The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-25
SHORTS BADLY PUNISHED
MANIPULATION OF SUGAR PINCHED
THEM VERY SHARPLY.
Considerable FIactuation In snares,
hut Small Net Changes OnIy-LO-
cal Business Is Very Active.

At New York yesterday money On call
was steady at 2q2lz per cent; last loan.
"a per cent.
Prime mercantile paper, 405 per cent
Sterling exchange was easier. with ac-
tual business in bankers bills at s4SsA@
4sSss for demand and siS414G4Ss1s for six
ty days; posted rates. si.s5 and s4.Ss; COM
merc;al bills. $i.s41k.
Silver certificates were 59&lG60c; bar sill
yer, 59a5s%c; Mexican dollars. 47z4c. At
London bar silver was 27ssd an ounce.
There were indications of some large OPP
erations on the Stock Exchange yesterday
and the market seemed to be under manip-
ulation for the purpose of facilitating
them. Mondays late show of strength
found a response in the London market
yesterday morning and prices of Americans
were well advanced before the opening
here. London bought quite freely in the
morning, after trading commenced. but 1t
quickly became manifest that Mondays
rally in prices had been largely due to the
demand from the short interest. After the
opening squirt buying quickly fell off and
prices fell back. while the market became
very dull. The pool operations in Missouri
Pacific. which were a prominent factor in
Mondays rally, came to a stop again and
that stock fell back The room traders
turned to the bear side and worked for a
reaction. The vigorous attack on Balti-
more & Ohio and Reading first preferred
caused declines of 3k and 31z. respectively.
and broke the whole list quite sharply. But
at the decline very large buying developed
again for both accounts. all offerings being
nh an wit no ra
TO advance prices. A very characteristic
movement in Sugar indicated the periodical
punishment of the shorts In the stock.
After a preliminary drive. which carried
the price to 1O43s, the stock suddenly shot
up i'm the last hour to 1101l. The scramble
of the shorts to cover helped on the rise
and enormous blocks changed hands. Peo-
pies Gas, at the same time, rallied two
points and the whole list was more or less
affected. Feverishness in Sugar and one
or two relapses elsewhere gave a slightly
irregular tone. but the closing was general
~. firm, but at small net changes in the
majority of stocks. Dealings in the steel
industrials continued large. but the price
movements were not sensational and the
changes were small. The short interest
continued TO Cover in the group. on a large
Scale The bears made much of the pros
PtttS VI SOiu CApOTlSy tic SltT-
ling exchange rate. after an early ad-
vance, became somewhat unsteady. Some
OF the recent demand for exchange is re-
ported to have been for investment. and
bills bought for this account would come
on the market at or near the gold export
point. But the general opinion has been
that gold would shortly go out, dis
count rates continue TO harden In London
and money rates decline in New York. AL
ready money rates are lower here and
higher in London than in June last, when
600 in gold went out in payment of
the Spanish war claim. Demand sterling
at that time time did not rise above $4.S41i,
compared with A.SSiz yesterday morning.
The Bank of England was then bidding IL
cents higher for American eagles and was
allowing interest on gold in transit. which
IL seems not disposed to do now Not
withstanding the prevailing ease of money
rates here. the surplus reserves of New
York banks are lower than usual at this
period of the year, and the use of money
continues active in the interior. The pres
ent supply 10 the market from the SUBJ
treasury account of payments of bond
premiums cannot continue indefinitely
Should IL be interrupted while gold ex-
ports making inroads on the surplus
of the banks the effect on money rates
would necessarily be promptly shown.
eral fours rose as and then reacted 2. The
bond market generally was rather weak
Total sales. at par value. were =. $50 coo
United States refunding twos, when issued
the threes and old tours declined Il in the
bid price
Following are the days share sales and
the closing bid prices: