The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-10
STOCK MARKET ACTIVE
EARLY FIRMNEss LOST AND
TRADERS ANXIOUS FOR PROFITS.
Holders of Sugar stock Believe the
Tariff Bill VIII Fni,-Locai Mar
kets Much Depressed.

At New York yesterday money on call
was easy at 11zd2 per cent; last loan. 212;
closed. offered. IL per cent.
Prime mercantile paper. 31@d4 per cent
Sterling exchange was steady. with actual
business in bankers bills at $4s7d4-S71e for
demand and sis5&d4.S6 for sixty days;
posted rates s4.sslz and s4.sSd4.sSla; COM
mercial bills, s4.s5.
Silver certificates. 617sG622sc; bar silver,
s1&c: Mexican dollars. 1880. At London
bar silver closed at 2s7sd per ounce.
Sales of stocks were 195.345 shares. nclud-
ing: American Tobacco. 1890: American
Sugar. 1920: Burlington, 800; Chicago
Gas. O1O0; New York Central, 6.1Oo: Omaha.
400; Reading. 11.400; Tennessee Coal and
Iron. 5000; New Jersey Central. 12.4O0.
Compared with the trading some days
Of this week, there was considerable ami
nation to business the New York Stock
Exchange yesterday. though the market
has by no means attained large proportions
yet. Nearly half the sales were of Sugar
and Chicago Gas and the grangers and
coalers took up large part of the remain
ing half, so that the apparent increase in
business was largely confined to few
stocks. The market opened with quite a
marked upward tendency, and prices
worked upward there was a broadening in
the scope of the buying. But number of
unfavorable influences developed and in
duced the traders to take their profits. This
proved too much for the market. and val
ues sagged off. closing prices showing. in
most cases, sharp net losses. There was
quite a notable demand at one time during
the day for the Vanderbilt stocks which
has come to be looked on of late as the first
returning indication of an outside interest
in the market. This was largely dimn-
ished as the market gave way to depres-
sion. Some of the buying of Sugar in the
early part OF the day seems to have been
Influenced by reports of protests against the
sugar schedule of the tariff bill by foreign
governments. the dealers in stocks appar-
emily concluding from this that the tariff
bill, as whole. was l.nely to fail and thus
leave the sugar duties at present. This
Is an example of the professional character
OF the dealings in Sugar and the manner
The selling TO realize the rise large
and affected the price not only of Sugar
but helped to drive down prices in general.
cent. Chicago Gas almost largely
dealt in as Sugar and was strong nearly all
yssterdays close. The strength in local s gas as
securities continued feature also. Brook
lyn Union rose pa. but reacted H. The
checked by the renewed weakness in the
wheat market. and they fell off from Is to
II l.
while the decline in the railway list gener-
ally did not exceed q fraction. Coupled
with the realizing sales in Sugar came a
renewed heavy liquidation in the coalers
Under, the pressure of this New Jersey Cen
tral declined 2Ss Delaware a. Hudson pa
and Reading ia. the latter on heavy sales
Leather preferred held its own unfavorable
factor TO deal with in the reports that the
Senate would place duty on hides, and
the stock lost point. but recovered a frac-
ton. The Rubber shares were strong on
account of the failure of some competitors.
common rising 212, afterwards losing the
fraction, and preferred gaining Us and re-
acting /. The fall in wheat encouraged a
renewal of short selling in many shares and
the renewed liquidation IL the coalers on
account of the persistent depression in the
coal business co-operated TO drive prices
down. The closing was weak, with the
downward course unchecked.
The bend market maintained a fairly
good tone. although some slight heaviness
developed in a few OF the active issues.
Wisconsin Central first trust receipts were
marked by wide changes aid closing with
a loss of per cent. The changes either
way in the rest of the market were light
The sales were S9ss 600.
Government bonds were neglected at the
board. but displayed renewed strength and
rose slightly on bid prices.
The following table. prepared by L. W. Louis
Room IL. Board OF Trade. shows the range of
quotations:
Open High Low Clos