The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-20
GAS TRUST IN THE LEAD
ABSORBED A GREAT BULK OF DEAL
INGS ON STOCK EXCHANGE.
Prices TumbIed HeadIOng at One
Period During the Day-LOcaI
Markets Steady.

At New York yesterday money on call
was easy at 1Aq11a per cent; last loan,
1A per cent; closed, 14@1k per cent.
Prime mercantile paper, 312d4 per cent
Sterling exchange was steady with actual
business in bankers bills at $4.S714Q4S71a
for demand, and at $4.S6lsQ4.S6 1914 for sixty
days; posted rates. $4.S7 and $4SSQ4. SS1a 1;
commercial bills, S4.S512.
Silver certificates, 60Qs015c; bar silver,
6O4c; Mexican dollars, 47Q4Sc
Total sales of stocks were It's, SCI shares.
including: American Sugar 5000; Burling
ton & Quincy, IA, 800; Chicago Gas trust re-
ceipts, 81 700; Delaware & Hudson, 5000; St.
Paul, IL 600; Tennessee Coal and Iron, 5000.
The firmness shown by many standard
shares in the rather stormy vicissitudes of
yesterdays stock market was quite remark
able considering the existence of two such
centers of depression as New Jersey Cen
trail all day and Chicago Gas in the late
dealings after the receipt of news of the
defeat in the Illinois Legislature of the bill
permitting consolidation of the gas COM
panes. To estimate the extent of influence
that might have been exercised on the gem
eral market by these two stocks it must
be considered that they absorbed over
$1,000 out of a total of 10000 shares dealt in
on the exchange for the day. Chicago Gas
alone being credited with $1,000 shares. A
largo proportion of these sales was made
in the last hour and a half of trading, and
enormous blocks of stock were unloaded
with precipitate eagerness, which had been
bought in the conviction that the CONSOLE
dation bill would succeed. The price which
had advanced point in the morning tum-
bled headlong 3ss per ceny., with no check
to the decline until the lowest point was
reached, when there was a feeble rally
The decentralization in this stock was in a
whole
did, in fact, carry prices generally below
the close last night and wiping out the
gains of the earlier part of the day. But
a final rally in the market brought many
prices back near to last nights close or
was a center of depression all day and sold
off 2Ss, with only a fractional rally at the
close, carrying with it Delaware g. Hud-
son, which lost rs. Reading & Lacka-
wanna, however, showed a net gain the
day. Notable declines in other stocks were
a point in Sugar and Manhattan, and III
Iron. There were other losses, but they
were small and many standard shares We're
on q level with or above last nights close
The days trading, though still narrow, was
marked by a notable undercurrent of
sstrenigthi based partly on the apparent a1eI
and Greece and partly on a conviction of
reasoning that the administration at Wash
ington had determined against any radical
steps in regard to Cuba The outward gold
movement is no longer viewed with such
marked apprehension as at first on account
of the evidences that ii will be restricted
to moderate proportions There was a
slight hardening tendency to exchange dur
ing the day, showing that bills We're being
slowly absorbed in spite Of very light
demand. The gold export for the week is,
however, expected to be small A rise of
Ia in the price of ST Louis & San Fran
cisco. first preferred. on rumors of an APP
preaching dividend declaration. was one of
the features of the day. Norfolk & Western
preferred also rose Ia, but lost most of the
advance
Railway and miscellaneous bonds were
without essential change in value, although
q decidedly firm undertone apparent.
Business was moderate, with operations
largely restricted to the prominent issues.
The sales were 1881. 000 Government bonds
showed an improving tendency in the fore
noon, but subsequently eased off. The
transactions aggregated $500.
The following table, prepared by j.. w. Louis,
Room II. Board of Trade shows the range of
quotations: