The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-13
STOCK PRICES SLUMPED
WESTERN UNION AND OTHER GOULD
SHARES ARE HAMMERED.
European Politics Figure for a Large
Share of h InHuence-LOcal Mar Z
kets Show

At New York yesterday money on call
was easy at 11zQ4 per cent: last loan, IL;
closed offered at IL per cent.
Prime mercantile paper, 312d4 per cent.
Sterling exchange was firm, with actual
business in bankers bills at s4s1G4.s71a' for
demand and at s4.ssg4s6A for sixty days;
posted rates. A.s61HG4S7 and $4.SSd4.SS1a;
commercial bills. S4s5.
Silver certificates, 62d62Ac; bar silver,
62hc; Mexican, dollars. 4S1zc. AT London
bar silver closed at % 7-l6d per ounce.
Total sales a stocks were 14O,517 shares,
including: American Sugar. 800; Burling-
ton. $500; Chicago Gas Trust receipts. &c. 500;
General Electric. $500; New York Central.
$500; Reading. 1920; st. Paul, 100; Ten
nessee Coal and Iron, 1900; Western Union,
3, 100; New Jersey Central $500.
With the exception of a rally in prices
shortly after the decline at the opening
the course of prices on New York Change
yesterday was very generally downward.
The course of affairs in southwest Europe
was a potent factor in discourag,ng trading
and some private cable advicos received
in the street painted a more alarming con-
dition Of affairs than was reflected from the
foreign exchanges The trend of the market
downward brought realizing sales in some
OF the stocks that have enjoyed the great
est gains of late. This was totally true of
Chicago Gas. which rose "a after the OPEN
ing and which subsequently declined l per
cent. on taking profits. the sales reaching
an aggregate OF over 5000 shares and lead
ing the market. The local gas stocks were
sold down with the same purpose. CONSOLE
dated Gas losing "a and Brooklyn Union
1A2- American Spirits, common and pre-
ferred, also declined on realizings, the
former rs and the latter q. Sugar secured
a reduction of n in the price of refined
sugar aroused fears for the expected profits
10 the company from imports of raw sugar
N 2n1IGIn1Itnn OT the 4 riff and rhn too
sold off rs. The closing, however, was
practically unchanged. Quite a notable GEN.
nessee Coal and Iron, which lost Ia on
the report of a threatened strike on account
OF a cut In wages growing out of the con-
tinued low price of the product. Holders
of Western Union stock seemed to have
an early intimation of the coming decision
OF the Supreme Court, which was not an
nounced until later in the day, and which
against the Bell Telephone Com
ern Union. Fears were Expressed by the
sellers that the result would be increased
the telephone company and this had the
effect of driving down the stock IL after an
early gain OF Y. This seemed to open up
a decline in the Goulds. extending to a
point i'm Manhattan and a fraction in the
southwestern railroads of this ownership.
which also had to contend with some un-
favorable reports of earnings for the first
week in April. Reports of Increased earn
ings for Kansas * Texas and Texas &
LatHhC tAC hOl ICC%lNtu unlii near the
close and so were without effect on the
trading.
The coalers We're subjected TO heavy pres
sure after an early rise of 3. in New Jer-
sey Central. The bear argumen was that
heavy damages had been done to the COM
pany's collieries by floods. a fall OF H. was
brought about in New Jersey Central, Lack
awanna. Reading common, first and sec
onds preferred. and of 81 in Delaware a
Hudson The sales of Reading were not
ably large. Declines were quite general in
the railway list. the grangers. Southwest
erns. Vanderbilts and internationals all
showing symptoms OF depression, but the
losses not exceeding a fraction i'm any case.
Louisville x Nashville held notably firm on
the strength of an increase of earnings in
the first week in April of over so. ZOO. Al
though the total volume of dealings was
somewhat small. a survey OF the list shows
them we'll distributed in small lots. The
closing was weak at the lowest point i'm
most cases and at general net declines.
The bond market eaSed off in sympathy
With the downward trend of share values.
orado Midland firsts. which reacted . per
cent, as compared with the previous sale.
The dealings developed little feature and
We're largely confined to the prominent is
sues. The sales were 1863. 900.
Government bonds displayed a hardening
tendency ON the first call. but later sagged
signify The sales We're $4,000
The following table, prepared by L. W. Louis.
quotations..