20 be technical grounds, the spectators
who bought so largely on Saturday on
the strong bank statement selling 10 realize
and finding very little demand 10 absorb
their offerings. London was a small seller
on balance through the usual channels. bur
the further advance I'm sterling exchange
made IL evident that the homeward move
ments OF securities continued very heavy.
Business in railroad bonds Continued
large and prices advanced I'm the early
dealings, but yielded in sympathy with
stocks. Total sales at par value were q. :
s7s0oo. United States bonds were nm
changed on the last call.
Following are the days share sales and
the closing bid prices: