The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-25
ARTIFICIAL STIMULANTS
UsED TO BULL THE PRICES OF NEW
YORK STOCKS.
Very Active Session mt n Generally
Weather Helps Local Trade.

At New York yesterday money on call
was steady at Sa412 per cent; last loan. 81
per cent; ruling rate. 4 per cent.
Prime mercantile papeE. 4d4i9 per cent
Sterling exchange was strong. with actual
business in bankers bills at s~4.sS1sa4.SSA
for demand and $4.S5q4.S5b for sixty days;
posted rates, A.S5hq4S6 and $3.50; CONNER
cial bills. $4.S4AG4.S4%.
Silver certificates were nominaIly COO: bar
silver, 59lsc; Mexican dollars. 4Slc. Silver
bars closed at q 7-16d an ounce on the Lon
don market.
Among the many broken presidents
which have been recorded in the present
great Wall-street speculation must be in
cluded the scale and character Of the pro-
fessionai manipulation for purely senti-
mental effect on the speculative public at
large. No such fight against a prevailing
tendency in the market was ever before
witnessed on the New York Stock Elk
change as that of yesterday. The DAYS
market gave evidence Of astonishing bold
ness and aggressiveness in supporting
prices by the expedient of simply buying
everything that was offered. Prices were
also bid up in spite of the increasing weight
OF the selling on the advance. The burden
OF support seemed to grow too heavy to-
ward the latter part of the day. although
the market had been fairly bought TO a
standstlll after the opening. In the late
hours, however, the bull pool seemed TO
concentrate attention more on the few
stocks which had been settled on for the
most aggressive manipulation for sustain
ing effect on prices generally and to i'm
press the public mind. Union Pacific was
the most conspicuous OF these, but the
speculation also was very heavy in ST.
Paul., Northern Pacific and Southern Pa
cine, and Burlington, though not largely
dealt In. was very jealousy supported. The
total dealings in Union Pacific reached an
aggregate OF 662, 500 shares. AS the total is
sue OF the company's capital amounts TO
less than 800. 600 shares OF common stock. IL
Is evident that the days sales would have
been sufficient to transfer the control OF
the company had they represented actual
transfer or stock In any large proportion.
Add the sales of Monday and Tuesday with
those of yesterday and we have a total OF
$1,000 shares, which Is much more than the
total common .tock Issue. Yet no hint is
heard frOm any source that Union Pacific
Is changing hands. In fact, there was no
fresh news at all to account for the violent
rise In the stock. which reached an extreme
rs. closing practically at the top. This
case is typical OF the intensely speculative
character or the recen; enormous dealings
IN the stocks. although yesterdays bust
ness was even more cOngested In a few
stocks than at any time hitherto. In fact.
the general market did not at any time
fully respond TO the manipulation of the
leaders. Union Pacific. at the beginning az
the last hour of the day. was left alone in
its upward course. the selling having en-
braced practically every other stock in the
list. When Union Pacific itself gave way
the slump OF prices became general
throughout the list. In the principal active
stocks IL amounted TO from , TO ! points and
from ! TO 2 points all through the general
list. This decline offered attractive profits
10 the room traders. and when Union Pa
cific made its final squirt the covering by
the bears caused some feverish rallies, but
the closing was erratic. with new points of
weakness developing.
Union Pacific convertible bonds were the
leaders of the bond market. at an extreme
advance OF Pas. The market otherwise was
fairly active. but the movement of prices
was irregular. Total sales. at par value,
were s6.325.000. United States bonds were
all unchanged on the last call.
Following are the days share sales and
the closing bid prices: