The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-27

BEAR SHORTS PUT TO FLIGHT BY
WALL-sTREET BULLS.
They Had offered Prices Down All
D~ay-FinaI Sharp Rallies-LOcal
Trade Is still
At New York. yesterday, money on call

At New York, yesterday, money on call
was steady at 24d2A per cent.
Prime mercantile paper, 3RQ4A per cent.
Sterling exchange was firm, with actual
business in bankers bills at s4.SSA for de-
mand and $4.S4A for sixty days; posted
rates, s4.s51z TO $4.S9: commercial bills.
$4.S4Q4S4h.
Silver certificates were 62d63c; bar silver.
sOAc: Mexican dollars. 49c. Bar silver
closed at q 1S-16d an ounce in London.
The recurrence of the story of a North
western railroad deal coupling Northern
Pacific and Burlington was the occasion Of
an extraordinary and impressive upward
movement in the late stock market yes
terday. Whatever may be the validity of
the oft-renewed claims Of a transconti-
mental arrangement for the benefit of
Northern Pacific and Great Northern, 1t
was clear enough that the recovery in the
general market was due to the precipitate
covering of short contracts, which were
put out with great freedom and boldness
by practically all of the trading element
on the Exchange. The attack on the mar
ket by the bear element had met with
marked success and they had broken prices
throughout practically the whole market.
There was some show of strength in the
early dealings and an apparent attempt to
renew the bull movement. but it soon be-
came evident that the attempt to advance
prices was no longer In such powerful and
capable hands as has been the case during
much Of the recent bull speculation. When
the bears found their attack no longer
contested they offered prices down very
boldly and made inroads Of between l and
2 points in practically all the active stocks
in the list. The rangers and Southwest
ems proved themselves especially vulner-
able. in view of the large commitments
for the long account, which recently have
been made in them. Northern Pacific itself
was forced down nearly a point. but Bur-
lington was held above Monday nights
level throughout. Missouri Pacific. after
being lifted to 1621s. fell back pa. The local
ing from 2 10 pa and there was especially
notable declines In the industrial list. To
bacco falling at one time S1z. A~malgamated
Copper 2s and Sugar ? points. Some of
the usually quiet stocks which have en-
joyed recent extraordinary advances fell
back sharply. The steel stocks shared in
the general weakness and many of them
dropped from TO 2 points under Monday
night. Ii was after nearly the whole ses-
sion had been consumed I'm this process
of extension Of. short accounts that the
Northern Pacific movement developed. The
bears were completely routed and found
the supply of stock small, bidding up
prices on themselves by rapid strides.
There was an almost complete recovery in
the general list and Northern Pacific
surged upwards 81 points. 10 91%. a record
price. The rise in Burlington reached a..
IL was the current belief in Wall street
hat a reaction was favored by the capital
isis who are heavily committed 10 the
pending great syndicate transactions. ow-
Ing TO the apprehension that the demands
of the animated speculation on the money
market Threatened TO exhaust the surplus.
The steady up1ard course of sterling ex-
change gave good ground for the expecta-
ton that gold might go out at an early
time. The subtreasury absorbed over ST.
900. 600 from the market.
Railroad bonds continued active and ir-
regular. Total sales, at par value. were
81. $4,000. United States old fours. coupon,
advanced 4 per cent. on the last call
Following are the days share sales and
the closing bid prices: