The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-08
EFFECTIVE BEAR RAIDS
SHARE LIST PUNCTURED AT MANY
VULNERABLE POINTS.
Shorts Covered, Late I'm the Day, and
Violent Reaction Followed
Local Trade Conditions.

At New York, yesterday. money on call
was steady at 2u21z per cent; last loan,
21z per cent
Prime mercantile paper. 4a5 per cent.
Sterling exchange was easier. with actual
business in bankers bills at siS7104s 71k
for demand, and s.-si4Q4.S41z for sixty
days; posted rates, $4s5 and s4SSh: COM
mercial bills. s4.s31z.
Silver certificates were 591k6601kc: bar
silver. $3.50; Mexican dollars, 471zc. Bar
silver, at London, was q 5-16d per ounce.
The New York stock market yesterday
offered a striking demonstration of the
weakness engendered by sudden and v.o-
lent advance in prices and the reckless
speculative ventures thereby invited. The
professional bear operators found an easy
prey in the swarm of spectators who
have been buying stocks for week past.
on margins. with borrowed money. In the
latter part of the day the bears swooped
upon the market. offering prices down with
apparent recklessness and playing havoc
with speculative accounts held on narrow
margins The wiping out of these margins
left no alternative to the holders but to
throw over their stocks in order to avoid
losses. The bull leaders of larger caliber
had been either realizing profits at the
higher level and were willing to see a re-
action in prices 70 get into the market
again. or withheld support from the mar
ket with view to shaking off the unde-
sirabIe following of spectators with small
resources, who constituted a menace to
the further advance in prices. 1t was this
class who were the principal sufferers in
yesterdays shaking out. People who con-
troll large capital and who bought in the
panic Of December and started the bull
movement last week. have taken profits
on a very large scale. Their selling was
day as TO keep up the level OF prices
There was evidence during the morning
OF continued large absorption at some
points in the list, notably in Sugar. said to
be covering for the bear account and
pennsylvania, Union Pacific and Tobacco
Some stocks OF minor importance also con-
tinued 10 advance, but Ii soon became
manifest that the selling pressure was
greater than the new demand could alb
sorb- 1t was then that the bears made a
fierce raid on the vulnerable spots. They
clipped 5ls from the price of Tobacco and
In number OF the metal stocks conspicu-
ousiy National Steel and Steel Hoop. and
IN sugar and the local traction stocks
they drove down prices from to 4 points.
In the railroad list, Baltimore & Ohio re-
acted Sis. Rock Island nearly points and
PPenn ,is New York Central st. Paul.
TO ga At the low level the rush OF the
bears TO cover caused some violent rallies,
Metropolitan being pushed up So points
In Thfrd-avenue. Sugar, Tobacco, National
Steel Baltimore. Pennsylvania and Rock
Island. the recoverfes were from IL to
over points. There was a very heavy alb
sorption all day OF Union Pacific. at all
levels. and in the final rally il was pushed
up 5lz- The close was rather feverish at a
notable recovery from the lower level, and
at net mixed changes.
The market for bonds continued active.
out price changes were irregular. Total
sales. at par value. were 50 235 600 United
States old fours, coupon. advanced Il in the
b.a price.
Following are the days share sales and
the closing bid prices: