The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-03-24
FEW ACTIVE SHARES
TRADERS IN FULL CONTROL OF NEW
YORK EXCHANGE MARKET.
No Foreign Bidding and Outsiders ON
This Side Are Cautious-Locai
Markets Quiet.

At New York, yesterday. money on cali
closed easy at sQSlh per cent: last loan.
ga: closed, 3q3h per cent
Prime mercantile paper. sac per cent.
Sterling exchange was firm, with actual
business in bankers bill at A.s7&G4.sS for
demand and A.S6z04s7 for sixty days;
posted rates. s4.s715Q4ss and ASShq4s9;
commercial bills. $.&.
Bar silver. 6sszc per ounce: silver certif-
Gates, 6SAa6sc. At London. bar silver closed
at 81 7-16d per ounce
Total sales Of stocks were 172, 425 shares,
Including: American Tobacco. $4,000: Bur-
lington, 10. 200: Distnling. $500; Louisville &
Nashville, 1920: Rock Island, 1900; st.
Paul. 22.6Oo: General Electric. $500; Ameri-
can Sugar. 1850; Tennessee Coal and Iron,
400.
The traders had yesterdays limited mar
ket entirely to themselves on New York
Change. the financial community at large
holding aloof on account Of various uncer-
tainties in the situation that are likely or
are considered to be likely to unfavorably
affect the market. The London market for
Americans was fiat. but at the local opening
sales for foreign account were resumed, and
this caused a disappearance of the improve
ment that had been in progress at the close
Of busfness on Saturday. In the early deal
fngs. Sugar displayed especial strength and
gained 1 per cent, while in several other
properties. sharp fractional advances were
recorded. The reign operations referred to
influenced a eneral reactionary movement.
in which some severe losses occurred. The
trading element expended some energy on
the bear side, using as a text the unfavor-
able commercial situation as reflected by
sharp discrimination in mercantile paper.
the Cuban discussion at Washington and a
stiffening tendency in the exchange market.
The granger stocks were especially affected
by the failure Of the directors of the Rock
Island to Increase the rate of quarterly divi-
dend- In the industrials. American Tobacco
received support from the pool, weakness in
Chicago Gas was attributed to the probable
result of the investigation by Attorney-gen-
eral Moloney or the details OF the reorgani-
zation plan. and General Electric was at
tackled, on general principles, presumably.
In the late dealings, the bear leaders made
an effective drive in various stocks. pay
ing special attention to the grangers, Louis
vile & Nashville, New Jersey Central. Kan
sas 4 Texas preferred. and some Of the in
discernible IN Tennessee Coal and resulted
in a conces sion of Ia per cent. As is usual
IN a sluggish market, weak spots were found
IN a number Of the usually inactive shares.
Selling by houses with Washington connec-
tions was quite marked. The losses at the
low level were 1n2 points in the prominent
shares. with Burlington and New Jersey
Central the chief sufferers. Among the less
conspicuous shares. the extreme decline was
greater In one or two cases. The trading i'm
the forenoon was apathetic, but in the late
session the market became animated at the
expense of values. The pressure to sell
abated In the last half hour. and a covering
movement by shorts, in which Tobacco fig
ured for a point and other shares to a
fractional extent occurred. The closing was
steady, at the improvements noted. but with
sharp net losses general as a result of the
days operations.
Business m the bonds was restricted ard
the market developed heaviness in sympathy
with the stock speculation. Kansas & Texas
seconds yielded ? per cent. Other net losses
or consequence were in Chesapeake & Ohio.
~; Northern Pacific firsts, Northern Pa
cine thirds, Union Pacific. Denver & Gulf
nrsts. Cordage first trust receipts and Kan
sas a. Texas frsts. l per cent. The aggre-
gate dealings were ST.. 000.
Government bonds were irregular within
q narrow range on dealings OF $14,sUJ.
Tne Following table. prepared by L. w.
Louis. Room IL. Board OF Trade. shows the
range OF quotations.:
Open High Low Clos