The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-08
MARKET TONE IS HEAVY
MOST STOCK CLOSED WITH A NET
LOSS FROM WEDNESDAY.
Chesapeake & Ohio Is the Only No.
Makes Local Trade More Active.
At New York yesterday money on call

At New York yesterday money on call
was steady at 2d2h per cent.
Prime mercantile paper. 3l5Q4A per cent.
Sterling exchange was easier. with actual
business in bankers bills at $4.S7S for de-
mand and s4.S4A for sixty days; posted
rates, AS5Q4S51z and $4.ss13; commercial
bills. A.S3AG4S.
Silver certificates were 6l1zG63c; Mexican
dollars, ACC; bar silver, Gle. Silver bars
closed at IS 3-16d an ounce on the London
market.
The market made quite a vigorous resist
ance yesterday morning to an early bear
drive. By means of the sustaining in
fiuence of individual stocks early losses
were largely wiped out, and the level of
prices generally carried over Wednesday
night, but during the latter part of the
day the market succumbed to depression
ard speculative liquidation came into force.
The result is a predominance of net losses
on the day. A few stocks maintained a
marked net gain, but they were rather
ralpably under manipulation for their sus-
tanning influence on the rest of the market,
while profit-taking was going on. The mar
rowing supply of available credits and the
calling of loans by some of the banks was
the most important influence in the reac-
ton. In addition the movement of prices
had grown quite obviously under the in
fiuence of manipulative pools. and the SELL
ing to take profits by this class of operators,
ir a market where the public is not taking
a large part, had the effect of turning
prices downward. The money markets re-
cent course has been an influence to lower
prices. Besides the absorption of over
$5,5OO,OD by the subtreasury from the money
market, and the seasonable turn in the tide
of the interior money movement to New
York, the money market has felt the effect
of the payment by the Union Pacific of half
the purchase price of its controlling interest
in Southern Pacific. The Pennsylvania
Railroad is also reported to have paid over
several million dollars on account or the
Long Island Railroad purchase. Money
rates have consequently worked closer, and
some of the holders of stocks on margin
lave been prompted to liquidate. This sell
ing was particularly marked yesterday in
pennsylvania, Union Pacific and Burning
ton, which were made the object OF joint
operations for a rise during the last few
Gays. An effort was made TO continue pool
operations for the advance by a revival OF
reports OF the st. Paul absorption by Great
Northern and Northern Pacific interests.
This had the effect of lifting st. Paul Ia.
An advance in Chesapeake q Ohio of Us on
talk of large earnings and an increased
there was quite an active speculation for
the rise in Peoples Gas and Sugar. With
the exception of Chesapeake & Ohio, which
saved a net gain of rs. these stocks lost
practically all their gains, and the selling
movement carried the principal active rail-
road stocks from / to 2 points under
Wednesday,. Among the less important
stocks which were pushed up at times dur
ing the afternoon were Brooklyn Union
and Consolidated Gas, with advances of .
and 615; Pullman, 612; General Electric, =,
and a number of others from l to 2. There
was a turn against the shorts in some of
the steel stocks not included in the United
States Steel Corporation, which resulted in
advances of from pa to 62s in the Republic
Steel stocks, Colorado Fuel and Tennessee
Coal. All of these stocks fell back after
the demand from the shorts had been salts
fed.
The bond market was quite active, but
irregular. Total sales at par value Were
So, 4O0, 600. United States twos, registered, de-
clined Is per cent. on the last call.
Following are the days share sales and
the closing bid prices: