The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-01
BIG SLUMP IN STOCKS
ANTI-POOLING DECISION STILL A
STRONG FORCE On 'CHANGE.
Further Declines on CuIiOm's State
ment that New Pooling Bill WIZ
Not 81

At New York, yesterday. money on call
was nominally at 1l24l& per cent; last
loan. ia; closed, 112d1A per cent.
Prime mercantile paper. 31zd4 per cent.
Sterling exchange was easier, with actual
business in bankers bills at s4.sah for de-
mand and at A.S5A for sixty days; posted
rates. $4.s61. and $.sSa4ySS1a: commercial
bills. A.S5.
Silver certificates. 61A@62ssc: bar silver.
81 11-16c; Mexican dollars, 4sAG491.c. At
London bar silver closed at 2s 5-16d per
ounce.
Total sales of stocks were Pa. 7ss shares.
including:. American Tobacco. $500; Sugar.
$4,000: Burlington. q. 100; Chicago Gas Trust
receipts. 1890: Delaware e Hudson, 800;
General Electric. $500: Louisville & Nash
Vile. 1900; Missouri Pacific. $500; New York
Central. 400; Northwest, $500; Omaha.
$500: Reading. $500; Rock Island. 300: st.
Paul. 10000; Western Union, $500; New Jer-
sey Central. 49, 800.
The bears succeeded in effecting quite a
notable break in the New York stock mar
ket yesterday in the last half hour of trad
ing. after partly futile attempts to the same
end all day. The short interest. whose lines
are reputed to have been greatly extended
since the transmissour decision Of the Su-
preme Court. was palpably uneasy all day
VII vi llC iildt htu ItoutilEllOn VI
strength in the market Tuesday and the ap-
parent subsistence of the fright Of security
holders over the effects of the decision. A
continuance of the improved line was evil
dent at the opening in spite of the decline
in prices on the London Exchange and a
general advance occurred. not exceeding a
fraction in any Of the active shares. but
reaching a point or over in the case of
Canada Southern. Canadian Pacific. Cleve-
land. Chicago, Cincinnati e ST. Louis, Sus-
quehanna & Western preferred and Erie
first preferred. New Jersey Central con-
tinued under heavy pressure to sell. but
the special motives for the selling in the
belief that the dividend may be reduced and
financial condition of its related coal COM
pany detracted from its effectiveness as an
instrument for depressing the general mar
ket. The bears. however. continued TO CEN
ter their main attack on New Jersey Gen.
trail all day in the determined and sys-
tematic attempt to stem the upward course
OF prices. From this stock they made eX-
cursions into various fields. The Gould
tan falling 2 points and Missouri Pacidc
and Western Union l each. This induced
some realizing sales. but the market sooI
tendency. Even New Jersey Central itself.
which was the center of III depression all
1t was after delivery hour v on an un-
expected selling movement set m In Della
ware a Hudson. The only explanation Of
fered was the general depression existing
In the coal trade and rumored losses by
floods in the company's mines The sales
were not very large. but under a persistent
bombardment OF small lots the price went
down by leaps and bounds. the decline
t teaf ioS7s' 1 The f fnai parch hns pri only aG INN
proved the stock n fraction. Lackawanna
only registered three sales of a total of 200
ing. but this was sufficient 10 depress the
stock 81 points The Reading stocks
raid. except the first preferred. which de-
clined rs. The heavy selling in New Jersey
Central was simultaneously resumed and
the stock was sold down to q. showing a
decline from the top level of s points: New
Jersey Central sold at the opening on
March of 20 points. Just at the close il
rallied a point Much was made also by
the bears of a statement by Senator Gull
lom. chairman OF the Senate committee on
interstate commerce. that there was no
chance of the passage of the pooling bill at
sold off in consequence. losses reaching
2k in the case of Burlington * Rock Island,
ana "a In Omaha DECLINES Of a point or
General Electric. Pacific Mail. Tennessee
Coal Leather preferred, Western Union.
Canada Southern, Cleveland. Chicago.
Cincinnati & ST. Louis; Atchison preferred
fiuctuated quite widely on manipuIative or
ders, rising pa. losing Ia and rising again
is. Consolidated Gas and Lake Shore rose
= and Ia. respectively. in the last trading.
but soon reacted 21s and ia. respectively.
The closing was weak, net losses averaging
a point in the standard shares.
Trading in bonds was in small volume. but
n firm tone was manifest and most of the
leading issues made slight progress towards
a higher plane The ST. Louis outhwester
issues again attracted attention by wide
variations on a lower range. the seconds
losing IL per cent The sales were $4,000.
Government bonds continued TO display
strength. but the higher range failed 10
elicit offerings and transactions were re-
SrrfgrQ6 tn purchases OF SllNN of the old
tours.
The following table. prepared by l. w. Louis.
Room IL Beard OF Trade. shows the range of
quotations.:
Omen High Low Gins