The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-25
LIQUIDATION WAS HEAVY
STOCK PRICES RECEDED RAPIDLY
UNDER SELLING PRESSURE.
Only One Small Point of Strength In
the Entire List--LOcaI Trade Helped
by Cold Weather.

At New York. yesterday. money on call
was easy at 1ssG2 per cent.
Prime mercantile paper. 31zQ4A per cent.
Sterling exchange was firm, with actual
business in bankers bills at s4s7A for de-
n.and and s4SsAs for sixty days: posted
rates. sls414a4S IS: commercial bills. $3.50
4s3Iz. Silver certificates were 6s1ka65c: bar
silver. 617sc: Mexican dollars. 4S1kc. Bar
silver at London was higher, at q 9-16d an
ounce.
The realizing OF speculative profits pro-
ceeded steadily yesterday at resulting
decline of prices. The only variation from
the downward course was due to purely
technical causes. Even the opening adj
vance was largely due to manipulation.
which began I'm the London market
hled orders from here before the market in
New York opened. The general steadi-
ness in the London market helped this pur-
pose. The rapid recuperation in the condi-
ton OF the Bank of England and the con-
tinued ease of money there. in spite of large
Withdrawals from the market by the bank
points TO an early reduction In the Bank
of England rates The opening prices of
stocks here proved in most cases to be the
highest The weakness of the steel group,
which began at the opening, was disap-
pointment for those spectators who had
hoped that the group would assume the
leadership OF new advance IN prices be-
cause of the strength shown by the lead
ing steel stocks late Wednesday, Wednes-
days advance proved sufficient to bring
in buying orders. and the speculative back
of these stocks seemed indisposed to Of
fer very vigorous support. The coterie
which bought stocks on Monday was credit
ed with heavy selling to realize. and there
were attributed to Chicago account. The
reported illness of the largest individual
operator I'm the street, who has been sup
posed TO DC long on stocks, had c0nsidera-
basis OF the reaction was the failure to
attract any renewed outside speculation,
as clearly demonstrated by the marked de-
cline in the activity in the market. Some
attention was given to the reports of fric-
ton between the English and Russian adj
mirals In Chinese waters. The days state
usent of treasury operations reflected the
payments on account Of gold withdrawn
from the assay Office for export. which
gain by the banks. A notable feature Of
the current money situation is the heavy
refiux OF national bank notes The average
per working day previous N to this month
thus far the average Is considerably over
100000 per working day. Experience shows
that this return movement of bank notes
Is likely to continue heavy during Febru-
airy and March. and In view of the expan-
sion under the new law of about SOS. O0O. 600
I'm national bank note issues it is likely to
be aggravated this year. The limitation os
ss.eo0O00 per month as the maximum al
lowed for retirement of bank notes re-
mains in the law and will act as an OBJ
stacle TO the contraction of circulation
Extreme declines reached 4ls in st. Paul
4s in Brooklyn Transit, 27s in Steel and
Wire, 2h in Federal Steel and Manhattan
"a in Northern Pacific, 21s in Great North,
ern preferred. 2A in Sugar ana from to
In large number of stocks. Kansas q,
Texas preferred made some show of
strength.
The bond market was reactionary in
spots, in sympathy with stocks, but adj
vanced at others. Total sales at par value
were $3.675.000. United States new tours
advanced "a per cent. on the last call
Following are the days share sales and
the closing lid prices