The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-05

per cent.
Prime mercantile paper. 31s94l5 per cent.
Sterling exchange was steady. with actual
business in bankers bills at $4.sSb for de-
mand and .s4.S4A@4s47s for sixty days;
posted rates. SISSY and $4S9: commercial
bills $4.S4G4S4lz.
Silver certificates were 5S1kc; Mexican dol
lars. 4SAc; bar silver, $3.50. Silver bars
closed at I'D an ounce in London.
Yesterday was one of violent excitement
and extreme nervous tension in the stock
market. Prices fuctuated in an unprece-
dentedly violent manner all day. The spec
ulative spirit had apparently run wild, and
no feats seemed too great TO attempt in
the feverish imagination of the excited
spectators. The boldness and reckless
ness of the manipulation nave probably
| never been equaled on the New York Stock
Exchange. and variations of a point or
more between sales were viewed with as
much equanimity as a fuctuation of Is in
an ordinary market. Blocks of thousands.
of shares of stock were tossed
and forward and millions of dollars were
ventured with no more concern than though
pennies were being pitched. News of
actual conditions of properties played no
part whatever in the speculation. The
method of operations was largely TO fol-
low designated leadership. a sudden and
violent advance in any stock was sufficient
to attract an overwhelming following. A
comparatively small number of stocks re-
tain any important net gains in spite of
the existence of extreme buoyancy which
the market had for most of the time. The
trunk line stocks, Illinois Central, Amalga-
mated Copper, Colorado Fuel and some OF
the dormant investment stocks may be set
apart, although none of them closed near
the highest prices. Otherwise small gains
or considerable losses will be found 10 be
the rule. The precipitate manner in which
long stock was unioaded on the opening
bulge showed the eagerness OF the bulls 10
take their profits. Ihe violent manner In
which prices broke showed that "A point In
the matter of price was of little account
in consideration of making a QUICK SAFE:
The outside speculative pubic were excited
buyers at the opening, attracted by yestef-
days extraordinary advances, and the exc
cution of their orders, which were appar-
emily without limit as to price. caused an
ebuIient opening. When the first storm OF
liquidatiOn had spent Itself efforts were
made to revive the speculative enthusiasm
by bidding up new stocks. The attempt
net with considerable success, although
profjt taking continued heavy under cover
of the late advance in the trunk lines ana
Amalgamated Copper. The market 5 sensl-
tive spot was clearly indicated by It's ACTON
under the influence of the furry in call
money to above 8 per cent. some STOCKS
touched the lowest level OF the DAY III the
spasm of liquidation thus forced. Wnen
the money rate fell back covering by shorts
caused some violent recoveries, but the
closing was exceedingly feverish and irreg-
ular. The extreme advances were bs IN
New York Central, 4 in Pennsylvania, IA
in Rock Island, SIS in Amalgamated Cop
per. 4A in Illinois Central, 1l2 In Colorauo
Fuel, los in the preferred and l 10 4 points
in an extended list.
lively as in stocks and the movement OF
prices was irregular. Iotal safes at par
value were 81. 70S. 900. United States ola
fours. coupon, advanced a per cent on the
last call.
the stock market during the short week.
and the violent price movement ana the
unprecedented volume OF the ueaiinss II.
the stocks which have held the foremost
pIace in the dealings indicate wildnesS ana
reckless excess. The speculative fever IS
evidently widely extended, and the tele-
graph PLAYS an important part in the deal
ings, bringing orders 10 the Stoch En-
change in immense volume from all over
the country. y notable feature OF the
market is that the stocks most notably al
fected have been the high grade dividend
paying railroad stocks. There nave Deeh
many rumors revived regarding these prop
critics TO carry along the advance, but OF
actual news regarding them there has peen
none of Importance, and the runors nave
been met with emphatic oflcIal dehlaiS III
many instances. These denials have been
totally ignored by the spectators, VINO
have continued TO buy the stocks on an
enormous scale. and to bid up the prices
with reckless confidence and then 10 cite
the continued rise in prices as connrma-
ton of the rumors. The increasing wiz,
ness of the speculation mas peeh NleWeu
with misgivings by many observers. ana
many of the more conservative commission
houses have advised their customers TO
sell out and take their profits. But -sucn
advice counts for little when the selling
is repeatedly followed by renewed buoy
ancv and further excited advances, which
leave the sellers disappointed or the adj
ditional profits they might have enjoyed,
and there has been little trouble at any
neriod of the week in attracting renewed
speculative ventures from Sold-out bulls.
The leadership has remained in the hands
of experienced and skilled operators, sup
nlied apparently, with superabundant
means, which argues the participation IN
the speculation of the powerful capitalists.
The conviction has been widespread that
much of the buying was Tor investment Dy
bankers and capitalists and by representa-
tives of other railroads seeking extension
of interest and control. This supposition
cannot be verified in any authoritative
manner.
The continued cheapness and abundance
of money fosters the speculation, and 1t
is considered improbable that IL will re-
ceive any considerable check while the
resources of the money market last. The
quarterly disbursements or interest and
dividends have afforded relief to the money
markets ali over the world this week. In
New York the purchase of short-term gov
eminent bonds for the sinking fund by the
secretary of the treasury was an addi-
ticnal factor towards relief.
The activity of the railroad bond mar
ket has been affected by the interest iii
verified TO the stock market, and prices
have moved irregularly. United States re-
funding twos advanced "a and the threes
declined 4 per cent. from closing call OF
last week.
Following are Thursdays share sales and
the closing bid prices;