The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-19
PRICES OFFERED DOWN
BEARS FORCED THE STOCK MARKET
TO A LOWER LEVEL.
Manipulation I'm the Steel Securities
Opens Well I'm Local Trade.
At New York yesterday money on call

At New York yesterday money on call
was steady at 2q21a per cent.
Prime mercantile paper, 31zQ4 per cent.
Sterling exchange was steady at de-
cline. with actual business in bankers bills
at aS7d4.S71s for demand and s4S37s for
sixty days; posted rates, S4S41zG4. S51a and
$i.SSet4. ssh; commercial bills $4S31z
Silver certificates were 62Q63c; bar silver.
61lsc; Mexican dollars. 47Ac Bar silver at
London closed at rs 3-16d an ounce
Yesterday was one of active speculative
liquidation in the stock market The bears
took very active, part in the days pro-
ceedings, both by short selling and by
manipulation for a decline, offering prices
down freely and boldly. There was not
much evidence of determined support ex-
cept by the sympathetic influence OF the
persistent strength of a few individual
stocks. Besides the extraordinary move
ment in the steel stocks there was decided
strength shown by the Toledo. ST.
Louis a. Western stocks. st. Louis x San
Francisco seconds, Cleveland. Lorain &
Wheeling preferred, Illinois Central, Anal
gamated Copper and Consolidated Gas.
There was continued activity on the part
OF a bull pool i'm Burlington, and the other
grangers showed some sympathy at one
time. In the steel stocks IL was clear
enough that specula tors were attempting to
adjust prices to the supposed terms OF ex-
change of the existing securities into the
stock of the new combination. The tape
made it pretty clear that in the present
condition of the plan the preferred stocks
are intended to benefit in the exchange far
more than the common stocks. Hoop pre-
ferred advanced at one time ~, and other
~nIre- Bx
Tin Plate, Az by Federal Steel by Steel
and Wire and pa by Republic Steel. These
advances were curtailed by the reaction In
the market National Tube led the decline
in the common stocks of the steel compa-
MES. breaking full points and closing at
the lowest. The losses of the others were
partly recovered. In the general list the
reaction ran all the way from TO. ga
points, the wider losses being among those
stocks which have been most manipulated
mostly the Southwesterns, including Mis-
souri, Pacific and Kansas & Texas preferred
and some of the lately developed obscure
stocks, such as Evansville & Terre Haute
and the new North American stock. 1t was
clear enough that the dubious outlook for
the money market was the impelling cause
of the liquidation and not any serious
doubt yet entertained over general condi-
tons. In fact the liquidation did not APP
pear to be voluntary, but was forced by
the uncovering of stop-loss orders on the
decline. The call loan rate went to 215 per
cent during the day., but dropped back 10
2 per cent, partly due to the receipt of a
100000 credit by one of the banks for
Australian gold arrived at San Francisco.
There is no expectation, however. that
closer conditions in the money market Will
be escaped in the near future.
Very heavy buying of Southern Pacific
fours was the feature of the railroad bond
market. The tendency elsewhere was gen.
orally reactionary. Total sales at par value
were IS, 525, 600. United States old fours adj
yanced "a per cent. on the last call.
Following are the days share sales and
the closing bid prices: