The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-02

TWENTY-FIVE PER CENT OF TRADE
WAS IN THE NEW SHARES.
Days business Was Very Large-Ir-
Condition of Local Trade.

At New York yesterday money on call
was firmer at 2iaQsH per cent; last loan,
3 per cent.
Prime mercantile paper, 31z@41a per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.SShG4sS%
for demand and $4.s5 for sixty days; posted
rates. A.Ss and $3.50: commercial bills,
sa.s4Q4S4h.
Silver certificates were 59A@s1c. nomi-
nal; bar silver. 591sc; Mexican dollars. 4SAc.
Bar silver closed at 27Ad an ounce in Lon
don.
The prodigious volume of dealings i'm the
United States Steel securities yesterday
brought the aggregate sales of all stocks
on the exchange within measurable dis
lance of the largest dealings on record for
a single day. The largest single days
transactions were those on Jan. Z of this
year, when the aggregate sales reached
2.127, 13 shares. The total for yesterday
was 1,S5s.S00 shares, which has been ex-
ceeded only by the record day. The large
part played by the United States Steel
stocks, even in such a broad and active
market as that of yesterday, is indicated
by the sales of the common and the pre-
ferred. those Of United States Steel amount
ing to 216. 100 and those of United States
Steel preferred 16S, 500 shares. or for both
3S4.900 shares. which was % per cent. of
the total dealings. IL is very evident that
the activity of the United States Steel Cor
poration stocks on the exchange, with their
bulky capitalization of II 600, 900 shares ac-
cording to yesterdays amended certificate
of Incorporation, is to constitute a new era
i'm the volume of dealings for individual
stocks. Single commission houses did a
sufficient business in these stocks alone
to realize a handsome fortune simply from
the brokerage commission on their opera
tons. One house was credited with selling
upwards of 100000 shares of United States
Steel preferred and various other houses
between $1,000 and 100 600 shares of one or
the other of the stocks. The offerings
which were hurled on the market fairly
staggered the prices for a period, but they
were rallied and moved upward through
the avalanche, the common rising 2a and
closing at the top, while the preferred rose
an extreme Ia and closed within Is of the
top. The course of these stocks had a
large influence on the ultimate movement
of the whole stock market. There were
points Of great strength here and there in
the early dealings, but the proft-taking
sales were on an enormous scale and the
movement of prices highly irregular and
conflicting until past the noon hour. Many
of the opening advances were about wiped
out before the final outburst. which car
ried prices to the highest of the day. A
final realizing movement carried the most
active stocks down again from l to 2 points
and made the closing very irregular. Rock
Island was a feature all day in spite of
the reported consolidation with the Atchi-
son system. The extreme rise in the stock
was Az and its net gain 4 points. St Paul
was strong throughout and became quite
buoyant, rising 3@s, but falling back 12 on
the reaction. Union Pacific was very active
ly dealt in at an extreme rise of 21a. and
dealings. All of the steel stocks were quite
volatile, both those included in the merger
and the Independent companies. Republic
Steel preferred rose an extreme Ga, SlOss-
Shefield preferred 4% and Tennessee Coal
4%. None of these advances was fully
maintained. Quite a number OF dormant
stocks were advanced sharply, Pullman ris-
ing 6%. Burlington was quite severely de-
pressed by profit taking. falling at one
time 31s below Saturdays closing price, but
ending with a net loss of only 1la. Lacka-
wanna after an early advance fell 3ss un-
der Saturday. Money market conditions
were entirely ignored in the eager specula-
tive spirit. Although government interest
disbursements are expected TO yield over
e. Oa. coo 10 the money market to-day, the
routine operations continues very large
Sterling exchange advanced a fraction 10
the gold export point on the large demand
from stock houses. who are buying Amerl-
can stocks abroad. After the stock mar
ket had closed a $4,000 gold shipment TO
more Is expected to go during the week.
The bond market was not so active rela-
lively as the stock market. but business
was large and the movement OF prices
Irregular. Totat sales at par value were
s6.O35. 600. United States threes and new
fours declined a per cent. on the last call.
Following are the days share sales and
the closing bid prices: