Omaha daily bee., 1900-11-24
MOVEMENTS oF STOCKS AND BONDS.
nears Attack on steel and Wire Hat
Ear-Reaching Eject.

NEW YORK, Nov. 23.-The slump of Steel
and Wire of A.. points just at the close OF
the trading last evening was universally re-
garded as danger. Speculative men came
down to Wall street In a mood suggestling
ton came In the form of n further break or
points in Steel and Wire; Apparently no
more more, effective point could nave , oeen rvt Sc
This was known from previous experiences
with this particular stock. The iron and
steel traders are supposed to have had most
to hope and in fact actually to have en-
joyed most of the benefits of the revival of
business and industry. The sudden weak
doubts of the reports heretofore accepted of
the prosperous conditions in that trade and
the excellent prospects for the future, but
II did arouse serious apprehension or
determination on the part OF some OF the
steel magnates to enter upon course OF
slashing competition and to unsettle the
trade, as they have already proved them
selves abundantly able to do. The wide
reaching effect such an outbreak of hos
tilities in the steel trade may he measured
by the degree of apprehension exhibited by
holders of long stock today. The steel
stocks themselves We're most immediately
affected, but heavy declines are shown In
almost every department of the stock list.
The sharp effect produced was due In part,
of course, to the extended speculative ac-
counts held all through the market. The
purpose of the bear maneuver was palpably
to dislodge these holdings. They succeeded
prices extended, the offerings increased.
Those stocks In which the recent specua-
tion for the advance has been most active
were naturally the most affected. The local
traction stocks the grangers, the Pacifcs
and Baltimore K Ohio were the most prom
inent In the downward movement. Sugar
was freely sold on the cut In prices OF re-
fined sugar and coffee, which seemed TO
threaten a renewal OF the trade war. But
Practically the only effective resistance Of
fered to the decline was in the early deal
ings; New York Central and Chesapeake
& Ohio showed continued strength at that
time, New York Central rising l3s over
last night. An effort was also made to
boom Amalgamated Copper on the occasion
ssiE S"!ss; Was the the Highest: M The price subss,
SSls in the curb market last night. The fire.
quent rallies during the day, when room
shorts were taking quick profits, showed
the professional bear character of the at
tack on the market. But the buying de-
mand seemed not to extend beyond the
short interest and the market quickly lost
was waverng and uncertain, but at con-
siderably above the lowest for many stocks.
There was nothing In the money market to
cause apprehension, rates ruling at 3la per
cent or lower practically all day The re-
ceipts of gold from the Pacific coast In
sure a good increase in cash reserves for
tomorrows bank statement, although the
net receipts from the interior In the eX-
press movement show considerable rail-
ing off from last week. An expansion In
loans is expected on account of the specu-
lative activity. but the easlness OF the
money market Is evidence that the position
of the money markets is not materially
weakened.
There were firm spots in the bond market,
but railroad bonds, a whole, were af-
fected by sympathy with the reactionary
movement in stocks. Total sales, par value,
81, $4,000. United States Ss, registered, ad-
and the 6s ", the old As IS, new As 4 and
refundng 2s, when issued, Is per cent on
the last call.
The following are the closing prices on
the New rk Stock exchange.