The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-23
STOCKS ARE DEPRESSED
ALL SHARES SUFFERED By THE ST.
PREME COURT DECISION.
Transmissourf Freight Association
Loses Case Under ANTITRUST Law
Local Markets Active.

was easy at 14q1% per cent; last loan
ia: closed. 11zd1% per cent.
Prime mercantile paper, 31zQ4 per cent.
Sterling exchange was strong. with actual
business in bankers bills at $4.s7Aq4-S712
for demand, and s4.S512d4S5A for sixty
days; posted rates, as and S4.Ssh:
commercial bills, $4S42.
Silver certificates, 62slq63Ac; bar silver,
&c; Mexican dollars. 4s%4c. At London bar
silver closed at Is 15-16d per ounce.
Total sales of stocks were 1884, 57 shares.
including the following: American Sugar,
90 O0; Burlington, 1890; Canada Southern.
LOO; Chicago Gas Trust receipts. $1,000;
Manhattan Consolidated, 1900; New York
Central, 1900; Northwestern, 800; Read
ing. $500; ST. Paul, 1850; New Jersey Cen
trail, 1890.
The New York stock market opened yes
terday with a tendency towards higher
prices. the steadiness for American securi-
ties on the London exchange being reflected
here. The strong demand for New York
Central also tended to improve values on
the Vanderbilt properties more Immediately
to some extent, all through the list. The
demand was stimulated by reports of the
early PRONUNCIATION of the refunding plan.
Chicago Gas had numerous supporters and
heavy orders tor the purchase of the stock
were executed, the aggregate of the shares
sold reaching over 1900. making it the
leader OF thu days market in the volume
of business. The bright, seasonable
weather, with its encouragement 10 revival
o. trade in some lines. was also a factor in
giving strength to the opening market.
But. in the course OF trading, other tea-
lures soon developed which OVERRIDE the
pressed. New Jersey Central proved too
heavy for any buoyancy TO sustain and
was the decisive factor in impeding the add
vance in the market and in working a de-
cline. Well-defined rumors were IN con-
slant circulation, though with no authority
gwen for their basis or an intention, on the
part of the directors, to reduce the divi-
bends. The well-known depression existing
in the coal trade tended 10 a ready accept
ance of these rumorS and the lower price
of the Lehigh Valley stock in Philadelphia
added TO the apprehenslons in regard to
seemed little affected by sympathy, and the
decline in them was only fractional as
against the fall of 3A to IS in New Jersey
Central. The rangers were lacking in
%buoyancy from the tirst. the bad condition
of the country roads in the Northwest and
the prospective falling off in traffic returns
which is likely TO result weighing on the
stock OF these roads. The statement of
Northwest showing a decrease in gross
earnings in February Of s177 $40 aggravated
the weakness of the group and robbed
Northwest itself of the advantage it has
hitherto enjoyed from the common advance
of the Vanderbilt properties. The news of
the decision of the Supreme Court, at
Washington, reversing the decision of the
court below, and upholding the contention
of the government against the Transmits
souri, Freight Association, formed to fix
rates of transportation in the Northwest,
that IL was for the unreasonable restraint
of trade" under the Sherman antitrust
law, affected the granger more immedi-
ately than otherwise, but on account of its
far-reaching possibilities it depressed the
whole of the list. The legality of the Joint
Traffic Association. under which the trunk
lines nix rates and appOrtion business, being
In Hr1gdtlOn ana on the WdX to appeal TO
the Supreme Court, the decision is felt to
have very important bearings on traffic
The fact also, that the deci-
sion was rendered under the Sherman anti
trust law, heretofore somewhat discred-
tied as a weapon OF offense against trusts,
caused some uneasiness among holders of
the Industrial securities. The heaviness
was somewhat counteracted for a time by
the steady demand for New York Central
and Omaha, the former touching 102, the
best price yet reached in the present i'm
pfovement. Illinois Central. Canada South
ern, Cleveland, Cincinnati, Chicago & st.
Louis. of the Vanderbilts, also showed
gains. the others Of that group sharing in
Union also developed rather conspicuous
weakness in the late dealings. the former
losing IL. with a rally of p at the close.
Leather preferred also fell of IL. and the
whole list cased off. but a movement to
cover, by shorts, steadied prices just at
the close. New Jersey Central recovered a
point The decision at Toledo in the Ar
buckle suit. in favor OF the sugar company.
only slightly affected Sugar shares. as the
prosecution OF the coffee war. which the
Arbuckles sought to enjoin, has been a
rather depressing influence in Sugar.
The bond market flGctuated irregu!arlv.
but the chanses were not wide except i'm "A
Few Instances, and the undertOne OF the mar
ket was fairly firm. Brooklyn warehouse
nves were marked by a decline of 2Is per
cent on reports criticising the earning ca
pacity OF the company. Lehigh * Wilkes
barre Coal Fights. on the other hand
moved up > per cent, in striking contrast
10 the decided depression in the securities
sales were 81. 34,O CO.
Government bonds were a fraction lower
Tor the nNes ana new fOurs on dealings
OF $1,000.
The following table. prepared by l.. w. Louis
Room II Board OF Trade. shows the range 81
Quotations..