The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-04

strength in the market was the forcible
assurance of the authorities of the West
of departing from the schedule of rates
then in force. The obvious desire shown
on the part of all concerned TO avoid a
damaging conflict served to impress on
Wall street that if none of the railroads
wanted TO fight none of them was likely to
start a fight. and that there was no reason
in the removal of a legal means OF re-
straining them from fighting. why they
should Immediately set about to night to
their own damage. The relief of mind thus
afforded was added to by the decision or
the conference of the different counsel of
the trunk lines that the Joint Traffic Ass0-
citation should continue in operation pend
ing the appeal of its case to the supreme
Court. The prospect of advancing the hear
ing of this appeal to an early Date was
also gratifying to those in doubt as to
the status of the association. The intro
duction in the. Senate of a measure 10
legalize railroad pooling under the super
vision OF the oolnS
sion also had a somewhat exaggerated eI-
feet in encouraging buying OF stocks IN
view of the often-eXpreSsed determination
of leaders of legislation to confne their
efforts at present to the enactment OF a
tariff bill. In the same way the subse-.
quent announcement of Senator Cullom, of
the committee on interstate commerce, mat
there was no chance for the bill 10 pass
or be considered at this session ADDED sur
prisingly TO the effectiveness of the pear
raid which ultimately broke the market
The effective instrument in achieving the
break was the anthracite coal group; rms
group was notably strong on Monday, IN
face of the general demoraliZation or prices,
the argumen being that these properties
had little to fear from any law against rate
and traffic agreements. owing to the mar
monions financial interests" which control
them. This argument failed TO sustain the
minds of the timid in, the face OF the harp.
the properties, and the closing hours OF
Wednesdays trading witnessed a senSa-
tional slump in New Jersey CentTdl, Deta-
ware & Hudson and Lackawanna, the latter
on extremely limited transactions. Inc
/, welI-known depression which has long eX-
listed in the anthracite coal trade anu lne
persistent reports of financial weaknes OF
New Jersey CentralS related coal com
panies made these properties vulneraple.
Rumors of an expiration OF the tra1nc
agreement among the companies, or heaVy
damage to mines by floods and of a cut IN
the selling price of coal in philadelphia 10
10 cents below the circular prices sent the
| coalers tumbling, New Jersey Centrai, Del
aware K Hudson and the whole Ist ialnIS
i'm behind with losses. large or snlaIi. III
Wednesday New Jersey Central touched
| a decline from the last weeks closing OF fs,
and the lowest point touched by the STOCK
since ISSS. on Thursday Delaware x Hud-
son touched $685., that being the nrst Inn
the stock had gone below par since 1872.
I.ackawanna' loss was 3I2; Reading second
preferred declined 21s. the losses IN tne
other coal stocks being reiatlveiy unlinP osa
tant. The bears made the coalers the pdSe
of their operations during the REMAINDER
of the week, with occasional excursions
into other fields. the Gould stocks TOT the
most mart. ST. Louis & STOCKS
hhaine driven down 90 and 512. respectively,
Missouri Pacific and Western om1Pm9d
each. Manhattan "a and Wapash preierreu
49, EFFECTIVE BEAR TACTICS.
The tactics of the bears were effective in
driving down prices of the general list ana
i'm retarding the improving tendency winch
had been manifested after MONDAY Inc
declines achieved ranged from l to 2Hs
throughout the general list. Inc lower
prices invited covering of the shorts ana
recovery. Although there was heavy ilqui-
dation of the long stocks in the coalers on
the decline, the amount of covering later In
tho week showed clearly the amount of
short sales that had been made to effect
the decline and break the market. Inc
improving tendency conferred In the van
derbilts, which had been notably weak and
Showed marked declines on Monday. but
which rallied on the arrival In London or
the financial agent of the Vandernllts and
the rumors of benefits 10 accrue 10 those
properties from his mission. The improve
ment was affected by the damage to rail-
road property by storm ana 1000 70 he out ia MaS
part of the week on the outside demand Tor
the Vanderbilts, improved traffic returns
and the covering movement OF the snorts.
some of the recoveries worthy of mention
were: Michigan Central, 3; New YORK Cen
trail. AS; Omaha, 31si Lake sn or, "a;
ferred. 2ls; Northern Pacific preferred, rs;
Delaware & Hudson and New Jersey Gen.
tral, rs; :, sugar - 5opooSo'
2&: Consolidated Gas, 2: Chicago Gas, rs,
and General Electric, ia. The net changes
are lower for the coalers. extending TO
As. and in the Goulds to 49,, the latter
Missouri Pacific, while the standard shares
generally show net gains of l to 8 per cent.
American Spirits preferred broke 32 on
Monday, but rallied ga on reported trade
agreement.
The money market has shown an easier
tendency. the mercantile inquiry which has
been a sustaining factor nearly having
abated. There was a moderate demand for
funds TO affect bond Withdrawals, which
subsidized before April /. Call loans ruled
at 1a TO ia per cent. and, time contracts
was apparent at other domestic ~centers.
particularly Boston, where FUNDS COM
handed from 3 to 4 per cent. on call on
choice assortment of names whlch Included
some New England paper-mnl paper. quo
tations ruled at 3a TO 4 per cent. Tor Prime
quality and 4 to D per cent. tor grades or
lesser financial strength. The foreign tx-
change market held fairly hrm, during the
earlier part of the week, ana some I'M
movement occurred in actual rates. In the
closing dealings declines were recorded in
actual and posted demand Oils on he FUR
Their decline in London discounts Long
bills. however. were relatively frnISr.
THE bond market moved pretty ndch in
sympathy with the stock market, put the
changes Were less notable aside from the
Sf- Louis Southwestern issues, which fuc-
tuated sensationally on various rumors.
comparative prices show losses generally
averaging about a point LOT tne leading
business issues. Inc asSiee"'S S"SS we're
IRE government bond market WIS well
held throughout. with esptclai lrnaess ap-
parent In the CLOSING ueaihss. Inc sales
were s12s.5oo-
The following table. prepared by l. W. Louis.
Room IL Board of Trade. shows the range Of
quotations.: oour MI
ing. est. est. ing.
Alton & Terre Haute-...... =. -. -. IS