The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-25
A SUPREME COURT LEAK
ENABLES PROFESSIONALS TO MANIP-
ULATE STOCK MARKET.
Decision in Interstate-COmmer Case
BOOms RaiIways-LOcaI Markets
Under the Weather.

was easy at 11441h per cent; last loan,
112 per cent; closed, 114q11a per cent.
Prime mercantile paper, 31z14 per cent.
Sterling exchange was easy, with actual
business in bankers bills at $4.8714.S74 for
demand and at $4SSG4.S6A for sixty days;
posted rates, $4.S7Q4SS14; commercial bills,
$4S5
The New York Tribune says: Money
lies in abundance at this center, but there
is no demand for it; at least, the demand
is too small to have appreciable influence
on bank holdings, and the constantly in
creasing deposits and stagnation in loans
have led bankers to discuss the question
of further bank consolidation on lines SINH
lar to those entered on by the Third Ma
tionaI Bank and the National City Bank
Under existing conditions &. many banks
serve only as storehouses for money, with
out enough loans to make the business
profitable"
Silver certificates, 6O1s9609sc; Mexican
dollars 479sc. At London bar silver closed
flat at 21fsd per ounce.
Total sales of stocks were 100 SIG shares,
including: American Sugar, 500; Burling-
ten & Quincy, $4,000; Manhattan Consoli-
dated, 300; Northern Pacific preferred, g.
800; Omaha, 300; Rock Island, $500; St
Paul 20,100; Western Union, $780, New Jer-
Sey Central, q 600.
Yesterdays rally on the New York stock
E:arket was attributable to the decision of
the Supreme Court in the interstate-com-
merce case. The. market had derived
strength last week on rumorS regarding
this decision, but it sold off again this
morning before the decision was announced
on account Of doubt being thrown on the
reliability of last weeks information. In
ali the early dealings the hand of the pro-
1essional trader was plainly evident. The
morning was given over to depression on
ha no Mob eli,
lmum ffelght-rate case would not be de-
cided by the Supreme Court until fall, the
decision IN the interstate commerce being
also IN doubt 1t is an illustration of the
Inconsistency and of the professional
traders working for a short turn in the
market that in the upward movement that
resulted on the decision of the Interstate
commerce case, the postponement of the
Nebraska case was offered as a bull argu-
ment on the ground that the lower court S
injunction stands and will stand until the
decision OF the court in October. 1t is also
pointed out that the special session of the
NEBRASKA Legislature to correct the law
which was in contemplation in event of its
validity being denied, will now be avoided
The gold shipments announced for TODAY
amounting TO 81, 100000, also had depress-
ing influence in the early trading, as the
amount exceeded considerably what had
Deen anticipated There was also news of
5Crther shipments in contemplation for
later in the week. The constituencies
shown by the exchange market to the Of
fer of bills against the gold offset to some
extent the bad effect of the export Low
er prices in London also had its influence
on the early heaviness, and the renewed
attack on New Jersey Central affected the
market to some extent Quite an I'M
Wonted degree of buoyancy and animation
was impaired to the market by the Su-
preme Courts interstate-commerce deci-
sion. This is regarded the most impor-
tant decision in its effects on railroad val
ues since the transmissouri decision
Part of the strength impaired to railroad
stocks by this decision is due 10 a belief
that 1t will serve TO hasten the enactment
of law by Congress to authorize pooling
with the required approval OF the Inter
agreement to make it binding. The early
heavinesS had carried down pretty
much the whole market, the decline ex-
tending to IA in Burlington. which was the
leader of the market in point of activity
This stock also derived the greatest ben
eft from the rally, the gain being 2l5 per
cent. The following stocks also rose a
point or more from the earlier low prices
Atchison preferred. c., c., c. & St L.
st. Paul, Rock Island, Omaha Lake Shore
L. q N, Manhattan, Northern Pacific pre-
ern Union, Leather preferred Sugar, To-
bacco and General Electric. New Jersey
Central declined IL in the early depres-
sion but gained ga on the covering move
ment, Delaware & Hudson rising ~ in
sympathy. American Spirits lost rs on
the day. Chicago Gas was quite cratic
but gained a sharp net fraction. The clos
ing was strong and buoyant and generally
at top prices.
The bond market ruled moderately active
with a tendency towards higher prices
which became quite marked in the closing
dealings among few speculative issues
The gains generally did not exceed frac-
tionai limits, with sAtchison adjustment
fcErs conspicuous for gain of / per cent
The sales were $4,000. Government bonds
We're duh, but showed strength in late deal
ings.
The following table, PREPARED by l.. w Louis
quotations: