The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-10-09
SHARES ON A DECLINE
HEAVY TRADING IN SUGAR TRUST,
WHICH LOST 3-S PER CENT.
The GouId-Panama Railroad RumOr
Qaickly Denied-LOcal Market
Dull and Lower.

At New York. yesterday. money on cali
was easy at ] per cent.
Prime mercantile paper, a per cent
Sterling exchange was strong and higher
with actual business in bankers bills at
$4.s794S7A for demand and at A.S6q4.S5A
for sixty days; posted rates, AS612d4.SI;
commercial bills. $.s5a4s5A-
Silver certificates, 64%c bid. Bar silver
closed at 64Isc per ounce; Mexican dollars.
S111c. At London, bar silver closed at
% 7-16d.
The total sales of stocks were 1864 all
shares, including: American Sugar, 1850;
Bay State Gas. 800: Burlington. 1900: Chi
cago Gas. 14,7O0; Distilling, $500; General
Electric. 200: Pacific Mail. $500; Reading.
400: Rock Island. 9.7O0; St. Paul. $500;
Western Union. 1900.
The stock market opened fairly firm and,
In many cases. a fraction higher. but the
temper Of speculation quickly changed I'M
der a sharp selling movement, in which
Sugar, Chicago Gas, Reading and the
grangers were most prominent. Not until
about noon was there a rally and then only
a small part of the decline was recovered.
During the afternoon the movement was
almost entirely toward lower figures and
speculation closed weak with prices at or
near the lowest point of the day, the de-
clines. compared with the final sales of Sat
urday. ranging from h@47s per cent. in the
active list. the latter in Sugar. Pacific
Mail was a notable exception to the gen.
eral depression and was in good buying
demand on reports that the COM
pany was to be consolidated with
the Occidental and Oriental Steamship
Company. and that George Gould was to be
a1ocfnI ,r.cfIA.4 - - IT. -------
and Of the Panama Railroad Company.
Denials OF the report were made by the
Pacific Mail people, but the stock never
the,ess moved up IA per cent, closing
2 per cent. and Laclede Gas l per cent,
and a few others Of the inactive shares a
small fraction. Bay State Gas. which was
placed among the unlisted securities on
Saturday, fiuctuated rather wildly on sales
OF $500 shares. 1t broke IA per cent, to
241lz. rallied to IS and reacted to 24l1, clos
ing at the lowest point reached. The weak
ness of the stock on the Boston exchange
precipitated the selling, the bears giving
IL a shove on the way down. Foreigners
were not in the market to any sppreciable
extent. the only business done being small
purchases Of St. Paul for arbitrage. The
commission houses reported a dearth of
business and the speculation was left there
fore in the hands of the room traders and
the clique OF manipulators which has been
the dominant influence in the trading for
some time past. Sugar was sold down for
the account OF an operator who was one
or a FORMER Dull pool In the stock. No
news affecting the trust was in circulation.
The selling in the grangers is said to have
been entirely professional, but there seemed
10 be no one supporting them. Distilling
was weak on a report that the sale of
$2,500,00 additional bonds was contem-
plated TO pay rebate vouchers maturing.
The bond market was heavy during a
greater part of the day on a moderate
volume of business, the sales aggregating
$711.0c0. The changes on the day are: De-
~clines-Toledo. Ann Arbor firsts, 3 per
cent; Buffalo. Rochester & Pi.tsburg fves,
ia: Louisville & Nashville unified tours.
IL: Reading first preferences. l%: Chesa-
peake & Ohio fives and L~ackawanna sevens
OF 1907. / per cent. Advances-Chicago &
Erie frsts, Us per cent; Central Ohio re-
organization frsts, Chesapeake & Ohio
skies with coupon off, / per
cent.
Government bonds were firm. State bonds
were inactive and railroad bonds dull.
Inc following table. prepared by James
Il. Berry, Room 16. Board of Trade, shows
the range OF quotations.: