The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-06
STOCK PRICES SAGGED
REACTION SET IN AFTER THE GOOD
BUSINESS OF TUESDAY.
Only Three Shares Took Active Part
in the Dealings and Demand Light
Local Trade Better.

At New York yesterday money on call
was easy at 11aG2 per cent; last loan, ~;
closed, 113G1A per cent.
Prime mercantile paper, 31aa4 per cent
Sterling exchange was weak, with actual
business in bankers bills at $4.SG4S11s for
demand and $4.S5a4@4S6 for sixty days;
posted rates, $4.S61s@4S7 and $4.SSQ4. ssh;
commercial bills, $4.S5G4S5A.
Silver certificates, 611sG613sc; bar silver,
60Bc; Mexican dollars, 474c. At London
bar silver closed at 27 15-16d per ounce.
Total sales of stocks We're 157,347 shares,
including the following: American Tobacco,
$500; American Sugar, H,S0O; Burlington &
Quincy, $500; Chicago Gas, % 100; Delaware
& Hudson, 1900; Louisville & Nashville,
3400; Manhattan consolidated, 5000; Mis-
souri, Pacific, 1900; st. Paul. 10000; Tennes-
see Coal and Iron, $500; Western Union.
$500.
Yesterdays stock market was reactionary
throughout and very many stocks show
loss of point or over on the days trans
actions, the gain of Tuesday being for the
most part lost. The activity of the deal
ings was also considerably diminished the
total of the shares sold being some $4,000
less than Tuesday. OF the sales nearly
half were of Sugar and Chicago Gas. Out
side of these, Western Union was the only
notably active stock the list. The Gould
stocks, all of them, and the coalers welded
depressing influence to some extent the
former seeming to be totally lacking in re-
siliency until the final transactions of the
day, when they rallied fraction. There
was what looked like liquidation in all of
this were set af1oat to help on the decline.
The turbulent rush to cover of the shorts
Tuesday night left that interest largely de-
pleted in yesterdays market, and there was
There
besides, the natural reaction from Tues
days upward rush of profit taking. The
lower prices for Americans in London
helped the decline to some extent, though
not fully to the London parity until that
market had sold several thousand shares
OF the leading international stocks in the
New York market. These We're all con-
tributory causes to the depression. But the
principle motive of the selling was I'M
doubtedly a modification of the view held
Tuesday. that the tariff bill was assured of
a speedy enactment into law. Reports
found currency early in the day of express
sions of dissatisfaction with the bin by
prominent members of the House of Repre-
scnatives and especially of determined hos
tility to schedules which are viewed with
most interest in Wall street. Seeing the
tenderness of the market the traders en-
parked on a selling movement to discount
the defeat of the Anglo-American treaty in
taken when the market closed There was
no evidence in this of any deep seated tim
fdity on the part of capital lest the defeat
OF the treaty should lead to international
complications. 1t was rather a maneuver
or present traders. which effective in a
narrow market and which was based on
Supposition that London will sell American
securities on the defeat of the treaty The
day was marked by a further decline in the
rates of sterling exchange, demand touch
ing $i.S7 and sixty days "a. S5s4 and the con-
scquent subsistence of apprehensions of fur
Their gold shipments on Saturday which
are now considered highly improbable
RumorS of an agreement by an exchange
house not to ship more gold We're denied
but there was coupled with ii the state
ment that further shipments were not like
~ this week. The gain in gold of S245 900
Iuesday was further factor in dispensing
extreme declines, which show net losses ap-
proximately in most cases, were: Sugar
rs; Tobacco 11a Western Union, "a Man
haitian, rs; Missouri Pacific 11a@1s4 which
4 lowest on record; Delaware q Hudson
rs, and New Jersey Central 49, The aver
age loss on the leading railway shares was
"a chicago Gas was strong in face of the
market and rose III but reacted a. Brook
!yn Union Gas also gained ~ on the sign
5ng or a hve-year contract with the CITY
Lead jumped 1l2 on the schedule in the tar
III phi anecting 1t, but lost the advance.
Inc trading in bonds was moderately ac-
i've, with slight concessions general in the
speculative issues. Business was largely
restricted to the principal liens with
safes or AtchiSon issues by continental in
IereSts quite marked. The sales were 81
governments We're slighterfrm in tone,
win the total sales aggregating $4,000.
The following table prepared by L. W. Louis
hoon, H. Board OF Trade. shows the range OF