The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-24
STOCKS ARE DEPRESSED
ANTI-RAILROAD POOL DECISION
Observation-Disclosures.
Both IndustriaIs and Changers suf-
fered DecIines-LocaI Markets
More Active.

AT New York. yesterday. money on call
was easy at 1Izn1A per cent; last loan' l2;
closed. 111Q1A per cent.
Prime mercantile paper, 312a4 per cent.
Sterling exchange was firm. with actual
business in bankers bills at A.SI44i.S1R for
demand and S4.s524@4.s6 for sixty days;
posted rates, '$4.s6d4.s61a and A-sS13: COM
mercial bills. A.S4&.
Silver certificates. 63lsc: bar silver. 63c:
Mexican dollars. 4ss4c. At London bar sill
yer closed at % 15-16d per ounce.
Total sales of stocks were 2l6.649 shares.
including the following: American Sugar.
81. 900: Burlington & Quincy. 2o.1O0; Chicago
Gas Trust receipts. 1890; Louisville IL
Nashville, 1000; Manhattan Consolidated,
$500; New York Central. $500: Northwest
ern. 500; Northern Pacific preferred. $500;
Omaha, 10000; Reading. 10000; Rock Island,
$500; st. Paul. 20. 200: Western Union Tele-
graph. $500: New Jersey Central. 20.JO0;
silver certificates, 5000.
The bears were rampant yesterday on
the Stock Exchange and were in absolute
control of the market. Everything on the
list was more or less depressed and several
of the stocks. which were most effective
in sustaining the market in face of the sew
eral efforts made last week by the bears TO
raid il, were foremost in yielding to the
pressure. The decisive influence in effect
ing the decline was the apprehension ex-
cited by the decision of the Supreme Court
at Washington, Monday, holding that the
Transmissour Freight Association was lille
gal under the terms of the Sherman anti
trust law. There is doubt whether. under
this decision, any agreement between rail-
roads for division of traffic and mainte-
nance of rates will be held lawful. There
many nrOnertioS listed that have hopn
sufferers from indiscriminate rate-cutting
and competition for business. The anthra-
cite coal group is a notable example and
the shareholders base their hopes of inn
provement in the value of the properties on
the restriction of competition b. agreement.
The OHIO soft-coal roads have also been
victims of unrestricted competition to a de-
gree that has brought about a number of
receiverships. Trafnc agreements are, in
TACT, felt TO be a very important element
in the prosperity of ali railroad properties.
The industrial stocks did not escape the
effect of Mondays decision either. for its
affirmation. by inference, of the validity or
the Sherman law, is felt to confirm an Ell
fective instrument against some OF the
combinations of capital.
As a consequence, there was no support
accorded the market. Contrary to recent
conditions, business was all done on the
downward course of prices, and when prices
steadied for an interval, while owners with
held their property for a rise. business i'm
mediately SUNK into stagnation. This weak
condition of the market aggravated the eff
- oa(h 90
the continued slump in New Jersey Cen
trail. There was an enormous liquidation in
this stock and there seemed TO be an entire
lack of support in 1t. There was much long
stock thrown on the market and stop
orders were uncovered on the decline. The
extreme fall OF the stock was IA, with sub
sequent recovery of l on covering. The
other coalers were not affected more than
the general list. Reading common and first
and second preferred each losing /. and
Delaware * Hudson, q. The only favOra-
bic feature in the market was the Increased
- a 9TH of rofo nnrEn4 1n,n r4-.a
tional stocks were, in consequence, less de-
pressed than the average decline. Chicago
Gas seemed an exception to the downward
course for a time, but later yielded Us.
The vanderbilt stocks, which have shown
exceptional strength for some time past.
showed the effect of extensive profit-taking,
especially in New York Central and omaha.
The declines in the group Were: Omaha.
ern. ia: Cleveland, Cincinnati, Chicago &
ST. Louis. Ia; Illinois Central. /: North
western, Us. Burlington led in decline in
lost rs and st. Paul, IA. Manhattan was
unfavorably affected by a judicial decision
unfolding the rapid transit law, and fell
IL. recovering the fraction. Sugar yielded
TO the unfavorable Interpretation of the bal
ance sheet. as published for last year. and
sold down 2ls. Consolidated Gas fell Ia
and American Spirits preferred ~. West.
ern Union showed exceptional resistance to
made a full recovery of its loss of a point
Minnesota Iron sold at 4212, as against IS at
the preceding sale. Some covering and sup
Julius Oidcio III Tit ND uedilnSS made
the close irregular. New Jersey Central and
Western Union achieving their recovery at
that time. The undertone was, however
decidedly weak.
The bond market ruled lower. in SYM
pathy with the depression in the stock mar
ket. but the losses were mainly restricted
70 a fractional limit. The sales We're
81. sos. 900.
Government bonds continue to sag on
moderate offerings. The sales were S33. 600.
The new Lake Shore 3a per cent. 100
year gold bonds. by announcement of the
purchasers made to-day, are offered to
holders OF the present Z per cent. Lake
Shore bonds in exchange, the new bonds
being stimate at a price of 1922 and the
price of existing bonds being computed on
a basis or 32 per cent. annual interest,
payable semi-annually, as of June l. 1897.
The new 32 per cent. bonds 10 the stated
xl.oo0 of the following old issues: Buffalo a
Erie. due April 1. 1898. s1,014.70: Lake Shore
Railway Company. due April /. 1899. 81. 47.O2:
Lake Shore * Michigan Southern consols'
coupons. due July 1. 1900. 81. 102 9S: same is
sue registered S,0So.91; Lake Shore & Mich
lgan southern seconds. due Dec. L. 1903.
sllszS5. The exchange is TO be of June l.
10. from which date the new bonds will
Dear interest. The new bonds become a
first lien as fast as the old mature. and
until then the existing bonds will be held
Dy the trustee of the new mortgage and
kept alive as additional security for the
new bonds. Existing bonds are to he dc.
posted with a trust company until the new
bonds are issued and exchanged.
The following table. prepared by l.. w. louis.
Room II Board of Trade. shows the range OF
quotations.:
CHen- High Low Clos