The Indianapolis journal., 1897-04-15
LIVELY DAY ON CHANGE
BULK OF THE TRADING IN CHICAGO
GAS AND SUGAR TRUST.
New York Central Refunding scheme
Played by the BulIs-LOcaI Mar
kets Firm and Higher.

At New York yesterday money on call
was easier at lA41& per cent; last loan.
1lz: closed. 11zGf1z per cent
Prime mercantile paper, 3izd4 per cent.
Sterling exchange was steady, with actual
business in bankers bills at s4.s74%4s71a for
demand and at s4.s6a4s614 for sixty days
posted rates. s4.s61a@4s7 and s4sSq4. .ssIe ;
commercial bills. 81. S5L.
Silver certificates, 62ds21zc: bar silver,
&c: Mexican dollars. 4s1sc. At London bar
silver closed at IS 7-1ed per ounce.
Total sales of stocks were 23O 247 shares
including the following: American Sugar
$500; Burlington & Quincy, IA, 4Oe: Chicago
Gas. trust receipts sc. 200: Delaware & Hud-
son. $500; Manhattan Consolidated, 1900
New York Central 14.7O0 Omaha. 4.sOO
Reading. 10. 100: Rock Island. 500: st. Paul
1880: Tennessee Coal and Iron, 1900: New
Jersey Central. Z. 800.
The appearance of awakened interest
in stock dealings on New York Exchange
yesterday was apparent rather than real
The total sales ran up TO 10000 shares. but
Chicago Gas and Sugar absorbed 122 900
shares of these Chicago Gas being the
leader with over 5OC0 shares. and Burling-
ton. St Paul. New York Central and Read
Ing weie credited with nearly $1,000 more.
Even in the matter of small dealings the
market lIcked BREADTH many stocks usu-
ally on the active list showing no sales
Missouri Pacific and Lackawanna being ex-
amples. The heavy volume OF dealings in
me specfalt1eS was almost wholly profess
Sfonal and outside interest," i'm the market
was practically nil. Whatever blovancv
tnsre might have been latent I'm the market
after TUESDAY nights close received an
eHectlVe check in the heavy liquidation I'm
Sugar and Chicago Gas. which became
manifest from the opening of the market
yesterday. A further reduction in some
grades of the refined product seemed to
dash the hopes of those who have been cal
ported I'm anticipation Of the tariff Re
ports We're also circulated of the illness of
ieddIng official of the company. Enor-
nous blocks of Sugar stock were offered
for sale. one lot numbering 25OO shares and
several thousand shares each. The prire
went down by Jumps under this heavy
bombardment. What has been counted an
inside support OF Chicago Gas was also
withdrawn in the face of the large offer
lngs of a prominent operator. whose exam
n feeling of skepticism became current re-
9arding recent reports of the certainty of
irhnnr: 1ahvoranie Die legslative action in Illinois
day, but .he decline again set i'm on the re-
ported intention of a legislative committee
by law the charges for gas i'm Chicago to 80
cents. The heaviness in these securities af-
fected the whole market more or less.
though many railv ays held firm. Reading
continued to be something of a drug ON the
market. but support seemed to he forth
coming for the securities OF this company
1he shares of the iron companies also
rejected the unsettled condition existing
IN this industry. Short selling was also I'm
evidence to assist the decline. This tenden-
cy received decided check at one period
Tone was impaired To the coalers by the
support in Reading. the strength i'm Lehigh
Valley in ths Philadelphia market and the
m no rt~I..
investigation of Lehigh & Wilkesbarre i'm
pennsylvania. The long-heralded announce
ment; officially promulgated. OF a contract
OBSERVATION-DISCLOSURES gold bonds by the New
York Central and of $4,000. 600 of the same
class of bonds for the New York & Harlem
nad stimulating effect on the whole mar
ket. Prices went to the highest of the day
on the rally and quite generally showed
was some natural reaction i'm view of the
fact that the New York central refuniing
plan with It's saving of fixed charges had
long been discounted. The fact that only
sS9,OOO.OeJ OF the issue WAS To be applied To
refunding. while s15 900. 900 was to be sold
Tor new construction after 1903. awakened
lowed to the reduction i'm fixed charges TO
result from the refunding. This doubt was
rejected In quite "A sharp reaction i'm New
these being the only Vanderbilt properties
IN which there were dealings of any imDor-
tance. The net result of the irregular fiuc-
tuations in Chicago Gas and Sugar was a
loss of -. in the former and i'm the latter
The notable gains on the rally We're. Rur
iington. /: Delaware q Hudson and New
Jersey Central Ia: Manhattan /: New
York Central. y. and Omaha IS The final
reaction caused losses as follows: R,.r
lington. IS Delaware K Hudson. 1. New
Jersey Central. 1ss; Manhattan. u; New
York Central, Ia. and Omaha 1is. Minueso
Ia Iron suffering net loss of points
FirmnesS characterized the bond specuIa-
tton. which was rather quiet. The sales
aggregated only $777Oc0.
Government bonds ruled firm and a
shade higher on purchases of ST.. 2.00L
The following table. prepared by L. w louis
Room IL. Board OF Trade. shows the range OF
quotations;