The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-01
STEEL STOCKS WEAKER
BOTH NE WAND OLD ISSUES SHOWED
sHAY.P DECLINES.
A Few Railroad Shares Strong on Re-
Trade Helped by the Weather.
At New York yesterday money on cali

At New York yesterday money on cali
was easy at 1zQ2 per cent.
Prime mercantile paper, 3AQfk per cent.
Sterling exchange was firm. with actual
business in bankers bills at $4.S7s for
demand and $4.s4S for sixty days; posted
rates. $4.s51a and S4.SSh; commercial bills,
$z.SSh@4.S3A.
Silver certificates were s1haeSc; bar sill
yer. 6lhc; Mexican dollars. 49c. Bar sill
yer closed at 29hd an ounce in London.
After an ~unavailing effort to check the
yielding tendency of prices. the market
gave up to the threatening depression, and
the closing was decidedly weak at the low
est, with something very like a spilIing-
out of stocks going on all through the
list. The steel stocks were most acutely
affected. and were weak throughout. One
or two in the group advanced slight frac-
lions at one time under the process of ar
bitrage operations, which involved pur-
chases to cover sales in other stocks. but
the prevailing disposition was clearly to
sell. Dealing continued on the curb on
the contracts to deliver United States Steel
Corporation stocks when issued, though not
on as large a scale as on Wednesday.
These stocks which were regarded as the
index of the value of all the members
OF the group showed an Increasingly heavy
tone. Bids or 81 for the common and s2is
for the preferred were put in at the OPEN
ing by brokers acting on behalf of the
banking interests concerned In the organ
ization of the new company. The former
lest a point and the latter 2 points. The
last prices showed National Tube Al lower
than on Wednesday night, American Hoop.
Gf1al and Wire TIN dat, ~ G. -.
Wire preferred az. and the others of the
group from a fraction to nearly 2 points.
The stocks not included I'm the consolidation
were also weak, Tennessee Coal declining
nearly ; points. Published reports from
Pittsburg of dissatisfaction on the part
OF the National Tube stockholders with the
terms OF exchange were an influence IN
the depression. The relapse I'm Sugar
Tobacco and st. Paul. after a shortlived
opening bulge. also served TO DISCOURAGE
speculation. Efforts were made TO sub-
sfitute other stocks for the purpose OF sus-
tanning the market. but they were inef-
fectual. They were most conspicuous in
the smelling stocks, which rose 5as for the
common and 2A for the preferred: Ana
conda. with a rise OF 2i5. and Amalgama.ed
Copper. with an advance of 3 points. The
American Linseed stocks. the United states
Rubber stocks and international Power
were up from ~ to 3 points. ST. Ions q
San Francisco rose 3 and the second ore-
ferred IL. These movements were withou.
explanation. except that II was argued
that the copper stocks would benefit from
the approaching adjournment OF the Mon
tana legislature This seemed a more
potent influence than the reported heavv
decline in copper exports. A batch Of
strong railroad statements. especially from
the coalers. was Ineffective IN sustaining
that department OF the stock market
Prices In a number OF the most prominent
stocks are a point or more lower on The
day The money market was easy. not
withdrawing the large absorption by m.
sihtreasury and the demands for the
n onthfs settlements. IL Il not unlikely.
however that the money market POSSIBLE
IN tie speculation.
Bonds were relatively better sustained
than stocks Total sales AZ par value we're
<1.u-1 co.. United States refanding twos.