The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-07
SUCCESSFUL BEAR RAID
MANY sPECIALTIEs OFFERED DOWN
BY THAT CONTINGENT.
Sharp Declines Followed by Violent
Rallies I'm Many of the StOcks-Lo-
cal Trade Decidedly Slow

At New York yesterday money on call
per cent.
Prime mercantile paper, 4lzg5h per cent
I Sterling exchange was heavy. with actual
business in bankers bills at sis61sq4s6h
kor demand and 81. S21z for sixty days; post
ed rates. sLs4d4s4lz and $4.s71za4SS; COM
merciaI bills. s4s264.s2A.
Silver certificates were 59a4q60Ac; silver
bars, $3.50: Mexican dollars. 47%c. Bar
silver. at London. was steady at 271zd per
ounce.
Conditions were mixed and the move
ment OF prices was very much confused on
the New York Stock Exchange yesterday.
Sentiment is correspondingly conflicting
among the speculative contingent. The sit
uation may be best described one of
waiting on the part of believers In higher
prices. Those having faith in decline
took advantage Of the hesitation OF the
bulls, and the entire lack of outside inter-
est in the stock market, 10 make vigorous
attacks at vulnerable spots in the mar
ket. The results, on the whole, were ia
vorable to the bears. They were very dill
gent in seeking out stocks which were I'M
protected by supporting orders and In Of
fering them down below the price level
where selling orders were known to be
placed in the stocks. for the purpose of
saving losses on any sudden decline. The
sudden fall I'm prices OF stocks thus Sc
lected, and equally sudden and violent raj
lies gave the key to the character or
this kind OF selling. The furry in the rate
OF call money to per cent. was a favoring
factor for the bears, but the actual ef-
feet was very small. The early tendency
to advance in the railroad list was checked
by the maneuvers of the bears, and the
more notable advances were about wiped
out The railroad list yielded unwillingly
and only to a slight degree, In spite Oh
the light demand. and fair sprinkling
of gains was retained at the close. very
earnest efforts were made TO weaken
Sugar, but the utmost that could be
achieved was a three-point decline, oner-
ings of the stock being comparatively
light. Third-avenue was strong, rising an
extreme 51s and imparting sympathetic
strength to the other local traction stocks.
The most notable examples or the bear
tactics were furnished by the Interna-
tional Paper stocks, the common falling
AS and rallying "a and the preferred faii-
ing rs and rallying 4; Pressed steer Gar,
which dropped S1s ana rallied .; AN Gtaa,h
dard Rope and it's bond issues, which were
raided down from 21a 10 points, with raj
lies extending from 1 10 nearly points,
lied 2ss. Practically all the iron and steel
stocks were down from to points, and
many recovered good portion OF the loss
es, and there were other less striking ex-
amples all through the list OF specialtieS.
In the railroad list, ST. Paul, Burlington
and Baltimore & Ohio showed an extreme
decline of a point over, but net changes
in the railroads are small throughout. III
IL evident that the final disposition OF the
financial bill by Congress is awaited by the
bull contingent, who are generally con-
fident that the provisions for additional
bank circulation will be enacted into law,
and will result in a notable expansion OF
the currency. The large buying OF gov
eminent bonds by national banks all over
the country and the expert estimates
which are current OF the profit offered on
circulation by the provisions, are the
grounds OF this confidence. Meantime the
money market is working constantly clos
err and the favorable factors in the out
look are ignored. in the fear that the avail
able supply of money will not bridge the
interval until the expected relief.
The bond market was dull and irregular
Total sales, at par value, were u ,350OoO
United States old tours and fves advanced
A and the threes a in the bid price.
Following are the days share sales anC
the closing bid prices: