The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-12
RAID ON SUGAR STOCK
1T SENT MOST INDUsTRIALs AND
sPECIALTIEs DOWNWARD.
Whole List Finally DemoraIized to
Considerable Degree-Bad Weather
Depresses Local Trade.

At New York yesterday money on call
was easier at 3q51s per cent; last loan.
3 per cent; ruling rate. per cent.
Prime mercantile paper. 51zq6 per cent.
Sterling exchange was heavy. with actual
business in bankers bills at s4S67s for de-
mand and S4SS1z for sixty days; posted
rates. s4.s41z and $4SS1z; commercial bills,
$.S2G4S3.
Silver certificates were 5S1k6591kc; bar sill
yer was 5Sa4c; Mexican dollars were 47izc.
Bar silver at London was steady at I'D
per ounce
Yesterdays stock market was charac-
terized by considerable speculative activ-
ity on the part of the bear contingent.
The raid. however. was restricted to a
small number of stocks, all of them in
the list of what are called specialties,
including the New York city public util-
flies and the high-priced industrials. There
was positive decentralization in the active
stocks, IN contrast to the fairly firm un-
6ertone of the general list, and especially
the railroads. The occasion of the attack
On the ,ndustrials was. of course. Wedncs-
days utterance by the president IF the
American Sugar Refining Company. The
friends of other stocks in the industrial
list made strenuous efforts to differentiate
their movement from that of Sugar. and
marked them up briskly at the opening
In face of the violent break in tho price
Of the stock named, but the bears met
this maneuvef with selling in suca volume
Gnd with such confidence that one after
another of the specialties crumbled in
price and Eel. through a storm of dis
lodged stop-loss orders. Even the railroad
81 l-~& H.
gains in that department were generally
wiped out. The only prominent railroad
stock in which the net declines reached
q point were Baltimore & Ohio. Pu. ling
ten, Missouri PACING, Pennsylvania and
Delaware & Hudson. Lackawanra declined
points The rally before the loss reduced
all net declines In the railroads to frac-
tional limits and registered fractional gairs
in some cases. The course of Sugar was
extremely erratic and feyerish all day. At
tne low level II WAS over points below
Wecnes lay night and "a below tho low
level In the ID ecemher panic. Its net loss
is g. All the New York Traction and light
Ing shares were severe sufferers, Mctropoll-
tan showing an extreme decline OF 9.s;
Brooklyn Transit ana Thir !-averue 6z
The gas stOckS-Manhattan arc Peoples
Gas-Tobacco. Federal Steel. Sugar pre-
ferred and Tennessee Coal were Oft from
to AZ The borrowing demand for Sugar
sent IL to premium in the loan crowd
before the close. A large preponderance
IF tho total dealings was made up by this
group of specialt.es. At no level of prices
was there any activity in railroad stocks.
The strength in foreign markets on the
Reduction in The official discount rates of
the Bank Of England and the Bank of
France was reflected to this market and
foreign arbitrage brokers were good buy
ers unit, prices rose above parity. Commits
sion houses continued practically icls and
there WIS no disposition to speculate IN
:, railroads. The reacti IN in prices was syn
pathetic. The London buying was in suf-
ficient volume to cause notable heavsrcss
in the sterling exchange market. where
the demand for bills was very light. The
New York banks are receiving large re-
mittances from the interior, well as
from TIE subtreasury, and rates on all
Classes of loans were notably easier
The bond market was dull, but held firm
throughout. Total sales, at par vaii.e We're
81. 205. 0O0 United States old tours, coupon.
declined y; threes, regular. IS, and threes,
coupon, and old tours, regular, y IN the
bid price
Following are the days share sales and
the closing bid prices: