The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-04
BREAK IN FEDERAL STEEL
1T TOOK THE EDGE OFF THE NEW
YORK STOCK MARKET.
Decline Checked by Rise i'm b. &. o
Securities-LOcal Business Pros
poets Are Exceedingly Good.

At New York yesterday money. on call
was steady at 31z to per cent; last loan,
4 per cent.
Prime mercantile paper, 4A45A per cent.
Sterling exchange was firm, with actual
business in bankers bills at siSsAq4. s6ss
for demand. and at s4s2%@4S27s for sixty
days; posted rates. s4s31z and s4s7; COM
mercial bills. s4S11.q4.s21z.
Silver certificates were 60l4@elAc; bar sill
yer, 5s1zc; Mexican dollars, 4724c. 1T Lon
don bar silver was q 7-16d per ounce.
The two most important factors in yes
terday's stock market were Federal Steel
and the Baltimore & Ohio stocks. The
pressure to liquidate the former had a de-
cidedly unsettling influence on the whole
market in the morning, and the strength
of the latter stock served TO stiffen prices
during the afternoon. and to retrieve. to a
large extent. the early decline. The OPEN
ing in Federal Steel was wide. and the
price was soon carried down TO 40, a drop
of 4% from Mondays close. 1t rallied 2
points but went off again in the last fif-
teen minutes of the market to the lowest,
developing renewed signs of weakness in
the rest of the list. The selling of the
stock was due to the practical admission
that the failure to amend the charter Mon
day at the annual meeting was equivalent
TO the abandonment of further dividend
distributions this year, owing to legal OBJ
stacles. The strength in Baltimore & Ohio
developed after the executive committee
convened. 1t was generally understood
that this meeting would consider the grant
Ing of additional new rights to Stockhold-
ers new rumor found circulation about
would be, and the speculation in the stocks
OF the company was very active. The COM
mon stock touched SS1s and the preferred
50, and both reacted nearly points on
profit-taking, helping to the easier tone at
the close. London was a free seller and
helped to the reaction. There were no
very large offerings brought out at the de-
cline The market gave evidence of the
pressure of large speculative holders to
realize, but holders evidently felt them
selves strong enough to withhold their Of
ferings at any considerable concession.
Outside OF a few stocks yesterdays move
ment in prices was narrow. There was
considerable strength in the grangers I'M
der the leadership of st. Paul, based on a
very heavy grain movement now going
over the Western lines. The trunk lines
were firm on the large eastbound shipment,
besides the sympathetic effect Of the move
ment of the Baltimore & Ohio stocks. The
rally from the low point reached a point
IN a number of prominent railways, but the
final easing off left most of the days net
changes small and mixed between gains
and losses. Sugar was actively dealt in
but after an early decline of over a point
mounted upward points on the reported
easing in the price of raw sugars. The
price eased off in the late decline, bringing
the net advance down to ia. The money
market worked somewhat easier yesterday
as the influence of the April disbursements
began to be felt. There is no further ap-
prehension in stock market circles on mon
ey market considerations.
The bond market continued quite active
and changes in prices were mixed. Total
sales at par value were 81 10000 United
States threes. coupon, new tours and fives
declined Il in the bid price
Following are the days share sales and
the closing bid Drices: