The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-07-13
FORCED TO HI A
FIRM or NEW YORK BROKERS' Do
ING A STARVING BUSINESS.
Little Done for "A Year There Outside
of Trust S~hares-Better Demand
for Grain at indianapolis.

At New York. yesterday. money on call
was easy az / per cent.
Prime mercantile paper. 3d5 per cent
Sterling exchange was steady, with actual
business in bankers bills at 1854 for de-
mand and Ss74 for sixty days; posted
rates. $4Sa4ss; commercial bills, A.S5il.
Silver certificates. 64165c- Bar silver
closed at sac per ounce; at London, 28i2d.
Total sales of stock amounted TO 112.161
shares. Just before the close Of business
on the Stock Exchange yesterday the fall
ure Of l.. d. Alexander & Co. was an
nounced from the rostrum. In view OF the
fact that the firm had no outstanding OBJ
legations on the board. IL caused no excite
ment, and is Of no importance from a spec
ulative point of view. save that the sus-
pension is due 10 the general depression
that has existed in Wall street for more
than a year past. Alexander & Co. did a
strictly commission business. dealing main
~ in bonds, and they have practically
rusted' out. The commission business of
Wall street has fallen off so that many
firms are merely dragging along, paying
Office rent and clerk hire and waiting for
better times. The firm which failed to-
day admits that it has done little or no
business for twelve months or more. and
declares that il was tired OF paying out
money without receiving any in return.
Commission houses have been complaining
OF the absence of customers for a long
time. The only firms which have been do
ing business are those which operate for
cliques in the industrials and those rail-
way stocks in which pools have been
formed to bull or bear the shares. This
is the first Stock Exchange firm which.
during the present period of speculative in
activity. has given up the fight by reason
of loss OF business.
The market was dull and without special
feature. Sugar furnished half of the total
transactions. iuctuating within a margin of
= per cent. Opening Is higher. at 90. the
stock was sold heavily bringing out some
large blocks and causing a break of 2 per
cent. to 81. by 1890 o'clock, rallying to
1855. but again receding To and closing at
9I1s. making a loss on the day OF la. Sugar
preferred. on purchases Of 1900 shares. rose
= per cent TIE selling movement in sugar
common was nOnIIndliy based on the ACTON
OF the Massachusetts Supreme Court en-
joining the American Sugar Refining Com
pany from manufacturing sugar ia that
state Dy reason or its failure TO
comply with the State law requir-
ing foreign corporatios to make
an annual reDOr which must be
fled with the State officials. Insiders were
reported to be buyers or the stock at the
decline and IL is CANNED that the company
does not regard the action of the court as
important, SO far as its effects 10 its bust
ness. y raid was made on Chicago Gas in
the early dealing. when sent ii down l per
cent, TO 1885. before noon. During the af-
tUlAOOn, wnen the pressure to sell vas re-
moved, the stock recovered to 74%. closing
1T a reaction of Is and only q below
Wednesdays closing. There was London
selling Of st. Paul at the opening and local
traders also sold shares on reports of a
strike on the road, which were subsequently
denied. An early decline of IS was effected,
with a subsequent recovery of IS and final
reaction Of u. Louisville & Naw Albany
preferred shows an advance OF 2t on pur-
S4IAses OF 800 shares. Denver & Rio Grande
and United States Leather preferred are
eacn up ll2. The other changes are frac-
tIOnaL
The bond market was firm to strong on
q limited volume of business. The leading
changes are: Advauces-Cnicago. Burling-
ton * Northern hves. ?; Oregon Improve
ment consOl tves. lea; Texas Pacific sec
Onds. Northern Pacific thirds, Susquehanna
& Western refunding fives, Chesapeake *
DaiO general fOur-aad-a-halfS, and Chicago
* Northern PacInc firstS, trust receipts, |
per cent Declines-Central Pacific skies, of
1885. 112: Little Rock * Memphis firsts and
Southern Pacific of California firsts, 1 per
cent.
Government bonds were firm. State bonds
were dull.
1ne Oiiowing table. prepared by James e.
Berry. Room 10. Board OF Trade, shows the
IanSe or quotations..