The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-06
TRUST SHARES FALL OFF
LENOw INVESTIGATION CAUSES
FRIGHT IN WALL STREET.
Heavy Declines scored I'm Most of the
Industrial StockS-LocuI Mar
kets steady.

At New York yesterday money on call
was easy at 1IkG2 per cent; last loan, IA;
closed offered at 1sz.
Prime mercantile paper, 3a4 per cent.
Sterling exchange was steady, with actual
business i'm bankers bills at AS61s44s6$4
for demand and sLs4$4 for sixty days;
posted rates. $i.S5GLs51. and $i.S112q4.Ss;
commercial bills s4.S3lz.
Silver certificates. 647sn65l4c; bar silver,
s4s4c; Mexican dollars. 5G24c. At London
bar silver closed at 29$id per ounce.
Total sales of stocks were 17i,515 shares.
including the following: American Tobacco
400; American Sugar. 5000; Chicago Gas.
400: Northern Pacific preferred, $500; st.
Paul. 10000.
The Lexow commmitte of the New York
Legislature TO investigate trusts was the
shadow on the New York stock market in
the dealings yesterday. The days trad
ing was for the most part in the industrial
stocks, with Sugar occupying the over
whelmlng proportion of attention. With the
market thus restricted the effect prices
was In sympathy with the course of Sugar
and the other industrials, which was mark
edly downward, with a rally at the close
due to covering by shorts. The days pro-
ceedinss In stocks gave little evidence of
much, If any, but professional dealings,
though the bond market showed evidences
OF we'll maintained strength and an invest
nIent movement. Sugar and the industrials,
while affected In common by the appre-
hension OF the trust investigating commit
tee and other antitrust influences, were
each affected by some social causes which
Influenced the decline. In the case of Sugar
there was the prospective coup in the coffee
war Indicated by the Incorporation of a
ests, the continued fear of the coming tar
III changes. the adoption of a new French
bounty and the general dullness in the
trade. The extreme decline under these
conditions was 112, with the fraction even
tually recovered. After the decline in Sugar
mad been effected, attention was turned to
Leather preferred, which was driven down
a point on the antitrust scare and liquida-
ton of holdings. Tobacco was next at
aided by fear of the outcome of pending
antitrust suits; American Spirits did not
decline i'm the industrial stocks and receded
q per cent. Tor the common and one point
Tor the preferred stocks: the decline being
poets of reduced price for the product This
wholesale onslaught on the industrials had
declined in sympathy, liquidation also being
an influence in these stocks. Burlington
s01d on and the general railway list re;
its effect in this department, the market
there having been stirred by alarmist ru-
1mors regarding the health of the Car and
the South African situation.
There were periods of dullness after the
flrSt hour or trading, probably devoted to
waiting developments in the trust inyesti-
CATION and during which the changes were
very narrow
The dealings IN the low-priced shares as
sumed somewhat unwOnted Importance
but the fluctuations were small In the final
hour however. there a revival in the
market and prices advanced generally un-
der "A covering movement by the shorts The
anthracite coal groups showed an improve
Leather preferred and Northern Pacific pre-
ferred advanced J per cent. In this rally
at the close prices generally were carried
10 about the best point of the day
The bond market maintained decided
strength. and. although the Improvement
was irregular at intervals, owing TO extern
sive realizing. the main tendency was to-
wards a higher basis. with large blocks be-
ing taken for European account. The ex-
cellent progress noted in the Mobilization of
various properties has instituted d keen de-
mand for some low-grade issues which at
tanned the highest prices current for a long
time The sales were s.. $4,000.
me comparative prices record notable
gains in "A number OF the high-priced issues
the speculative mortgages show changes
OF a slight fraction either way.
Government bonds were under pressure
and yielded fractIonally on sales of SOS 600
state bonds were strong, with Tennessee
settlement touching 20.
The following table. prepared by L. w Louis
Room IL Board or Trade, shows the range OF
quotations.: o -