The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-28
NEW SHARES DEALT In
STEEL OPTIONS
AGAINST SHARES WHEN ISSUED.
Securities of AmaIgamated Companies
Generally Show Declines-Spurt
i'm Local Business.

At New York yesterday money on call
was quiet at 11kG2 per cent.
Prime mercantile paper, 34Q4A per cent.
Sterling exchange was firm. with actual
business in bankers bills at s4S7Ka4S72s
for demand and s4.S37sa4.S4 for sixty days:
posted rates, s4.S4s@@4s5 and Sass; COM
mercial bills. $iS34G4S34.
Silver certificates were 611k@6sc; bar sill
yer, 607sc; Mexican dollars, ACC. Bar silver
closed at 2Sisd an ounce in London.
Yesterdays trading in the stock market,
while quite large. was very much con-
gested in a few stocks. There was con-
tinued strength in st. Paul and late
buoyant rise in Sugar and notable gains
by some of the less prominent high-priced
industrials. but the genera, market was
not much inclined to respond in sympathy.
although the depression which existed in
some parts of the list early in the day was
partly relieved. The speculative tone was
more inclined to sympathize with the con-
tinued heaviness in the steel stocks than
with the strong features of the market
There was large trading again in the stocks
of the group, but it was in large part on
arbitrage operations from one stock to an
other. The discrepancy in the prices of
sion into the stock of the United States
Steel Corporation forms the basis of these
operations. They consist in the purchase
of such members of the group as are pro-
portionately low and the simultaneous sale
against the purchase OF those stocks which
are higher. The natural tendency of these
operations is to bring the prices of the
various stocks to a basis consistent with
their relative claims for the new stock.
Most members of the group showed declines
on the day which extend to pa in National
sIuDe, IN Tin Plate and point each in
the National Steel stocks and National
Tube preferred. Steel and Wire preferred
was advanced III, Federal Steel preferred
nearly a point net and American Hoop and
Tin Plate preferred small fractions. For
the purpose of accommodating these arbi-
TRACE operations there were also dealings
on the curb in contracts to deliver when
issued the new United States Steel Cor
poration stock. Common demanded 40R at
one time in the morning and preferred S41a,
but before the close the quotation for the
common stock had receded to below IS and
that for the preferred TO about 81. The
strength of st. Paul yesterday was ac-
companied by assertions that the dividend
surely would be increased at the approach
ing meeting. The movement of Sugar was
attributed TO reports that the import duty
on Cuban raw sugar is to be RENTED. The
money market continued easy notwith-
standing the large absorption by the sub
treasury on account of customs payments.
Borrowers INDUCED the hope that some OF
the recent large loans incident to the rail-
road consultations will shortly be paid off
on account of the distribution of new Sc
curities.
Railroad bonds became somewhat irregli-
lar on fair volume of dealings. Total
sales at par value were 81, 600. United
| States new fours advanced Is and the re-
funding tw0S Is per cent. on the last call
Following are the days share sales and
the closing bid prices: