The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-29
ROUTED AT ALL POINTS
BEARS DRIVEN TO COVER ON THE
DAYS STOCK TRANSACTIONS.
Market Closed at the Top, with Rising
Tendency Still Unchecked-Local
Trade Becoming Dull.

At New York yesterday prime mercantile
paper was 34q41z per cent.
Sterling exchange was firmer. with actual
business in bankers bills at $4.S6A for de-
mand and s4.S3% for sixty days: posted
rates. s4A1zQ4.s5 and Si-s7z; commercial
bills. s4.s2q4S3.
Bar silver was 61zc; Mexican dollars.
<S1kc; silver certificates, 61Ags2&c. At Lon
don bar silver sold at Is 9-16d an ounce.
The New York stock market showed
symptoms during the early hours of the
trading yesterday of having fallen back
into the condition Of lethargy and sagging
prices which marked the trading last week.
But the large outstanding short account
showed itself very s$sitive to develop
ments in the wheat market. With the con-
tinued fall in the price of that cereal and
reports Of the enormous quantities of wheat
thrown on the market to liquidate, the
courage of the bears oozed out at the tips
of their fingers and they scrambled to cover
their short contracts in the late dealings
with considerable precipitancy. The result
was as trong closing at the top level, with
the rally still in force and at a level of
prices from l TO 2 points over Wednesday
night for many active stocks. The bears
were in full retreat all through the list,
even Baltimore & Ohio turning from it's
persistent downward course with a rally of
three points from the early decline. Sugar,
Brooklyn Transit. Peoples Gas and Amer
lean Tobacco also made notable upward
movements. the latter apparently on a be-
lated appreciation Of Wednesdays divi-
dend declaration. While the break in the
wheat market was unquestionably the
dominant influence, there were other points
Of strength which radiated a favorable in
GuenCe. The C0afprg advanced in nrica In
sympathy with anthracite. The Southwest
ern stocks moved upward on the more IA
vorable prospects of the Texas cotton crop.
compared with that in the other cotton
States, with the larger winter wheat crop
and on hopes OF the corn crop. m
by a Western trade Journal that the winter
wheat crop and the wheat reserves would
make w the deficiency in the spring wheat
crop had much to do with the days move
ment both In wheat and railroad stocks.
II was made evident that prices of stocks
nave not only kept pace with the damage to
wheat, but have been d~iscounting continued
deterioration. The rains in the Northwest
caused a sharp check to the speculation on
this basis. The iron and steel stocks showed
decided strength and a marked disregard
for the pessimistic views of the trade out
look expressed by the Iron Age. The move
ment Of prices in the steel group gave a
pretty clear intimation that increased de-
mand is being met on the decline in prices.
Opinions are heard that any further reac-
ton In prices will insure a violent rebound
felt and orders are placed, and when the
turn OF prices has evidently been made.
Certainly the course OF the steel stocks yes
terday was In singular disregard of the
current news OF falling prices and prob
able difficulties over the adjustment of
wage scales for the coming year. The
money market continued quite rufied. The
decline In exchange was checked with the
sharp advance in call loans in the London
market and the marking up by Il penny of
the Bank Of England's price for gold and
for American eagles. The decline in ex-
change Is said 10 have been caused by the
coming on the market of long sterling bills
which have been held for maturity and are
now being sold as sight bills. AS they had
figured meantime as collateral for loans,
their liquidation now involves the paying
OF OF loans and may thus help TO account
for the current ease OF the money market.
The bond market was not active, but
prices were firm. Total sales, at par value,
were 1,050.0 00. United tSates bonds were
unchanged in bid quotations.
Following are the days share sales and
the closing bid prices: