The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-28

bers was accepted by stockholders in the
same spirit as though IL had resulted from
a failure TO maintain the rates agreed on
anu were preliminary 10 a nerce competl-
ton for business. The announcement
which the Missouri Pacific coupled with its
notice OF withdrawal that TX INTENDED 10
strictly maintain the existing rates, though
no longer acting with the traffic associa-
tons, served to quiet apprehensions in the
market more than anything else. Little ac-
count was taken. however. that a war of
rates could only be precipitated by the
Volition of one Of the roads, and current
comment in the street uncovered the exist
ence Of a rather cynical distrust among
railroad managers and opinion. expressed
with rough can5or, that the only means
by which these authorities can be prevented
from undertaking one another and dis
eliminating In rates Is an authority TO in
fiict fines and penalties on them for doing
so. The prevalent alarm over the perilous
state of rate agreements tended 10 exag-
'gerate the nervousness OF traders over the
evidences Of legislative hostility as reflected
In proposed anti-railroad legislation in some
of the Western States. the tone of debate
in Congress over the proposed antitrust
amendments to the tariff bill and the entire
utility, according TO reports from wash
ington. of any hope that Congress will at
present pass or even consider a measure 10
authorize railroad pooling. There were
other depressing influences at work in the
market also Notwithstanding that the trad
ing on Monday gave promise of a continu-
ance of the extended Investment movement
which had radiated from the good buying
4IlL 0OII LleL<Cs
The bad crop reports from the Northwest
and the poor showing of earnings made
by roads in that region on account of the
impossible country roads were already de-
pressing influences in the grangers. The
anthracite coal group was a notable center
Of depression, also, in view of the over
stocks and poor prices of coal and the
greatly reduced demand, New Jersey Cen
trail being a constant resource for the bears
on account of the reiterated reports Of poor
financial condition and possible reduction
of dividend. 1t was a noticeable fact that
in the midst OF the alarm over the possible
disasters to result from disrupted traffic as
sociations, the anthracite coalers enjoyed
periods of Steadiness. The increase shown
In the New Jersey Central earnings ana
dend Will have to be credited with this in
part. but ii was also pointed out that the
coalers would not need to suffer from the
lack of Il traffic association, on account or
what is euphemistically termed the mar
monious financial control OF that group Oh
properties. The Improvement OF business in
the South, as indicated by an Increase in
railroad earnings, has been very marked,
and has proved a steadying influence on
the price of stocks. The dissolution of the
iron ore pool is regarded as a natural Sc
quence of the disruption of other combtna-
tionS in the allied industries, and is expect
ed TO result in a largely increased volume
"a AAC AlAAOoo
beneficial effect is looked for on general
business. Some of the week declines at
the extreme low point were as follows, the
closing prices for the week being also about
the lowest in most cases: Sugar. ga; To-
bacco, 3H; Chicago Gas, Ia; General Elec-
T. srif BG& 2fi II; g. & : ST 81 Pa Paul hes s% ! N PrefsTfeq.
ern, 312; Rock Island, 512; Omaha, 4 New
Jersey Central, s; Reading. first preferred.
Chesapeake & Ohio. Ia; New >ork, Chi
cago & st. Louis, second preferred. ~;
Lake Shore; =; Atehison preferTed' -:
Erie & Western. 3; Lake Erie * Western
preferred, Z; Louisville & Nashville, 3; Kan
sas & Texas preferred. 5ls; Northern "a
cifc preferred, 27s: Southern preferred, 2ss;
Minnesota Iron. 612; T.. c.. & l., ~; Colo
RADIO Fuel, 212.
Foreign exchanges exhibited decided
strength which waned somewhat In the
closing days owing to the offerings of Sc
curity draws. The advance in actual rates
up to Thursday was an average OF about
&c. Prospective imports in anticipation of
the new tariff bill are expected TO influence
exchange before long. Money was easier
during the week, and especially in the later
dealings. Some operations in call loans
were registered at 2 per cent. towards the
close. however, accommodations were Sc
cured at 12 to ia per cent, with the bulk
of the dealings at the minimum figure.
Discount rates hardened appreciably
throughout. Quotations were at 32 to 4 for
prime and 4 to D for good names, accord
ing To maturity.
The pond market reflected steady offer
ings for London and continental account
of the middle grade and speculative issues.
which were fairly well taken by the local
dealers. although general concessions in
values were forced except In the gilt-edged
bonds. which were strengthened by invest
ment purchases. Specific developments OPP
Grated TO alternately advance and depress
values of some issues. particularly Stand
ard Rope and Lehigh & Wilkesbarre liens.
The St. Paul mortgages were conspicuous
i'm the operations and improved slightly.
Final prices record losses generally with
Atchison adjustment fours leading the re-
cessions in the active securities with 2as.
The declines among other properties ex-
tend to > per cent. in Colorado Coal and
Iron skies. The sales were $6,Sl5,OO0.
Government bonds sagged in the early
trading, but later developed strength and
regained the declines on investment pur-
chases. The sales were $23S. 900.
The following table. prepared by l. w. Louis.
Room IL Board of Trade, shows the range or
quotations: