The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-03-14
STOCKS LESS ACTIVE
DEALINGS REFLECTED MANIPULA-
TIox ny PROFESSIONALS.
General Electric Was Hammered and
other Shares Depressed-Local
business Dull.

Ar New York yesterday money on call was
easy at sd4 per cent; last loan, SIC; closed
at 31zG4 per cent.
Prime mercantile paper. sac per cent
Sterling exchange was steady. with actual
business in bankers bills at $4S7AG4-S8 for
demand and $.s6zd4G for sixty days;
posted rates. sl61z64.Ss and s4-ss1ka4.s9:
commercial bills. $lS6.
Silver certificates. 6sAG69hc: bar silver,
6s7sc. At London bar silver closed at 81 916d
per ounce
Total sales OF stocks to-day were 49, $50
shares. including: American Tobacco. B,1oc;
Burlington. 400: B.. e. o., 1900; DistiIling.
500: Louisville. 400: Pacific Mall, $500; st.
Paul. 1900; Wheeling & Lake Erie, 1850.
The New York stock market yesterday dis
played decreased activity as a whole, and
the dealings for the most part reflected
adroit manipulation The general tone was
easier and only three stocks deserved COM
ment In regard to activity. These were
American Tobacco. General Electric and st.
Paul. Bulls received a setback at the out
set from the unfavorable character of the
London quotations for American STOCKS. and
moderate sales were made for that account,
chiefly OF Louisville & Nashville and st.
Paul. The basis of the selling Of the last
named was alleged to be the failure of the
directors OF the company TO declare a div
idend of 211 per cent. on the common stock.
1t is fair to state that the action taken met
the views of the best-informed operators
both in New York and in the foreign hnan-
c;al centers. The New York traders put out
lines of shorts in a number OF the more
conferred in General Electric, in view of the
agreement entered into by the arrangements
of the General Electric and Westinghouse
companies regarding the division OF terri
tory and other essential points. The stock
was variously quoted in the initial dealings
at 1914 to 3S4 on $500 shares, as against the
closing figure of yesterday. 31ssc. Subse-
quently free selling, particularly by Boston
houses, depressed the price TO 371a. and the
final transaction was at s5As The sagging
effect on the general market and some sub
stantial declines occurred. Louisville &
Nashville lost II; kaaInnsa Kansas & p Texas preferred pref
ferred and Northern Pacific preferred q per
cent. The selling of the last named was
purporting to forecast the plan Of reorgan-
~ization, and included alleged assessments of
80 on the stock and SIS on the common. The
safe arrived of the steamship Rio de Janelro,
Of the Pacific Mail line. Influenced an adj
vance OF rs per cent in the stock in the
early dealings subsequently, the improve
ment was lost. but renewed purchases caused
another advance of 3s per cent. at the close.
The general list was dun and lacked fea-
purchasing orders were distributed. which
sent Tobacco up 3 per cent. from the lowest.
The stock closed at about the top level and
2 per cent. higher on the day. 1t was ru-
mored that the manipulation was to compel
q belated short interest TO cover. The gen.
eral market steadied in sympathy with To-
bacco. and some slight gains resulted. The
closing was dull and steady at general frac-
tional net concessions.
Business in railway and miscellaneous
bonds was restricted 10 $4,000. This mar
; ket was sympathetically affected by the
share speculation. but the losses scored were
light and mainly confined to the speculative
issues.
Government bonds ruled firm. and slight
gains were noted in purchases OF 3 1900. In
State = issues. $4,000 Tennessee settlement
threes brought S7A and 5000 Virginia CEN
turtles 61Lc. .
The following table prepared by James
T.. Berry. Room is. Board of Trade. shows
the range OF quotations:
Open High Low Clos