The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-02
STOCKS CLOSE FIRMER
ATTACK ON THE GOULDs FOLLOWED
BY A RECOVERY LATER.
All hut a Fraction Of the Early Loss
es Wiped Out at the CIose-LocaI
Markets Promising.

At New York, yesterday. money on call
was easy at 11za2 per cent; last loan, Ia;
closed at 1A@2 per cent.
Sterling exchange was easier. with actual
business in bankers bills at $i.S7A for de-
mand and at s4.s5s4 for~sixty days; posted
rates. si.Ssls and ~s4.sSal.Ss14; commercial
bills. A.S5.
Silver certificates. 62ae21zc; bar silver. &c:
Mexican dollars. 4s.ic. At London bar sill
yer closed at IS 7-16d per ounce. The rise
In tho price of silver certificates to e21ac
is attributed to continental demand for COW
ering i'm a reaction from the recent decline.
Total sales of stocks to-day were 2l1, $50
shares, including: Burlington & Quincy,
1900: Chicago Gas. trust receipts. %. 200:
Delaware & Hudson. 2c,4OO; Louisville &
Nashville. 1850: Manhattan Consolidated
800; Omaha. 5000; Reading. 11.6OO: Rock
Island. $500; st. Paul. 1900; Western Union
Telegraph. Is. zee: New Jersey Central. 90
4e0: silver certificates. / 0.0OO.
Yesterdays New York stock market
might be pretty comprehensiveIy summed
up in the one word 'coalers.'' The heavi-
ness in these stocks which persisted inter
mittingly through the greater part of the
days trading, was the decisive influence on
the course of prices and the effective in
strumelt of the. bear faction. They also
brought to their aid. as on Wednesday. "A
raid On the Gould properties. Out of a to-
tai Of 212.C 600 shares sold. over s.. ZOO shares
were of the anthracite coal group. The
group was the incubus on the market which
restrained the undercurrent of strength
that threatened to break out from time TO
time. Finally. the coalers and the Gould
shares themselves broke through the de-
preston that bound them and jumped 10 a
higher level of prices. Prices generally
throughout the list at the same time rose
TO the highest of the day. The course of
prices of the coalers was very irregular. an
improving tendency struggling constantly
with bear pressure. The Improvement at
the opening carried up New Jersey Central
Ia and Delaware q hudson Us. In the
subsequent decline worked by the bears on
rumors that New Jersey Central would pass
the next dividend and of the effects of bad
business on all the lines, Lackawanna fell
i; Delaware * Hudson. New Jersey Cen
tral. z: Susquehanna * Western preferred.
ia. and Reading preferred. rs. When these
STOCKS began to fluctuate the bears opened
a raid on the Gould stocks. Rumors were
circulated of heavy damage to the St. Louis
southwestern by floods and of possible en-
Darrassment OF the company in meeting
Imminent bond obligations. The St. Louis
southwestern common stock sold off Ia. the
preferred ~ and the first and second mort
gage, bonds 31z. Western Union lost 2.
Manhattan /. and Missouri Pacific l.. Vice
PRESIDENT Edwin Gould met the attack with
a statement that the St. Louis Southwest
ern had not lost anything of value by floods
mat the floating debt was not troublesome.
that there IS no liability pressing at pres
cht. ana that there should he n. trouble i'm
meeting the coupon payment coming due
May i. This was supplemented by a state
nlent from President Fordyce that the May
interest was already provided for. The de-
preston had spread from the coalers and
the Goulds through the list. and the grang-
ers and railroads generally fell a fraction.
Ine nlr1TntnnlG Gn0l "a haf-~ 4 IA
sHected I'm sympathy. There was an un-
oercurrent OF strength in the railroad list
OWING 10 the systematic efforts making
among western roads to devise "A plan for
sustaining the existing rates and the mo-
Iion IN the Supreme Court on behalf of the
Joint Traffic Association to advance the
hearing of their case. The heaviness i'm tho
coalers and the Gould stocks weighed on
the INST, and in consequence restricted the
dealings somewhat in the grangers. When
a brisk demand for the coal stocks set i'm
the shorts hurried to cover and the Could
Snares also recovered on the statement of
fdwin Gould. As a consequence. the coal
crs recovered all of the loss and more. New
Jersey Central showing a net gain of 1L
and the others fractional. except Lackae
wanna, which closed unchanged. The re-
covery in the Goulds left the net changes
In them only fractional. except for West
ern Union. which lost 12s on the day. The
Srangers and the general railroad list also
enjoyed fractional net gains. The indus
trials were not heavily dealt in. except Chi
cago Gas. and were generally depressed i'm
the early part of the day. owing to special
causes. Sugar suffered from the retro
active clause of the tariff bill. as the COM
pany was expected to make large profits on
sugar imported before the tariff goes into
effect: Chicago Gas felt the reports of un-
friendly legislation to be emp Gen
efdl Electric was the victim of reDorts of
bad business. Sugar and General Electric
lost lis each and Chicago Gas ~. Con
solldated Gas was also depressed. In the
flral rally stocks recovered all but a frac-
ton of their loss. the Improvement extend
ing TO a fractional net gain in General
Electrlc. Iopaeco rose rs. a net gain of "a
traction. Mobile * Ohio. which has been
neglected for a long time. sold up 10 20. and
closed at GOA bid. as compared with Is at
Wednesdays close. This rise was note
worthy. coming in face of the suit insti-
tCted Wednesday TO restrain the building
CT the contemplated Montgomery extern
sion The closing of the mari ct was strong
ana generally at top prices.
The 81. Louis Southwestern issues were
the feature of the limited bond operations.
and were alternately advanced and de
pressed according TO the tenor of the news
IN circulation in the street regarding the
properties. Considerable liquidation has
been apparent in these securities of late
INA a reaction OF 3l2. 10 80. was effected i'm
the firsts in the early dealings. but recover
ncials of the company defining the financial
and physical condition of the property.
rroht taxing caused a recession TO ga at
the close. The seconds fluctuated less
widely. but showed a net loss of ? DER cent
The general market was featureieas. but
ma,n.alned a nrm tone throughout. with
were S5l. 900. ~
Government bonds held firm. with the
new fours conspicuous for an advance 70
III. the best price recorded in some time
The sales were 5000.
State securities were more actively dealt
in. with little change in prices exceDt i'm
Alabama CLASSIFIED tours, which touched 100.
The following table. prepared by l.. " louis
quotations.:
Open High Low Clos