The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-26
EARLY RISE in STEEL
ENTIRE GROUP ADVANCED ON RU-
MORs OF THE MERGER.
Violent Break F0llowed-Points of
ences Affecting Local Trade.

At New York yesterday, money OH call
was steady at per cent.
Prime mercantile paper. 3a4@4h per cent.
Sterling exchange was firm, with actual
business i'm bankers bills at s4.s7A for de-
posted rates. $4s41kG4s5 and s4SSdLS
commercial bills. s4.s3q4.S31z.
Bar silver was 61Ac; silver certificates,
s11zds3c. Mexican dollars. 4s1kc- At Lon
don, bar silver closed at 2s14d an ounce.
The stock market made a remarkable
exhibition yesterday morning of spasmodic
strength. followed by sudden relapse and
period of dullness and dropping prices
up to the close. The principal interest in
the opening bulge were the many rumors
and circumstantial accounts of the alleged
details of the steel merger and the terms
of exchange of the proposed new securities
for the existing stocks Of the steel COM
panies. This accumulation of conjectures
was supplemented by reports of the pro-
ceedings of brokers up town during the
three days interval while the Stock Ex-
change was closed The price bid by some
of these brokers for blocks of the steel
stocks, according to report about the up
town hotels, were calculated to excite spec
ulative cupidity. The excited bidding which
was thus attracted in the opening dealings
sent prices of the steel stocks up like
rocket Tin-plate was the most notable
in the width of its fluctuations The stock
was rushed up Is points in few minutes
and. after dropping back, was lifted again
almost to the top level, but it ultimately
gave way with the whole market The
other steel stocks, including both the COM
mon and the preferred, were up from one
to nearly six points. These prices brought
in heavy realizing sales at the start. At
the opening traders bought stocks accord
ing to their invariable rule on the showing
of an increase in the surplus. Last week a
gain In cash was a good deal of relief to
the apprehension regarding the money mar
ket. The check to the recent heavy in
creasing tendency In the loan item was SUI
conviction that ii was due to the calling
in of loans placed in the stock market led
to some apprehension that the process
would be continued in further preparation
of corporation financing operations Lon
don sent higher prices under the favorable
influence of the success reported for the
British arms In South Africa These In
iuences caused an advance in the railway
list of from one to two points. A good
demand developed later in the day for the
Southern Railway stocks, and there-wer
Isolated instances of strength In some of the
less important railroad stocks. All other
considerations, however. yielded to disap-
pointment over the still further official an
nouncement of the terms of the steel merg-
er and to growing skepticism as to the ac-
curacy of reports already current. Gains
in the railroad list were. with few ex-
ceptions. wiped out and some of the most
important of the steel stocks fell back be-
low Thursdays level, Steel and Wire fall
ing points below Thursdays close, Ma
tional Steel and National Tube Ia. Tin
plate reacted IL points from the top and
closed with net gain of only points.
American Hoop rose to the best at the end
with net gain of 6. Pacific Mail lost GA
on Fridays disaster of the Golden Gate.
The bond market was inclined to go off
in the afternoon, but retained a part of
the morning advances. Total sales, at par
value, were 50, 900. United States bonds,
a on the day.
Following are the days share sales and
the closing bid prices: