The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-24
ALL THE LINES RAIDED
BEAR PRESSURE ON sPECIALTIEs
INFLUENCED ALL STOCKS.
Railroads Were Strong, but Reacted
Under Pressure-Heavy Losses in
Several Industrials.

At New York yesterday money on call
was steady. actual transactions ranging
from 2 to 2z per cent; last loan and closed
offered at per cent.
Prime mercantile paper, 41kG5 per cent.
Sterling exchange was easier, with actual
business In bankers bills at s4.s7A for de-
mand and s4.S3A for sixty days; posted
rates. S4S41z14S5 and $4SSis; commercial
bills. $f.s3G4 s3i5.
Silver certificates were 59atde0Ac; bar sill
yer. 59lsc: Mexican dollars. 47s4c. Bar sill
yer at London was steady at 277sd per
ounce.
There was a slight accumulation of
ders over the holiday. which were exc
cuted in the New York stock market at the
opening yesterday morning for outside &C
count. Arbitrage brokers bought stocks on
a small scale for foreign account to cover
sales made in London at the higher level.
induced by the rumor which found Gre
dence on the other side of the surrender Of
the Boer General Cronje. There was con-
tinued absorption on limited scale of the
stocks for some of the railroad companies
which have shown extraordinary increases
in earnings during the week, and to which
was added yesterday Northern Pacific,
with an increase for the second week in
February of $3.50. 3O8, or Al per cent West
ern New York & Pennsylvania. of the BIZ
luminous coal group, showed an increase Of
IS per cent. But even at the opening pres
sure was manifest against individual stocks
amongst the specialties. which served TO
unsettle the market and eventually turn
the tide In favor Of the reactionists. Con-
tinued depression was manifest at the
Leather and Sugar. AS the day progressed
other stocks came under pressure, and the
group above named showed some recovery.
The iron and steel group were the first at
fected by the spread Of weakness, Tonnes
see Coal dropping an extreme points and
American Hoop. National Steel, Tin Plate
Federal Steel. Wire and Steel, Colorado
Fuel and Republic Steel from to points
Later the announcement of the dividend on
Consolidated Gas at the reduced rate es-
tablished since the local gas war was In
effect led to a raid on that speciality. with
q resulting loss OF 4A. Rubber preferred
lost nearly points. Metropolitan AZ, Glu-
cose 31a and Brooklyn Union Gas 21a. Third
avenue fell in the final dealings to the low
est of the day, showing a decline OF
points net. These violent declines had a.
sympathetic effect on the general list. es-
pecially on the granger and trunk lines,
and declines In the railroads Were extended
10 a point or over in may cases. Fears that
the cutting OF rates on grain would pad TO
decentralization of freight rates had an in
also had to do with the decline. There was
a slight rally on covering by shorts by the
bears and in sympathy with a rise in Read
ing first preferred to sos. This made the
closing firm. but at net losses In practically
all cases. Preliminary estimates of the
movement of currency by express TO and
from the interior indicate an increase in
the shipments by the banks, but still
greater increase in their receipts, so that
the loss on the interior movement is be-
lieved to be less than half million dollars.
Receipts of money by registered mail are
said by banking authorities to be sufficient
to more than offset this. Losses by the
banks on subtreasury operations for the
week foot up s3.Os4. 600 1t is believed that
the loan expansion viii show consider
able falling of from the recent rate OF in
crease. More less mystery still attaches
TO the phenomenal increases in loans OF
last week and the week before, and the
disposition grows to attribute them to some
special operations. But further decline
in surplus reserves of several million dol
lars will Inevitably be shown by to-day s
bank statement.
The bond market showed decreased ac-
tivity and prices declined Total sales at
Ear value were 81. 325. 600. United States new
and old fours and fiveS advanced y and the
threes 4 N the bid price.
Following are the days share sales and
he oil ali