The Indianapolis journal., 1896-07-05
STOCKS HEAVY IN TONE
PURCHASES FOR LONDON ALL THAT
sAVED>A BIG DECLINE.
The Principal Losses Ranged from
Per Cent. in Burlington to o
Per Cent. in Pullman.

NEW YORK. July 4. = The week just
closed has been marked by highly nerv-
Gus temper in financial circles, which at
times caused the market to verge on de-
moralization. In fact, in the judgment of
competent observers, repetition of the pam
icky conditions and disastrous slump in
values that occurred in December Of last
year was only averted by a happy and un-
expected turn. The sustaining influence
came from London, whence heavy pool or
ders for American securities were distrib-
uted The buying was estimated at about
10000 shares. out Of which amount about
so. coo to 81. 900 shares are understood to have
been shipped to London to-day. The stocks
selected were active ones and principally
St. Paul. Louisville & Nashville and Atch-
ison. This development mitigated the force
of a number of unfavorable influences
which had provoked liquidation on heavy
scale and pronounced bear activity. The
apparent entire absence of support and
the ease with which the prices of some of
the industrialS were depressed emboldened
the traders, and their aggressive move
mentS were attended by the circulation of
gloomy rLmors, most of which were later
proved to have no foundation in fact. Chi
cago Gas achieved prominence after a long
spell of inactivity by decided animation and
weakness. resulting in the marketing of
large block of stock that had been held
by interests formerly identified with the
management of the property. An extreme
decline of 10 per cent took place and the
stock left off at 5114, net loss of So per
cent Sugar also worked considerably
lower, breaking "a per cent, 10 1865, and
closed at loss. The lack of the powerful
support usually manifested in this stock
serves TO confirm the current rumOrs that
the insiders favor lower level. Subse-
quent declines occurred in the coalers and
other shares, including many of the
usually inactive list. Principal declines at
the low points other than those noted
6ss; Delaware 4 Hudson. ca; Manhattan,
s; General Electric. 50; Illinois Steel and
Rock Island, SIS; Wheeling & Lake Erie
preferred, 5ls Colorado Fuel. 6; Consoli-
dated Gas. 4i2: c., c.. c. & St L.. North
west and Lackawanna. Al, and Burlin gton
per cent. The heavy London purchases
the sterling exchange market, with de-
mand offered in some instances at S49S&.
The market steadied under the buying
and substantial recoverieS were made in a
number of cases. due chiefly to covering
Toward the close. however further recess
sions occurred on sales. The closing was
heavy in tone. but with prices generally a
point or thereabouts above the extreme
low points. The sales were 1.395.4s1 shares.
quiet considering the increased animation
in the stock market. Prices displayed
sGgging tendency with the speculative is
sues foremost FirmnesS was apparent at
but the net results show general
losses which were, however, OF most conse-
uuence in the less active mortgages. The
transact were s., 346000
Government bonds were under pressure
a fair volume of business
The new fours displayed the greatest heavi-
ness, reacting TO 116 The sales were s203 co.,
State bonds were dull and without fea-
ture the dealings being confined TO s20-
600 Virginia threes al slight changes
certificates aefi nd
eign inquiry abated considerably until near
the close. when the lower range induced
continental purchases at 6S@69. The sales