The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-10
STOCK MARKET EASIER
TENDENCY CONTINUES DOWNWARD,
INDUSTRIALs LEADING.
Inside Clique Found to BE Selling To-
baccO Shares-LOcal Markets
Slightly More Active.


was easy at 1lAa2 per cent; last loan. 11a:
closed, 11.42 per cent.
Prime mercantile paper, 3G4 per cent.
Sterling exchange was steady, with
tual business in bankers bills at $i.s6144
4.S6%. for demand and 81. s4i56l4S 4s4 for sixty
days; posted rates. SASH and S4.S711q4.SS;
commercial bills s4.S31A.
Silver certificates, 6424G65Ac; bar silver
e4Ac; Mexican dollars. 5024c. At London bar
silver closed at 2974d per ounce.
Total sales Of stocks were 1Sl.07S shares,
Including: American Tobacco 142o0; Amer
lean Sugar. 1890; Burlington, $500; Louis
vile & Nashville, 300; Missouri Pacific,
5000; Reading. $500.
The stock market continued to feel the
influence OF the bear aggressions on the in
dustrial stocks yesterday. The general list
did not respond sharply to this depress-
ing effect, and railway shares held their
own fairly well in the face of marked ten
ing downward. That the market is large
Iy given over to the industrials is shown
by the fact that considerably more than
half the total shares traded I'm were those
of few of the high-priced iIdustridl5, and
more than one-third of the sales were of
Sugar stock alone. The movement result
ed in "a decline in Sugar of 21s; Tobacco,
a.
Leather. l. All of these stocks suffered in
common from the continued effect of the
legislative investigation of the trust still
pending in New York. Sugar was also
markedly affected by further reports from
Washington that the protection on sugar
was likely to be impaired by approaching
tariff changes. Whatever affected Sugar
Immediately and markedly affected all TIE
other Industrial stocks by sympathy. To-
bacco was sold by inside interests. The
trading even in these active industrial
stocks wls almost wholly professional, and
the market for other securities was stag
nant and seemingly waiting for develop
fients. though of what is not clear to any
observer. If the waiting is for coming
tariff changes il is strange that only the
properties which will be Immediately af-
footed by those changes are dealt in in any
volume. With money glut in the market
however. and speculation almost at a
standStili IL is certain that the investors
are waiting for some development. There
were signs yesterday that some encourage
ment was fell over the general trade out
look and over the prospects for railroads.
In spite of the depressing influence on the
market OF the drive at the industria and
the stagnation in the London market over
the European political situation, which
might have been reflected here the rail-
way shares exhibited considerable irnness
end even advanced fractionally early in the
day The enormous sale of print cloths
AIT Fail River Monday was no small fac
tor IN the hardening tendency of the gen.
tral list. This hardening tendency did not
altogether hold against the downward ten
dency in industrials, and railways were al
so somewhat affected by the news of the
disruption of the St Louis East-bound
Freight Traffic Association by the aotifica-
ton of Withdrew wal received from the
Cleveland. Cincinnati. Chicago & st. Louis
The losses in the railway list were irregu-
lar and only fractional except i'm the case
or the Kansas q Texas. which lost point
Lake SHORE was notable exception to the
general trend or prices, and improved IL
per cent. Other special movements of stock
We're Manhattan. which rose 112 Oater
receding ID on expectation OF benefits to
the property from the proposed plan to
have the Brooklyn elevated and Surface
cars cross the Brooklyn bridge The bonds
OF the brooklyn elevated roads rose on
this. Brooklyn firsts and seconds gaining
5 per cent each. Illinois Steel sold down 10
l1e on runors OF conflict in the management
ana the less satisfactory conditions in that
trade, but later recovered on official state
rnents denying any conflict in the manage
ment or that any startling DEVELOPMENTS
to-day Consolidated Gas yielded ! ner
cent on reports that bill was introduced
at Albany for municipal investigation to
ascertain the feasibility of city ownersbin
OF gas plants. New York Chicago g. ST
Louis second preferred declined %. from
the preceding sale on liquidation caused by
the passage OF the dividend on the frst
preferred stock. Reading was NOR active
and lost Is on Reading tirsts preferred, i
per cent On the unsettled trade conditions
and the liquidation in the higher-priced
coalers which moved I'm common with the
general list The closing of the market
Vas weak, WITH slight changes either way
In the prominent railways
me bond market generally displayed an
improved tendency, anG, although heayi-
ness was apparent in some of tire specIla-
tive bonds. the general trend OF Dri ess VS.
towardS a higher plane, with changes very
slsnlncant In some Of the Investment prom
critics The sales were 81 973.CGl ''r
me government bond mlrket showed a
nrm tone on increased dealings, aggregate
p me Following table. prepared by L. W. Louis
quotations: "S tue lai.se OF