The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-12
SETBACK FOR STOCKS
WEAKNESS STARTED A DECLINE
AND WEDNESDAYS GAIN LOST.
Heavy Slump in Gas Trust, and Sugar
the Lowest I'm Months - Local
Markets Active and Firm.

At New York, yesterday, money on call
was steady at 118Q2 per cent; last loan, 2;
closed at 112G2.
Prime mercantile paper. 1904 per cent.
Sterling exchange was firm, with actual
business in bankers bills at 81. S514d4S513 for
demand and at s4S2kQ4S2A for sixty days;
posted rates, s4.SS1904S61z; commercial bills,
$4a%.
Silver certificates 5715G5S1ac; bar silver,
573sc; Mexican dollars, 45c. At London bar
silver was steady at 2G5sd an ounce.
Total sales of stocks were 2S7,710 shares.
including: Atchison preferred, 1880; Chi
eago, Burlington & Quincy, 23,7O5; Louisville
& Nashville, II, AS: Manhattan, 300; Mis-
souri, Pacific. 9,976; Missouri, Kansas &
Texas preferred, 300; New Jersey Central,
1850; Northern Pacific preferred. S435;
Northwestern, $3.50; Reading, $50; Rock
Island, 1921; St Paul, rs, 790; Southern Rail-
way preferred, 1855; Union Pacific, $3.50;
American Tobacco, 7,7Se: Bay State Gas,
Ass; Peoples Gas, IT, 30; Sugar, ca, $780, Ten
nessee Coal and Iron, 5.6l5; Chicago Great
Western, 8,605.
Unable to hold the gains of Wednesday,
prices New York Change declined yes
terday to extent which practically wipes
out all of Wednesdays advances, net de-
clines extending to a point or over in
large number of standard active shares.
The decline of American securities in Lon
don before the opening at. New York caused
weakness at the outset, and London was
also quite an active seller in the New York
market all day. After a strenuous resist
ance to the decline Just after the opening
the market gave way, and with the excep
tion of periods of dullness and steadiness,
the course of prices was downward during
NJ London IL
ing was quite factor in the decline, and
the revised estimate of Wednesdays de-
ciSlon concerning the antitrust law by the
appellate division of the Supreme Court at
Albany was also a depressing influence. APP
parently the conviction in Wall street that
the law had been declared unconstitutional
obtained until yesterday, and realization
that the validity of the law had not been
passed on and that incidental opinion ex-
pressed in the decision rather pointed to-
ward UNFOLDING its validity materially
weakened prices. This weakness was esr
pecially manifest in the coalers and the in
dustrial specialties, and had something to
do with the sharp decline in Sugar, which
at the extreme amounted to points; Sugar
was, moreover, weakened by special con-
6iderations, one of which was the probable
ity that the control of the Hawaiian crop
was about to pass 10 it's competitors. There
was also some apprehension as TO the final
decision of the government on the question
of countervailing duties on Dutch refined
sugars, question which is the subject of
diplomatic negotiations. The dealings in
this stock were large and the fluctuations
III us price d0ecJeu the market Dy SYM
pathy quite strongly. Consolidated Gas also
suffered one of its characteristic slumps of
e19 points, to $780, Sugar touched a price
yesterday, fully point lower than its
previous low point on the present move
Enent but rallied quite strongly point in
the closing transaction. Peoples Gas, the
successor company to Chicago Gas. was
markedly heavy throughout the day and
closed with net decline of nearly H. The
Southwesterns were weak Notwithstanding
very favorable showings of earnings for the
first week in November. That for Missouri
Pacific showed an increase of $4,000 over
the corresponding period of last year, and
Kansas Pacific an increase of nearly $50
coo. I'll eaapeake & Ohio was the only rail-
road t. sort a decrease for the first week.
which amounted to $14,24S. The railway list
was weak throughout, and net losses of a
point or upward are shown all through the
active list. The dealings in Sugar were al
most one-fourth of the total.
There was a falling off in activity in the
bond market. and prices declined in the lat
ter part of the day. TOTAL sales, 81, 440 co.,
United States fours, registered, and new
tours, coupon, rose Z bid and the twos and
the new forrs, registered. u bid.
The following table, prepared by L. w.
Louis Room IL, Board of Trade, shows the
range OF quotations:
Ek