The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-19
VIOLENT PRICE CHANGES
STOCKS DROPPED HEAVILY ON EN-
FORCED LIQUIDATION.
Made Good Gains Later, Net Changes
Being small-Local Trade Active,
with Prices Very steady.

At New York, yesterday, money on call
was steady at 2g3 per cent; last loan, 2lz
per cent.
Prime mercantile paper, 4q5 per cent.
Sterling exchange was firm, with actual
business in bankers bills at S4.S7zQ4.S7ss
for demand, and s4S3 1-3Q4.S6 for sixty
days; posted rates, s4.s4 and Sass; CONNER
cial bills, s4.s2asQ4s3A.
Silver certificates, 641kQ651zc; bar silver,
ssc; Mexican dollars. 4s4c. Bar silver at
London rose 5-16d, TO q I-16d an ounce.
The stock market was subjected to an
energetic shaking down yesterday, which
caused notable decline In prices. which,
however. had been well advanced before
the decline set in, and there were notable
recoveries at the end. The net changes,
therefore, do not by any means give just
idea OF the character Of the market. The
fall in prices was in most cases perpen-
dicular one, from the high level to the
low level, which gave it the appearance
of great violence.
The tone of steel stocks was much bet
ter than on Thursday. They were vigor-
ously supported. especially Federal Steel,
and there was a good demand from the
short interest. Important members Of the
group show small net gains on the day.
There were points of strength as well in
the railroad list. Missouri Pacific, South
ern Pacific and Union Pacific were well
absorbed during the day. and Baltimore &
Ohio showed no further sign OF Thurs
days extreme weakness. Sugar manifested
strength and closed at the best, at a net
gain Of nearly two points, but IL was no.
ticeable fact that the early advance in
prices was somewhat laboriously achieved.
The determined effort to support the mar
ket, which was manifest at the opening,
necessitated the acceptance Of some very
heavy offerings before the weakness was
overcome. When the movement OF prices
was once turned upward il seemed TO have
the effect of checking speculative liquida-
ton. but 1t proved an easy task for the
bears to undo the work of the bulls when
they commenced to offer prices down.
The severest sufferers on the decline were
among the New York public utilities, the
grangers, the coalers, and, later in the
day. Northern Pacific. st. PauPs extreme
cecline was over 4 points, and Northern
Pacific suffered to the extent of 31z. Con-
solidated Gas and Delaware & Hudson
were forced down nearly points, Lacka-
wana. 31z; Tin Plate preferred. Steel Hoop.
common and preferred, and Colorado Fuel,
3 to 3A: the local fractions, from pa to 32s:
ferred, 3. and large number of the prin-
eipal active stocks from 1 to 2. The eager
ness OF the bears to cover pulled the
list up again, rallying st. Paul nearly
points, ETC HfSt pTclSfIcu, anu the
larger part Of the principal active stocks
between 1 and points. The activity Of
the market declined as the rise progressed,
and there was no evidence OF any active
renewal Of demand for. stocks. The close
was unsteady and wavering, and at the
best in only few cases. The forecast Of
the bank statement had an influence in
driving the bears TO cover with its pre-
diction of another increase of nearly $10,-
10000 I'm the banks cash resources. In
spite Of the payment to the sub-treasury
OF the gold withdrawn from the assay Of
fee for export, the weeks sub-treasury
operations has yielded to the banks the
sum Of 50. 743. 900. On the interior movement
by express the banks are estimated to
have gained considerably over 5000. 000
The weeks liquidation on the Stock Ex-
change points to the probability also of
a loan contraction. Railroad bonds weak
ened in sympathy with stocks. Total sales,
at par value, were S1,SS0.000. United States
refunding Is advanced y on the last call.
Following are the days share sales and
the closing bid prices: