The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-20
IRON AND STEEL WEAK
BEAR RAID CAUSED REACTION
THROUGHOUT THE MARKET.
News of the Day Generally Ignored,
Though II Included Some Very
Favorable Features.

At New York. yesterday. money or call
was steady at 2lz@3 per cent; last loan.
2isc per cent.
Prime mercantile paper, 4A65 per cent.
Sterling exchange was strong, with ac-
tual business in bankers bills at $iS7%
for demand and s4s4 for sixty days; posted
rates. s4s4iza4ss1s; commercial bills. s4S3A
Q4s3A.
Silver certificates were 6O1kG6l1zc; bar
silver. 5giAc; Mexican dollars. 4724c. AT
London bar silver was 277sd per ounce.
Business on the New York Stock Ex-
change yesterday lapsed into a condition
of laxity and abandonment in the opera
lions of small professional traders. Much
angry recrimination continues to be heard
on all sides concerning the bear raid on
the iron and steel stocks. Not only in
the stock market, but in the iron trade as
well. accusations of bad faith and double
dealing are banded about. ALI other au-
thorities I'm the trade disagree with the
views of Chairman Gates, OF the American
Steel and Wire Company, but the Iron Age
says. in Its review of the subject: mo
sharp tumble in values is expected unless
this development in the wire trade should
produce such an effect" 1t Is the reserva-
ton thus expressed that has so effectually
upset the speculative world. Dealers in
securities kept eye on the iron and
steel stocks all day, and the cratic and ir-
regular movements in that group left the
whole market I'm a feverish and uncertain
state. When pressure there was relaxed
there was a disposition manifest to mark
up prices elsewhere, but the burden Of
selling met on the advance gave an appear
ance of a desire to realize on an extensive
scale and took the snap out of the market.
Notable strength was shown at one time
by the Baltimore q Ohio stocks, and on
the other hand Southern Pacific suffered
from decided weakness. The one move
ment has about as much effect on the
general list as the other. The sharp ad-
vance In the metal stocks. which followed
companied by rise late in the day to the
best prices. But when these stocks and
sugar gave way the whole list followed,
and the closing was active and easy. con-
siderably below the best. Sugar, after
selling as high as 1854. closed at a net loss
or points. The news of the day was gen.
orally ignored. IL included a number of
strong statements OF earnings for the Sec
ond week in April, especially by soft-ooal
carrying roads. Rumors of new combina-
tons of railroad systems continue prev
alent: The Chicago, indianapolis & Louis
Vile Is now said to be destined for Absorb
ton by the Southern Railway, and there
are stories of Vanderbilt buying of Wabash
securities The Southwestern group OF So
called Gould railroads are formed into
various combinations by the runor mon
gers. The small amount of foreign proxies
voted at the New York Central annual
meeting was regarded as significant of the
recent foreign selling of high-priced securi-
ties and explanatory of the upward move
ment OF exchange, which continued yes
terday- Money continued easier and a
strong bank statement is considered as
sured.
The bond market was moderately active
and irregular Total sales at par value
were $1,795,000 United States threes regis
tered. and old fours declined a and the
fives Il In the bid price. The new fours ad-
vanced Y per cent.
Following are the days share sales and
the cIoSne hid DrfceS.