The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-09
SUGAR STOCK SUFFERED
PRONOUNCED EFFECT OF LEXOW
INVESTIGATION ON 'CHANGE.
Other Factors Assist i'm Depressing
Industrial Shares-LocaI Mar
kets More Active.

was easy at 111d2 per cent; last loan. 112;
closed, offered at IL per cent.
Prime mercantile paper 3Q4 per cent.
Sterling exchange was steady, with actuaI
business in bankers bills at 4.s6l2a4S6$4 for
demand and at 4.s4lza4.s42. for sixty days:
posted rates, ass and 4.s71.Q4.SS; commercial
bills. 4s3l5.
Silver certificates. 64zs@651s; bar silver.
6f34c; Mexican dollars. 50s4c. At London
bar silver closed at 2924d per ounce.
Total sales of stock were 194. 900 shares,
including: American Tobacco, $780, Ameri-
can Sugar. $4,000; Chicago. Burlington &
Quincy, $500; Chicago Gas, $500; General
Electric. $500; Louisville & Nashville, $500;
Northern Pacific, $500; Northern Pacific
preferred, 64OO; Reading, 800; st. Paul,
10 400.
The overwhelming proportion of the
transactions of the New York Stock Elk
change yesterday was in the industrial
stocks, with Sugar far in the lead in point
of activity. Many factors combined to de-
press this group of stocks. and the narrow
limits of transactions in the general list
made it easily subject to the depressing in
fuence of the leaders with the consequence
that the course of the market was sharply
downward during the day with marked
rally towards the close. The situation in
the industrials continued much the same
as for some time past, all being depressed
by the proceedings in New York of the
legislative committee which is now inves-
tigating the Sugar company. with a further
investigation of other companies still in
prospect. Sugar. as being Immediately the
subject of investigation, and as being open
TO other unfavorable conditions, was i'm the
van of the downward movement, which
began with the opening and after a period
a M
bling partial Generalization. There were
evidences of quite a heavy liquidation in
this stock. and in the course of the de-
cline extensive stop orders were apparently
encouE tered which accelerated the fall in
price: The whole market became victim
of this movement, the industrials in marked
dc gree and the general list fractionally.
There was a notable lack of support for
the yielding market, and the decline was
practically unopposed. The decline in the
price OF Sugar in this movement was pa.
Leather preferred yielded IA; Tobacco. ia;
rs; Illinois Steel, 1. In the railway list
Rock Island fell off IL: Northern Pacific,
/; Northern Pacific. preferred. rs; Della
caused on the market by unfounded
rumor that Admiral Bunce's squadron of
United States warships had been ordered
to Havana to enforce the release of Ameri-
can prisoners there. There was also some
depression reflected from London and
Europe over the uneasineSS felt there on
account of the political situation, the Gar
ill health and the friction between the
Egypt. But the decisive influence in the
market was decidedly the Lexow trust In
vestigation committee and the days pro-
ceedings before il. This was shown by the
rally which occurred in the market on the
announcement that this committee had adj
journed over until Saturday. Sugar rose
on this announcement and regained all but
n of the days loss. carrying with il the
other industrialS, Tobacco, however. bene-
fitting only by Il per cent, thus scoring u
net loss OF IL per cent on account of the
belief that IL is to be the next company to
be taken up by the investigating commit
tee. The preponderance of Sugar dealings
In the market is shown by the fact that
nearly half the total number of shares
dealt In for the day was of that company.
sional one and the rally after the decline
was much accentuated by the covering of
short interests. The dealings i'm other
shares were without special significance or
Importance the course OF prices being al
most wholly in sympathy with the indus
trials. The Improvement shown in the
statement of east-bound tonnage failed to
exert sustaining effect i'm railway shares
and the general list shows fractional net
declines London sold at the outset, but
later turned buyer. The trading was some
what unsettled after the rally but the clos
ing was firm. The Atchison new common
stock was first dealt in yesterday and sold
at 12isW12L.
The bond market was less active but
fairly good undertone prevailed until near
In the speculative issues The gilt-e6ged
stocks continue conspicuous in the dealings
with Erie first cOnSolS rising pa TO li3 and
reacting 10 li2- The sales We're 81, 1896 900.
Government bonds were duh. but strong
generally. The sales We're $4,000.
The following table. prepared by l.. w. Louis
quotations: