The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-27
TOOK SECOND THOUGHTS
TRADERS ADJUSTED THEIR IDEAS
ABOUT THEs STEEL SHARES.
Result Was n Decidedly Lower Level
of Prices-LOcal Trade Checked by
the Weather Conditions.
At New York yesterday money on call
was steady at 1%02 per cent.

At New York yesterday money call
was steady at 1A02 per cent.
Prime mercantile paper. 3s4@4A per cent.
Sterling exchange was firm, with actual
business in bankers bills at s.S7A44.S7ss
for demand and $4.sS7sQ4.s4 for sixty days;
posted rates. s.sfkG4S5 and s.sS; COM
fnercial bills, As3Q4. s31z.
Silver certificates were 611kG631ac; bar
islver, Gle; Mexican dollars. 4S1zc. Bar sill
yer was 2Slsd an ounce in London.
A large proportion OF the dealings in the
New York stock market yesterday again
centered in the steel stocks. The official
statement issued by the banking houses
having the negotiations for consolidation
In charge giving the terms of exchange
for the securities of the present COM
panies into those of the proposed new
company, dashed the speculative enthus-
ism over the steel stocks. With the excep-
ton OF an upward dash in one or two of
the steel stocks just at the opening there
was no strength manifest in the group dur
Ing the cay. 1t was few minutes after
statement was given out. The contrast be-
tween the volatile effervescence of the
speculative spirit on Monday and in the
first few minutes of trading yesterday with
the sober quietude of the trading based
on calculations with pencil and paper after
the actual state OF affairs became known
ton of the unknown for the speculative
temperament. This was the first fact to at
tract the attention Of the specula tors that
the price level of the existing stocks did not
consist with the relative benefits they were
To receive from the exchange. This led TO
kind of arbitrage dealings in the effort TO
adjust the price level on consistent basis.
American Hoop benefited by the operation
while Steel and Wire was sufferer. But
II was evident that the insiders who have
had time for mature calculation had done
their buying while the outsiders were not
Inclined TO jump at conclusions in so vast
a problem. AS all Of the stocks get from
par. to lz5 per cent OF the new securities
IN the exchange, with additional benefits
In some cases, II Is clear that on a basis of
equal value for the properties concerned
the new stocks should sell lower than the
average prices OF the present stocks. There
was much calculation over the probable
price OF the new securities. but so far as
known there were no dealings when IS
sued. There We're few railroad stocks
which were notably strong In view of
the greater Importance of the dealings in
the steel stocks and their need of support.
the assumption IS not violent one that a
purpose TO sustain the general market had
something TO do with the advance i'm some
railroad stocks St Paul was the most
notable example OF strength, rising at one
time. 81 points over Monday night The
Southern Railway stocks. Missouri Pacific
and the Pacifcs and Eastern railroad stocks
generally gave evidence of frmness. Mon
days strength IN the tobacco stocks con-
steel stocks. Steel and Wire was must un-
der pressure. dropping at the last Az be-
low Monday night, after being vigorous
ly supported about A.
Railroad bonds tended lower in svm-
pathy with stocks. Total sales at par
value were 100000. United States new
fours advanced Is per cent. on the last
call.
Following are the days share sales and
the closing bid prices: