The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-03
STORM OF LIQUIDATION
1T FORCES DOWN PRICES IN MANY
PROMINENT SECURITIES.
Particularly Heavy Break in the New
Steel Sha-cs-MORe Market Condi-
~tfons-Locai Trade Under Check.

At New York yesterday money on call
was steady at 21s03 per cent.
Prime mercantile paper. 31hQ41s per cent.
Sterling exchange was steady, with
actual business in bankers bills at 81. SS1kG
4Ssk for demand and Sass for sixty days;
posted rates. s4S51s and S4.ss; commercial
bills. A.s4AQ4s4A.
Silver certificates were 59aq slc bar sill
yer. soc; Mexican dollars. 4S%c. Silver bars
at London closed at q 3-16d an ounce.
Yesterdays stock market was tenn
pestuous and uneven. II was swept by a
storm OF liquidation in the morning which
caused some violent declines and carried
prices below Mondays level throughout.
The bears did not seem disposed TO pursue
the contest in face of the character of sup
port which they encountered. Earlier
losses were largely recovered. but the late
activity and strength of the market CEN
tered largely in Burlington and Northern
Pacific on revival of reports of a transfer
or the control OF the former. Burlington
had sold down to 1725s. but on the rally IT
gained Roadway on the belief that the
terms offered to stockholders would be
equivalent to $50. and the price crossed that
figure by y and then fell back on realizing.
I'll tO4LAtu "a. LIE RGDPf1l
market had recovered we'll after the shorts
began 20 cover and the turn had been made
but IL did not follow Burlington and North
ern racine TO a marked extent in their
nnal squirt, and the closing was decidedly
Irregular on renewed profit taking. The
early break was IN some part due TO the
perception that the United States Steel
STOCKS mao been opened high by manipula-
ton and that realizing in them was very
large The whole market. in fact. opened
nlsner on the average, the steel stocks all
showing strength and Burlington. ST Paul
anu Manhattan gaining a point or over.
Ihe same brokers who sold United States
steer SO heavily on Monday continued the
selling yesterday Probably not a IittIe
realizing was induced by the announce
ment, which had been discounted. of the
inclusion OF the Lake Superior consolidated
IRON mines and the American Bridge Com
pany In the merger. The increase i'm the
capital OF S250. 10000 over that first con-
templated also leaves a liberal margin TO
the account or the syndicate after the terms
CT the additional exchange have been full
filled. Dealings I'm the steel stocks con-
tinued In enormous volume. On the break
ROCK Island was handled with notable
severity. being forced pa under Monday
nights close The steel stocks were also
conspicuous in the decline. But there were
stocks In practically every important group
which were forced from l to 2 points UNI
der Monday night. The Southwestern rail-
roads were prominent In the rally. and
other points OF notable strength during the
day were Sugar. Anaconda, Amalgamated
Copper. Manhattan and Pacific Mail. which
rose from las e J points. The late rally
was heipet by the announcement from
Washington that the secretary OF the treas
Cry had bought 100000 short-term bonds
I'm New York for the sinking fund. hav-
ing received an OFFER which complied with
his requirement that the bonds should be
on a basis TO make the investment return
as high as that of the new twos. This inn
plies a figure below the market price Of the
bonds and does not seem likely to yield
further large returns 10 the money market.
The bond market continued active and
Irregular. Total sales at par value were
S.15.Hc0. United States refundlng twos adj
vanced = per cent. on the last call.
Following are the days share sales and
the closing bid prices: