The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-25
BOTTOM OUT OF STOCKS
BEARS TAKING ADVANTAGE OF THE
SUPREME COURT DECISION.
Being Benefited-LOcai Mar
kets More Quiet.

49, 10y - ~ LII -1N t
III; closed offered at IL.
Prime mercantile paper. 311zq4 per cent.
Sterling exchange was firm. with actual
business in bankers bills at $4.S7Aa4S71a for
demand and at s4.S5Aa4s6 tor sixty days;
posted rates. s4.s6a4.S612 and $4.SS@4SS12;
commercial bills, $i.S4A.
Bar silver. 625sc; certificates, 63Ac; Next
can dollars, 4s13c. At London bar silver
closed at 2sAd per ounce.
Total sales of stocks to-day were 337. sos
shares. including: American Tobacco. 900;
Atchison. 1890: American Sugar. AZ. 400; Bur-
lington. 200; Chicago Gas trust receipts,
1890; Cleveland. Cincinnati. Chicago x st.
Louis, 3.S0O; General Electric, 4.sOO; Louis
Vile & Nashville, 10000: Manhattan, 500;
Northwest, $3.50; Omaha. 500; Reading.
1850; Tennessee Coal and Iron. $500; New
Jersey Central, 1850.
The decision of the Supreme Court affirm
ing the illegality of the Transmissouri
Freight Association under the Sherman
antitrust law occupied almost exclusively
the attention of the dealers of the stocks
and bonds to-day. That there was good
ground for the apprehension expressed of
the effects on values of railroad properties
of the decision was obvious from the char
acter of some of the selling; but there was
also palpable exaggeration of the fears of
the traders with a view of depressing prices
for the benefit of those short of stocks.
The extent of the activity of this element
and their interest in it was shown by the
lively movement TO cover at the low point,
which worked a rally at the close of the
day. resulting in a few cases in a full re-
covery OF the heavy declines. The same
thing occurred very soon after the OPEN
ing. at which the bears started in to raid
the market with great energy and deter
mination. Judging from the reports that
were Kept in circulation by this short in
terest, one would have supposed that a
maintain rates had occurred without the
parties even waiting to see the text of the
roads were entering forthwith on a disas-
trouS war OF rate cutting. The Joint TRAFFIC
Association, on the contrary. has deter
mined 10 maintain its existence pending the
appeal or the case to test its legality, which
now stands In its favor by decision of a
Circuit Court. There is little confidence
expressed that this decision will be sus-
tained by the Supreme Court on appeal.
Inc opinion seems to be general that
any other railroad agreement to maintain
rates and divide traffic can stand the test
OF the Atchison and the Burlington in Civ
Ing notice of withdrawal from the associa-
lions OF which they are members fore
Swallowed the dissolution of those associa-
tons and made the grangers and South
westerns especially weak, the desire 10 sell
all railroad stocks being very manifest.
There is no doubt that a large amount of
long stock was thrown on the market i'm the
days trading. and that owners of securities
take the most serious view of the inhibition
against rate and traffic agreements con-
tained In the Supreme Courts decision.
The grangers and Southwesterns. as being
Immediately affected. showed the heaviest
declines. as follows: Burlington. 2s:
rs: Louisville & Nashville. 2as: Kansas &
Texas preferred. Ia; Atchison. q; Atchi-
and Omaha. 21s. other losses were: Gan ne,
da Southern. 1: Cleveland. Cincinnati. Chi
cago * St Louis, "a Denver & Rio Grande
preferred. ll2; Illinois Central. /; Sugar
rs: Sugar preferred. IL: Chicago Gas H..
General Electric. III: Lead. /: PACING Mail
rs; Tennessee Coal and Iron. 10: Spirits
preferred. Ia. and Western Union rbs
anthracite coal group displayed a quite
surprising resistance to the depression in
the market, only New Jersey Central and
Reading first preferred yielding over a frac-
ton. the former l and the latter IL. New
Jersey central rallied 212 at the close on
shown In the February statement. The ac-
uvity became very marked in the closing
dealings and there was quite a scramble
10 cover. Burlington recovered L: North
west: III: 81. Paul. Is: Rock Island. rs:
Atchison. 1; Cleveland. Cincinnati. Chicago
* 81, Louis, is; Sugar. 115. and Il. &. q j..
lT. Notable declines occurred i'm Lake
the preferred selling at OA. as compared
Win tne previous transaction at as. and
losing 4. and regaining l12. The exceptional
SHARES which showed a gain on the dav.
thouSh II was only fractional. We're: To-
pacSo. =, e x ST. L., Consolidated Gas,
L~tddcka"anha Standard Rope. Missouri Pa
Sinc, Heading. Leather preferred and
MhSellng * Lake Erie preferred. The
ueaihgs were heavier than on any day
boring $50. O0o. NO'u ""H-
Halfway bonds were quite active. and
showed general concessions i'm symnafhv
%ldn the unsettled character of the stock
sp~sculaton. The fractional losses were
quite UNIFORM iH the speculative issues. and
III some OF the middle-grade issues i'm which
marked strength has been apparent of LATE
noteworthy declines occurred narticulariv
IN st. Paul general fours. Which, Ios, ~
per cent Sales, 81. sos. 900. "a
Governmsnt bonds traded lower on first
Sal' Dut subsequently stiffened a fraction
Tor the new tours on purchases of s0 00
The following table. prepared by T w Io,,s
Rocm ii Board OF Trade. shows the range oS
quotations: N range OF