The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-24
TOO MUCH EXPECTATION
BEARS LOOKED FOR CRASH AND
WE'RE DISAPPOINTED.
Buying Orders Exceeded the Pressure
to SelI-Loca1 Trade Made "A Good
Start for the week.
At New York yesterday money on call

At New York yesterday money on call
closed at 2@3 per cent
Prime mercantile paper, 4d5 per cent.
Sterling exchange was strong. with actual
business in bankers bills at s4Ss7s for de-
mand and S4.S4Ik for sixty days. posted
rates. S4.S5 and s4s9; commercial bills.
AS34a4&
Silver certificates were 6O1k9611kc; bar sill
yer, 599sc; Mexican dollars, 474c. At Lon
don bar silver was 27ssd an ounce.
The Evening Post said last night: ''Ster-
ling exchange reached to-day the point
where foreign bankers began in earnest
the calculation Of possible profit or loss
on gold shipments. One institution with
extensive connections abroad admitted that
we had now reached the level where gold
could be shipped IL the Bank of England
offered to allow interest in transit. Since
such an allowance would amount to
scarcely $500 on each 100000 of gold
shipped, to-day's rate of 81. $50 for demand
bills was, in the opinion of bankers. quite
near the exporting point. 1t was reported
in foreign exchange circles this afternoon
that the Bank of England had made some
provisional arrangement to attract gold
from this country this week, although most
sterling bankers did not expect exports by
Saturdays steamer"
Saturdays break In prices of stocks
brought large selling orders into the mar
ket. and they were in evidence all through
the list at the opening. But there were
also buying orders on very large scale
to take the offered stock. Part OF these
were evidently placed. in the market by
friends OF different stocks for the purpose
of supporting them. The expectation was
quite general that the market would open
with something like a crash in values, but.
as is not unusual in Wall street. over
expectation defeated itself. and there were
enough buyers waiting to take advantage
of the situation and steady the market
almost Immediately. Professional Wall
street perceived the absence of pressure of
long stock in the steel industrials with a
cynical lack OF surprise. Evidently the
opportunity had been seized to dispose of
long stock at the higher level OF prices, and
the shorts were the most eager operators
In the market in endeavors to cover. This
pretty clearly indicated pause in the most
aggressive tactics of the bear campaign
A collateral object of that campaign is
generally believed TO be to take on various
stocks at the lower level OF prices. The
pressure of liquidation continued heavy
during the first hour. and a second drive
was made by the bears at the end of that
time. But the steady absorption of offer
tngs begOt a very cautious mood among
the professionals, and a decidedly quieter
tone ensued in the market Some OF the
bull pools which have recently been active,
notably that in Missouri Pacific. showed a
disposition to resume operations. The I'M
dertone OF the market was firm during the
latter part OF the day. and the closing was
strong and rather active. with the steel in
dustrials at the best level OF the day, at
considerable net gains. amounting to 23s
II the case OF Federal Steel and 2k in Steel
and Wire. Wall street still keeps an anx-
foas eye on the situation in the iron and
ste Il trade. but is inclined to go back of Of
fetal utterances in forming its opinions
Last years high prices are known TO have
been made by belated bidders who had to
buy at any price to fill contracts, and the
dealings at the high level were for only a
small part of the total products Gold ex-
ports are looked to without alarm on ac-
count of the ease of the money market.
Yesterdays small shipment to Buenos
Ayres was without influence.
The feature OF the bond market was the
quick rise to S52s of the Western New York
on the arrangement perfected with the
Pennsylvania Railroad yesterday. Other
wise prices yielded in sympathy with
stocks.
Total sales at par value were s., $50 600,
United States bonds were unchanged in the
bid price. Following are the days sales
and the closing bid prices: