The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-24
BULLS QUICKLY ROUTED
BEARS RAID WALL STREET AND
FORCE PRICES DOWN.
Steel Stocks the Most Vulnerable
Point in the List-LocaI Business
Ha. a More HeaIthfuI Tone.


per cent.
Prime mercantile paper, 494%i per cent
Sterling exchange was strong. with adj
ditional business in bankers bills It
s4.s5ts for demand. and AslA@4S1A for
sixty days; posted rates. $4S2 and s4.s6;
commercial bills, S4.s0I4G
Silver certificates were 64G65c; bar silver,
enc; Mexican dollars. soc. Silver bars
were SID an ounce in London.
The slump of Steel and Wire of "A points
just at the close of trading Thursday even
ing was universally regarded as a dan
ger signal The speculative public came
down TO Wall street yesterday morning in
a mood receptive to suggestions of depres-
sion and reaction. The first suggestion
came i'm the form of a further break of
. points i'm Steel and Wire. Apparently
no more effective point could have been
selected at which to attack the market.
This was known from previous experiences
with this particular stock. The iron and
steel trades are supposed to have had
most to hope, and i'm fact. actually to
have enjoyed most of the benefits of the
revival OF business and industry. The sud-
oen weakness of Steel and Wire did not
raise any doubts of the reports heretofore
accepted of the prosperous conditions in
that trade and the excellent prospects for
the future, but il did arouse serious ap-
prehension of a determination on the part
OF some of the steel magnates to enter on
a. course of slashing competition and to
unsettle the trade. as they have already
proved themselves abundantly able to do
The wide-reaching effect of such an out
break of hostilities in the steel trade may
be measured by the degree of apprehension
} exhibited by holders of long stock yester-
day. 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 of the
bear maneuver was palpably To disodge
these holdings, and they succeeded very
well As the decline in prices extended
the offerings increased. Those stocks in
which the recent speculation for the adj
vance has been most active were naturally
the most affected. The local traction
stocks, the grangers. the Pacifics and h
e. o. were the most prominent i'm the
downward movement. Sugar was freely
scld on the cut in prices OF refined sugar
and coffee, which seemed to tnreaten a
was very feverish at all times. Prac-
tically the only effective resistance offered
TO the decline was in the early dealings
New York Central and Chesapeake & Ohio
showed continued strength at that time
NV York Central rising 1% over Thurs
day night. An effort was also made to
boom Amalgamated Copper on the occa-
sion of its first being dealt in in the un-
listed department in the exchange but the
first price, which was 99'k was the high
est. The price subsequently fell back to
91%c. compared with 9S3sc in the curb mar
ket Thursday night The frequent rallies
during the day, when room shorts were
taking quick profits showed the profess
sicnal bear character of the attack on the
market. But the buying demand seemed
not TO extend beyond the short interest.
The receipts of gold from the Pacific coast
insure good increase in cash reserves
for to-days bank statement, although the
ret receipts from the interior on the ex-
press movement, show a considerable fall
ing off from last week An expansion I'm
loans is expected account OF the specu-
lEtive activity.
There were firm spots in the bond mar
affected by sympathy with the reactionary
movements in stocks. Total sales at par
value were <2.455.0O0. United States threes
registered. advanced a, and United States
threes, coupon, and the tves y; the old
fours y: new fours u and refunding twos.
when issued, u per cent. the last call
Following are the days share sales and
the closing bid prices: