The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-10

BEARS DRIVEN TO COVER IN THE
WALL-sTREET TRADING.
Reactions After Liquidation Profit
able to Longs-Loca1 Business
Quiet ON Light Receipts.


was steady at 292lz per cent: last loan
pa per cent.
Prime mercantile paper, 3td4H per cent.
Sterling exchange was steady. with ac-
tual business in bankers bills at S4.SSA for
demand and s4.s4% for sixty days; posted
rates, s4s5G4s 5,z and $4ss@4s9tz; CONNER
cial bills s4SS1ka4S4A.
Silver certificates were 6OQ60lkc; bar sill
yer. 597sc; Mexican dollars, 471kc. AT Lon
don bar silver was 27z@271zd an ounce.
There was another large liquidation of
stocks in the New York market yesterday.
and prices were at one time from to "a
points below Tuesday night for a large
number Of the active railroad stocks. Be
fore the close of the market the losses
were fully retrieved liz many stocks, and
In not a few Of those which had been most
acutely affected by the selling small net
gains were established. The late recovery
was materially assisted by buoyant rise
in Sugar to a level 81 above Tuesday night,
and by rather positive strength in the prin-
cipal metal stocks. The appearance thus
given was that Of the completion Of a
spasm OF liquidation and the subsequent
covering of belated outstanding short con-
tracts and the buying of stocks by care
ful observers, who had stood by watching
for the low point of the market to get in.
How well this appearance is justified by
the actual conditions can only be deter
mined by future events. That there was
very powerful and skillful manipulation in
the market all day was clear from many
indications. Evidently the process of liqui-
dalton was largely concentrated In few
hands, and IL was conducted by concerted
understanding and with a diligent nursing
of opportunities. On any considerable de-
cline the pressure of the selling promptly
relaxed and supporting orders were exc
cuted. which over and over again checked
the decline and drove the bears to cover
their short contracts. The efforts of the
bears TO cover were met by aggressive bid
ding up OF prices in the interest OF several
Of the most prominent stocks. But every
time tins when prices recovered to near Tues
orders fell off and eventually ceased.
From the renewed vantage ground of the
recovery the flood OF liquidation was then
renewed. The volume of dealings on the
recoveries was palpably much less than
that on the decline, and the aggressive
bidding up of prices showed that the OBJ
ject was rather to establish higher level
of prices than to secure stocks of the most
advantageous terms. That a turning point
must ultimately be reached. after such a
period OF liquidation. and a sharp recovery
must ensue. makes the professional bears
very cautious in maintaining opposition to
any rising tendency in the market None
OF the news of the day had any apparent
bearing on the movement of prices. En-
gagements of gold for export to Paris,
which amounted to a little over s., 500, 00c,
proved slightly larger than the prelimin-
airy estimates. The action of the Bank of
England in advancing its paying price for
half eagles u penny carried the intima-
ton that London might follow the example
OF Paris and offer special inducements to
attract gold from New York. But the
measure taken is not sufficient to accom-
plish this, according TO the opinions for
publication OF foreign exchange experts.
The local money market also showed a
slightly hardening tendency, especially for
time loans, which showed the possibility
OF an automatic check TO the gold export
movement in case of any increased need
for money here. All of the trunk lines the
Pacifiss. the Atchisons. Missouri Pacific
and Louisville were special sufferers from
the liquidation. The firmness of the steel
stocks was doubtless due to the large
LIQUIDATION already effected in them, and
the outstanding short interest This con-
ton for rise to help sustain the market
Liquidation was in evidence in the bond
market as well as in the stock market
and high grade bonds were affected along
with the speculative issues. Total sales
at par value were $3.50. 900. United States
new fours and threes. coupon. declined u;
United States new fours and threes, reg
istered. refunding twOs, when issued, and
old fours Y in the bid price.
Following are the days share sales and
the closing bid prices: