The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-26
ACTIVITY AND
THE SALIENT FEATURES OF Mon
DAYS SHARE MARKET.
Principal Elements of Strength Were
i'm the Minor Railroads.&c. Health
full Tone to Local Trade.

At New York. yesterday, money on call
was steady at 21s per cent.
Prime mercantile paper, 3iaQ4A per cent.
Sterling exchange was firm. with ac-
tual business In bankers bills at $4.ss1a for
demand and s4.s4% for sixty days: posted
rates, $4s51s and 4.S9; commercial bills,
sLS3AQ4s4A.
silver certificates were 61z@ssc; bar sill
yer. 6O2sc: Mexican dollars. 49c. Silver bars
closed at Esd an ounce in London.
The closing of yesterdays stock market
vas In marked contrast with the opening.
The first prices of stocks showed the effect
o. the large buying demand which had been
attracted from outside spectators over
Sunday by the favorable banR statement
and the resulting upward squirt of prices in
tho Saturday market. but the results Of the
days operations indicate pretty clearly that
uncasiness over the money outlook was
not entirely quoted by the Saturday bank
statement. Professional operators fed the
outside demand very freely during the FIRST
hour. SO that there were no more important
advances after the opening, except where
some special influence was at work. When
the accumulation of buying orders In com
mission houses had been worked off this
proht-taking began to get the best of prices
and forced a general decline. The effort
of the leaders of the speculation during the
rest bf the day was to make an imposing
shor OF sharp advances in the stocks of
minor railroad companies concerning which
plausible reports OF consultations with
larger systems could be devised. But the
bear operators gained coures e as they de-
tected the extent OF the profit-taking sales,
market late In the day. forcing some rather
violent declines I'm the grangers, pacihcs
and Southwesterns making the close very
active and decidedly weak. There We're
gains oil from l TO ? points in a number of
standard railroad stocks and specialtiss in
the first hour, Texas 81 Pacific and on
tario * Western being heavily bought for
London account. Early weakness developed
in the local traction stocks and in Sugar,
but IL did not Immediately affect the whole
market. After the large outside demand
had been partly satisfied some sharp add
Sances were caused among the junior Van
derbilts stocks, running in some cases up to
stocks were quite prominent. as We're Pitts
burg. c., -, G. * st. L., the express
company stocks, General Electric, North
American, Amalgamated Copper, Colsoli-
GATED Gas and "a number of minor special
ties. The Southern Railway stocks. 81.
Paul and the Pacihcs made a show Of
the Hooking Valley and the Toledo, ST.
Louis a Western stocks were moved UP.
even after the general market had become
distinctly weak, In the late drop Denver
* Rio Grande lost 31k, Burlington 3. Wa
bash preferred ga. Great Northern pre-
ferred 21z. St. Paul over 2 points and a
Large number of the principal active stocks
from / TO = points. The stocks which had
been made points of resistance retained
part OF their gains at the close. although
they were materially below the best prices.
Uneasiness is caused by the apparent diff
nculties ahead OF the foreign money mar
kets incident TO the requirements for the
forthcoming British and German loans.
The bond market continued active and re-
dictionary IN spots. Total sales AT par
value were s, 46O.O 00. United States re-
funding twos, coupon. advanced y per
cent. on the last call.
Following are the days share sales and
the closing bid prices: