The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-17
FLOOD OF LONG SELLING
1T PRECTPITATED HEAVY BREAKS
IN PRICES OF STOCKS.
Steel ShaEes Led the Decline, hut the
Railroads Were Very weak-Bet-
ter Conditions i'm Local Trade.

At New York yesterday money on call
was steady at 21zd3 per cent; last loan, 21s
per cent Prime mercantile paper, 4d5 per
cent.
Sterling exchange was barely steady,
with actual business in bankers bills at
s4-s7d4s71s for demand. and s4s3l. ssss
for sixty days; posted rates, SiS4G4. S41h
and 81 SO; commercial bills. 81 s21k6I4S3
Silver certificates were 64iz6651kc bar sill
yer, 63&c; Mexican dollars, 49Xc Bar sill
yer was % 3-16d an ounce in London.
The excessive confusion of speculative
opposition yesterday was shown by wild
and frequent fluctuations in prices of the
conflicting groups of stocks. An evident
effort was made to differentiate the move
ment OF the steel stocks from that of the
railroad stocks. The action of the steel
group Tuesday made 1t very evident that
decline in them was to be faced. Some
effort was made at the opening to contest
this event and supporting orders caused
rise OF a point over Tuesday night in Steel
and Wire and Tin Plate and of Ia in Ma
tional Tube, but the last named stock was
the only one which retained any show OF
strength in the later dealings. There was
some show Of support In Federal Steel
early In the day. and after an opening de-
cline of Ia. II rallied point, but the selling
of the stock was persistent and urgent on
account OF disappointment by spectators
that no action was taken at Tuesdays
meeting TO insure quarterly dividends for
the coming year, In which there had been
great faith. There were occasional rallies
in the stock. and it was lifted vigorously
at the last 2 points above the lowest. but
manipulation was palpable in the rally.
At the low level this stock was AZ below
Tuesday night. Next to this Tin Plate
was most acutely affected. In spite OF Tues
days per cent dividend declaration. and
fell an extreme points. Colorado Fuel
was down 3is. American Hoop 3, Tennessee
Goa: Pa. and others of the group from
10 IL. The conditions In the railroad list
were exceedingly irregular during the early
dealings, but there were sufficient points of
strength to overcome the few opening de-
c1nes caused by sympathy with tho Lon
don market and with the weakness of the
steel stocks. There was manifest dispo-
sition 70 realize also in the coalers and a
sagging tendency at other points. st. Paul
was vigorously taken in hand In the midst
of this uncertainty and marked up nearly
points. precipitating a large volume OF
forced buying from the bears The mar
ket generally responded I'm sympathy, but
with a quick relapse of two points in ST.
Paul began to run off again. Then Burling-
ton took up the movement on the decision
OF the directors TO increase the stock 10
per cent. TO be issued at par to stockholders
The advance reached ~ in Northern Pa
cific, 3 IN Delaware & Hudson. 2% i'm Rock
Island and points in st. Louis q San
Francisco second preferred. Manhattan and
Sugar also rose about 2 points. When the
futility OF these measures to hold the rail-
road list became evident the speculative
liquidation Increased to a heavy volume
The coaiers, the Pacifics the local trac-
lions, Peoples Gas and Sugar We're thrown
on the market in a torrent OF large blocks
The general level of prices was forced
considerably below Tuesday night, only a
few small net gains remaining. The reac-
ton reached points in st. Paul, As in
Manhattan and from TO 3 points in the
other prominent stocks indicated The
closing was unsettled and irregular, but
there was no evidence of any demand from
other than short interests. The announce
ment OF gold exports yesterday for to-day's
shpmen. did not seem 10 affect sentiment.
The bond market was moderately active
and eased on in sympathy with stocks
Total sales at par values were s., $50 600
United States old fours declined u per
cent and hves registered 4 per cent on the
last call.
Following are the day share sales and
the closing bid prices: