The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-20
GOOD DAY FOR BEARS
ATTACK ON THE STOCK MARKET
GENERALLY SUCCESSFUL.
IndusrrfaIs Were Most Prominent
Among the strong ShaFes-LOcai
Markets Under the Weather.

At New York. yesterday, money on call
was easy at 11sQ2 per cent; last loan, IA;
closed at 1%4
Prime mercantile paper. 3AG4 per cent.
Sterling exchange was steady. with ac-
traI business I'm bsnkers bills at &.S7Q4S7A
for demand and at sLS5hN4s5A for sixty
days; posted rates. si.sea4.ss1k and $4-Ss9
ASA; commercial bills, $4.Sfle44.S4&.
Silver certificates. 629s@62Ac; bar silver,
62%c: Mexican dollars. 1870. At London
bar silver closed at zS7sd per ounce.
Total sales of stocks were lie 266 shares.
Including: American Tobacco ~; Amer
lean Sugar. $500: Burlington. .. o: Chi
cago Gas. trust receipts, p. 100; Cleveland,
Cincinnati. Chicago & st. Louis. $500; Man.
haitian Consolidated. 300: New York Cen
trail. 5000; Northwest. $500; Northern Pa
cifc. 900. Northern Pacific preferred.
$500: Omaha, 1900; Reading. $500; St. Paul.
1890; Western Union. 3,4c0: Southern Rail-
way preferred. 400; New Jersey Central,
LEO.
Sales Of stocks on the Stock Exchange
yesterday were less by over 100. 600 shares
than they were Thursday. The bears sue
ceeded in their enterprise OF efecting a
general decline in prices. but the offerings
of stocks were soon exhausted on the de-
cline and there was no market to speak of
left. The course of prices was extremely
irregular all through the early part of the
day. but the tendency seemed 10 be
towards a higher level. the industrial
rather inexplicable in view OF the unfavor-
able results prophesied for the industry
under the proposed tariff. Chicago Gas adj
vanced 1, and Rubber preferred, after an
initial break OF Ia. recovered the loss. The
railway shares. also rose pretty uniformly.
though to a fractional amount, under a
continuance of the good buying of the last
few days Depressed prices for Americans
IN London and small sales for foreign ac-
count OF international shares did not affect
prices generally. After midday, however,
a r~eactionary tendency set in, which gath
mately carried prices TO the lowest level
of the day. The bears chose for their at
coal shares and some of the industrials.
The cOalerS weTa Vulnerable 10 attack ow-
ing to the decissston in the trade and TO
the reports Set IL circulation that the
spring circular Of prices would announce a
reduction Rumors were also set afioat
accounts of the Lehigh Valley was discov-
ering an unsatisfactory condition Of af-
fairs. There was also an apprehension of
cate of the Reading reorganization. which
would throw large amounts OF that stock
governors of the Stool, Exchange had an
nounced a termination of the contract with
the Gold and Stock Telegraph Company,
which supplies the ticker service, caused a
recession q the price of Western Union,
which controls the Gold and Stock Com
pany. The loss iE the price was ia per
cent. OF the c~oalers. New Jersey Central
suffered most. falling 3%s. The following
shows the range of the declines in some OF
the other stocks: Northwestern. 1ss; Chi
cago Gas. rs: Omaha. IA; Cleveland. Gin
cirnati, Chicago * St. Louis, rs; Consoli-
dated Gas, IA; Delaware * Hudson, 11a:
Manhattan, Ia; Leather preferred. 2h, and
Lead, Ia. 1t will be observed that the
Vanderbilt and Gould properties, which
have been conspicuously strong of late, did
not escape the reactionary tendency of the
market Unfavorable reports of trade con-
ditions caused the fall in Leather preferred.
The market closed weak, and with very
material losses in many shares.
Bond values were irregular on moderate
dealings, but a fairly good undertone was
apparent and striking gains were registered
In some securities which have lacked eff
fecttve support of late. The market broad
ened appreciably and the active mortgages
were practically neglected. The sales were
N,l24.VW. The more noteworthy changes
were: MISUNDERSTANDING Rope incomes.
la, and Rock Island debentures, fives. IL
per cent. Declines-Toledo, Peoria Il West
ern. firsts, as; Toledo d Ohio Central. 3:
Chicago. st. Louis * New Orleans, ives,
1s per cent.
Government bonds continue to display a
r~eactionary tendency on slight offerings.
Tie sales were $50, coo.
The following Table, prepared by L. W.. Louis.
quotations: