The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-05
STOCK MARKET WEAKER
FAVORABLE FACTORS FAILED TO
EXERT EXPECTED INFLUENCE.
IndustriaIs Were Hammered and
Railway Shares Also Suffered
Local Business Inactive.

At New York yesterday money on call
was easy at 11zG2 per cent; last loan, IA;
closed offered at 11zd2 per cent.
Prime mercantile paper 3d4 per cent.
Sterling exchange steady, with actual
business in bankers bills at 81. 3614a4- s615
for demand and S4.541sG4si%4 for sixty days;
posted rates $4S5d4S512 and $4S71zq4SS;
commercial bills. s4.siA.
Silver certificates. 64H965Ac; bar silver.
sis4c; Mexican dollars. 50s4c. At London
bar silver closed at 29}ld per ounce.
Total sales of stocks We're 1851 shares,
including: American Tobacco. 1890; Amer
lean Sugar, $4,000; Burlington, 1850; Chi
cago Gas 800: Louisville & Nashville 81
600; Northern Pacific, 1000; Northern Pa
cifc preferred, 500; st. Paul. $500; Union
Pacific. $500.
The stock market lacked strength yester-
day and showed decided tendency to sag,
in spite of some seemingly very favorable
factors in the outlook. The weak spot was
clearly enough in the industrial group, but
the effect through sympathy on the rest of
the list was sufficient TO neutraliZe the en-
couraglng influences, and as result the
market closed on a plane fraction lower
than Wednesday nights closing. Sugar
S MAS the center OF attack for the the.
all the unfavorable influences of the
day. One OF these the appre-
hension Of action directed against the
trusts in some OF the States that have re-
Gently adopted antitrust legislation. This
influence manifested not only in the
case of Sugar, but also, in degree, in
Leather preferred which declined Ia per
cent on transactions aggregating IL. 600
shares. The dizziness in the trade also had
It's effect on this stock: National Lead
shared with Sugar this influence, and lost
lis. while Tobacco lost sharp fraction but
made a full recovery toward the close. Chi
Cago Gas was one of the sufferers from
fears of adverse legislation " logiSla
and fell Off Us account of a bill in the
Illinois Legislature to fix the price of gas at
% cents Sugar was also the victim of the
special apprehension of adverse changes in
the impending new tariff, and was bonn
barded persistently by the leading bears.
There was lack of supporting orders from
interests which are usually conspicuously
active in this stock. AS a result there was
ran down 21s points. to l1flz. The offerings
included some very large blocks of stock
This was the decisive influence in checking
market opened. and which was due largely
TO the fact that the Bank OF England had
reduced its rate of discount to per cent.
The delayed statement of Burlington for
December proved to have been more favor
able than had been counted on by the
doubters, showing an increase in the sur
plus OF earnings after charges of 500 49,
This also proved without effect in saving,
the market from decline, though early
covering advanced the stock a sharp frac-
ZION ana served to steady the market. The
dealings In Burlington footed up over IL COO
SlareS, and after rising and then falling ii
closed with a net decline of y per cent The
railway list in general dropped in sympathy
with the decline i'm industrials and partly
also on account of the rather unfavorable
trahic statements for the last week and
month of January. The list succumbed to
depression and sank at the close to the low
est prices of the day. The unfavora bic
statement of Jersey Central, showing de-
crease in surplus earnings of 1922 J2S
caused that stock to sell down Ia, and had
depressing effect on the group of anthra-
cite coal roads. The Northern Pacific and
Union Pacific stock showed comparative
nrmness. but dealings were largeIysreducen
over those OF Wednesday. London Selling
was an additional influence in the decline
In railway shares. which, though general,
was only fractional
The bond market ruled active and GER
orally higher, with Northern Pacific issues
the feature. Largs blocks of these securi-
ties were dealt in, with the inquiry very
pronounced from the arbitrage houses. The
improvements in the general market We're
mainly fractional. but sharp Concessions
were scored in few of the Inactive liens
The sales were $2693OOO
Government bonds continue heavy or
profit taking. with the dealings conferred in
the new tours. The sales were So, 500.
Inc Following table. prepared by l.. w Louis
quotations: - -o"eS Va