The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-03
YIELDED TO A BEAR RAID
NEW YORK STOCKS SHOWED NO
SIGNS OF STRENGTH FRIDAY.
Sugar Below Par for the First Time
I'm Four Years-Bad Roads Unfa-
vorable to Local Business.

At New York. yesterday money on call
was steady. actual transactions ranging
from Pa to per cent; last loan. 21k per
cent
Prime mercantile paper. AZ to 81 per
cent
Sterling exchange was easy at s4ssl4@
sIS615 for demand and stS2S4q4.SS for sixty
days: posted rates. s4s4a4s41z and s4s7lkQ
Sass; commercial bills, $4S314S3lz
Silver certificates were 59z.@6O2.c; bar sill
yer, 59ssc: Mexican dollars 47s4c. Bar silver
at London was 27l4d per ounce.
The New York stock market failed to
show any active strength at any time dur
ing the day. and in the late dealings the
whole list yielded 10 bear pressure on the
news of the threatening aspect of affairs
among the metal workers in Chicago. The
weakness Of the iron and steel stocks
Thursday. which was due TO large selling
orders on Chicago account, was thus ex-
planned. The bears were busy in this group
o. stocks ali day. and supplemented the
news of the labor troubles with many
vague rumors of a purpose to defer the
dividends. which have hitherto been fore
told on more or less reliable authority.
Reports Were circulated also of enormous
rival combinations to be organized to COM
rete in this industry. AS the result of this
pressure the majority of the stocks in the
group were depressed from pa to 3 points.
The character of much Of the selling was
made obvious by the sharp rallies on bear
covering. American Hoop, Tennessee Coal
and National Steel recovering from to
points at different times. Sugar was sub
3ected to heavy selling all day. which was
without other explanation than the
tinued doubt over the dividend prospects,
but which was attributed to bear &C
count The stock dropped to par for the
first time since the summer depression of
1S96. incident to the national political cam
paign, and fell further to $3.50. rallying
feverisnly ana closing unsteady at a net
less Of 6Ac. Third-avenue suffered from
additional liquidation. incident to fears of
a heavy assessment on the stock, and fell
an extreme Az TO level almost 200 points
under the high price of February last year.
The stock rallied sharply, and was well
supported during the latter part of the
day. Peoples Gas was raided on the re-
legality Of the combination. Consolidated
Gas was forced down points on light
transactions. Pullman, Sugar preferred.
Tobacco and Metropolitan Street Railway
suffered to the extent of to sik. The rail-
road stocks yielded unwillingiy until the
late raid on the market, when large blocks
were thrown over, st. Paul leading the de-
cline with an extreme drop of points
Baltimore & Ohio, New York Central ana
Northern Pacific were notably affected
The late rally on bear covering reduced the
net losses of the railroads to fractions, ex-
cept in the cases mentioned. There was
disappointment that London did not re-
srond with greater enthusiasm to the news
OF the relief of Ladysmith by buying
stocks. The disposition there was to
realize, and London was small seller
here. The prospect of a heavy decline in
surplus reserves in the bank statement in
duced some selling. but the preliminary
estimates of the cash movement by ex-
press Indicate q small net gain on the in
terror movement. This is attributed to
shipments by interior banks to New York
for the purpose OF buying government
bonds. But the gain on this account is
quite insignificant compared with the
weeks losses by the banks to the SUBJ
treasury. which have amounted to $7,49S 0O0
thus making inevitable a further decline
of several millions in the surplus reserves
or the banks.
The bond market was rather dull and
prices yielded in sympathy with stocks.
Total sales at par value were 81, OBS, 000
United States fives declined "a in the bid
price.
Following are the days share sales and
the closing bid prices: