The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-01
Total for the Day Is Shares,
Over a Quarter of a Million Above
the Trade ON Monday.
VERY HEAVY OUTSIDE DEMAND
tT UyERCOMEs OF GEN
ERALLY BEARIsH IMPORT.
Liquidation 10 Take Profits Makes the
Close Irrcsui"r-D"y's Movements
i'm Local Trade Circles.

was firm at Shd6 per cent: last loan, 4:
ruling rate. 4.
Prime mercantile paper. inlL per cent.
Sterling exchange was easy. with actual
business In bankers bills at A.S5kai.SS for
demand and $iSiai for sixty days: posted
rates. SiS5iknLS6 and $3.50: commercial bills,
SLSi4a4Sia,.
Silver certificates were 60c; bar silver.
b9'sc; Mexican dollars. iSiac. Silver bars
closed at 21i.d an ounce.
There Is no precedent hy which 60 be
guided I'm the formation OF "a Judgment re-
garding the present stock market. Each
day of trading leaves some former record
behind. and not lnfrequently all previous
records so by the board as a result of "A
days business. The aggregate sales OF all
stocks yesterday went ahead Of Mondays
hitherto Unprecedented total. rising TO
800, 100 shares. Last Wednesdays record
sales OF n single stock. which were CO., 800
shares for Union Pacific. compared with
yesterdays sales of i5s, 100 shares Of United
States Steel. The aggregate sales OF both
the common and preferred stock OF United
States Steel amounted 10 $4,000 shares.
Another record which was eclipsed was
that for a single hours business, sales
for the first hour amounting 10 over n
million shares, against the previous maxi
mum of less than 500, 900 shares. Ii Is the
usual rule that a large portion Of n days
b~usipess on exchange Is done during the
first hour. but had the activity of the mar
ket for the rest of the day continued In
normal proportion TO the first hours busl-
ness the total would have reached probably
100000 shares for the day. which would
mean commissions 10 Stock Exchange men,
bers for the days business of 81, Q. 900.
Such statistics as these convey the truest
idea of the dimensions and scope OF the
present market. Any attempt TO descrip-
ton would resolve itself largely into an
action of superlatives.
There were long strings or successive
transactions In some OF the most active
stocks I'm which none of the sales reported
were of less than LOCO shares and running
from that up 10 10000 shares. III any Ofdl-
nary considerations could rule I'm such a
market the fact would have had great in
fiuence hat the stocks which were most
notably strong Monday were sold In enor-
nous volume to take profits. The sharp
break at many points In the closing deal
ings would have been another factor maxi
ing for hesitation. But these usual symp-
toms OF a coming reaction have been so
often without the slightest effect in the
recent extraordinary, market that they
were totally ignored by the excited specu-
lators. as many other incidents have been,
such as the engagements of gold for ex-
port and occasional hardening OF the money
market. TIL presence In great force OF IL
widespread public interest In the market
must explain this ignoring or usual teen
meal indications. The great Accommodations
of wealth which have come To the hands
of the American people for several years
past and which have lain In deposit banks
waiting for opportunity for outlay seemed
TO be pouring into Wall street. attracted
by the sudden great fortunes which are be-
ing made from day To day. The large
inflow of money from the interior To
Naw York seems To be due TO this
tendency, and in keeping the money market
easy I'm spite of the demand from other
sources. There is very little In the way OF
specific news accompanying the movement
of prices. The announcement yesterday
morning of the absorption of the Leyland
ans line by j. r. Morgan had a
tendency to give a renewed stimulus TO the
speculation as indicating the continued ac-
tivity of the most influential individual in
the recent great movement towards con-
solidation. The belief in wholesale CONSOLE
dations of great railroad systems, even at
enormous expense, involved in the buying
of control I'm the open market. is the potent
factor i'm the general speculation. The en-
thusiastic believers in an indefinite rise in
prices argue that the market turnover
within a few days of as many shares OF
the corporation as the whole outstanding
capital necessarily indicates a movement TO
buy control. but 1t is certainly obvious that
a turnover of that amount of stock. where
the actual control does not pass, Is proof
positive of an enormous purely speculative
buying. 1t may be due to buying and sell
ing and then rebuNing many times over OF
speculative holdings. or IL may be due to
persistent short selling on every advance
and then buying to cover as the further adj
vance imperils the position of the bears.
That such purely speculative transactions
formed n large factor In yesterdays mar
ket Is probably not seriously doubted.
An ANALYSIS in detail of the days market
would be futile. SO great is its extent and
variety. and. in the later dealings, its ir-
regularity. Northern Pacific was under
pressure of proft-taking all day and Union
Pacific and the grangers generally showed
it's influence as the day progressed. The
Atchisons were the new strong feature on
talk of an increase in the dividend. An adj
vance I'm New York Central brought specu-
lative attention back to the Eastern rail-
roads. but their gains did not hold well.
The United States Steel stocks were COM
paratively well maintained, closing with
net gains of 2s for the common and > for
the preferred. at reactions of rs and y. re-
spectively, from the best prices. The heavy
profit taking at the close made prices ir-
regular.
Business was not as large. relatively. i'm
bonds. and the price movement was irreg-
ular. Total sales. at par value, were So
245. 600. United States new fours advanced
u per cent. on the last call.
Following are the days share sales and