The age-herald., 1900-11-24
BEAR RAID ON
 STOCK MARKET American Steel and Wire the
 Point of Attack THE FEDERAL LIST AFFECTED Decline Was Due In Part to Extended Speculation-Were Frequent Ral- lies, But Would Not Hold.
 Close Was Heavy.
THE FEDERAL LIST AFFECTED

New York, November 23.-The slump in Steel and Wire of A points just at the close of trading last evening was univer- sally regarded as a danger signal The speculative public came down to Wall street this morning in mood receptive to the suggestions of depression and reaction. The first suggestion came in the form of a further break of points in Steel and Wire.
 Apparently no more effective point could have been selected at which to attack the market. This was known from previous experience with this particular stock. The iron and steel trades are supposed to have had most to hope, and in fact actually have enjoyed most of the benefiats of the re- vival of business and industry. The sud den weakness of Steel and Wire did not raise any doubts of the reports heretofore accepted of the prosperous condition in that trade and excellent prospects for the fu- ture, but it did arouse serious apprehension of determination on the part of some of the steel magnates to enter upon a course of slashing competition and to unsettle the trade as they have already proved them selves abundantly able to do.
 The wide reaching effect of which such an outbreak of hostilities in the steel trade may be measured by the degree of appre- hension exhibited by holders of long stock today. The steel stocks themselves were most immediately affected, but heavy de- clines are shown in almost every depart ment of the stock list. The sharp effect produced was due in part of course to the extended speculative accounts held all through the market. The purpose or the bear maneuver was palpably to dislodge these holdings. They succeeded very well in doing this. As the decline in prices ex- tended the offerings increased Those stocks in which the recent speculation for the advance has been most active were naturally the most affected. The frequent rallies during the day when room shorts were taking quick profits showed the pro- fessional bear character of the attack on the market. But the buying demand seem ed not to extend beyond the short interest and the market quickly lost animation on the rallies. The closing itself was waVer- ing and uncertain, but at considerable above the lowest for many stocks.
 There was nothing in the money market to cause apprehension, rates ruling at 31s per cent or lower practically all day. lhe receipts of gold from the Pacific coast ln- sure a good increase in cash reserves for tomorrow's bank statement, although the net receipts from the interior on the ex- press movement show considerable fall- ing off from last week. An expansion In loans Is expected on account of the specu- lative activity, but the easness of the money market is evidence that the position of the banks is not materially weakened.
 There were firm spots in the bond mar ket, but railroad bonds as whole were affected by sympathy with the reaction ary movement in stocks. Total sales, par value, was g, 455, 900. United States 3s reg istered advance % and United States cou- pon and the 5s 1a, the old As s. new As A. and refunding 2s, when issued, B per cent on the last call.
 New York, November 23.-Money on call steady at 2A@424 per cent. last loan, per cent Prime mercantile paper 4q4A per cent Sterling exchange strong with act ual business in bankers bills at aSoq- 4S5h for demand and $4.81A4S1$ for sixty days posted rates $4.S2 and S6; commercial bills, sfS6A@4 S63s. Silver certificates 64Ql65c; bar silver, 6394 Mexican dollars, 5Oc
 Government bonds strong; State bonds steady; railroad bonds irregular.
 New York Stock Market.
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