The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-26
SLOW TRADE ON CHANGE
FURTHER DECLINES THROUGHOUT
THE LIST ON LIQUIDATION.
S~pecuIators Uncertain ms tn Effect of
Anti-POoI DecisiOn-LocaI Mar
kcts More Active.

AT New York, yesterday, money on cdiI
was easy at 15dA per cent; last loan. Il;
closed offered at IL.
Prime mercantile paper, 3lzni per cent
Sterling exchange was steady. with actual
business in bankers bills. at siS3Ad4S74 for
demand and $i.s5A94.S6 for sixty days;
posted rates. $4-s61z and s4Ssh; commercial
bills, SASSY.
Silver certificates. 623sG63Ac: bar silver.
e2z4c; Mexican dollars. As 7-16c. At London
bar saver closed at IS 13-16d per ounce.
Total sales of stocks to-day were 233.3g7
shares, including: American Sugar, $500;
Burlington & Quincy. 29,9O0: Chicago Gas
trust receipts. 1880; Louisville & Nash
Vile, $500; New York Central, 1850; North
west. $500; Omaha. $500; Northern Pacific
preferred. 500; Reading, 11,7O0; Rock
Island. $500; st. Paul, $500: New Jersey
Central. 1890; silver certificates. $1,000.
Dealings on the New York Stock Ex-
change yesterday were in much less VOL
ume than Wednesday, and the great bulk
of the sales were made in a few stocks.
out of a total of 1850 shares, the grangers
absorbed about 1900, Sugar $1,000 and the
anthracite coalers nearly $500 more. The
grangers were obliged TO suffer the largest
part of the selling movement, which has
resulted from the decision of the Supreme
&Oull III II lIdISIllioSOull CdSC CCduS lAC
associations of which they are members
have been practically disrupted by the ex-
pressed intention of the Burlington and
others to withdraw. The decision itself
continues to be the topic of most absorbing
interest in Wall street. but the holders of
securities other than the grangers and
Southwesterns seemed disposed TO await a
competent legal opinion on the official text
OF the decision as to its effect on the other
traffic associations before throwing over
more stocks. The belief was entertained
also that even though the existing rate and
traffic associations should all prove to be
Illegal under the decision. means might be
found TO maintain rates and stnI remain
within the law. If failure to maintain rates
was TO work such disastrous consequences
TO railroad values as was urged i'm the ar
guments which induced holders of stocks
To part with them. why should it be nee
essary TO bind them by a contract which
could be legally enforced as an only means
OF preventing them from destroying them
selves. This question suggested TO stock
holders that the railroads might possibly
Isllaix !hom cuttins sdcn others tnroats,
even II they were not under legal contract
TO do so. 1t was such that in
duced some cessation of the selling move
ment after tee first onslaught of the bears
and led to an upward movement in the rail-
way list, and which resulted in some cases
TO the best prices of the day. The indus
trials played a conspicuous part in this up
ward movement, each being somewhat af-
fected by a peculiar cause. Sugar. on heavy
TIC NLn0 dAC jill d St U0dI-
lngs, Leather preferred and Rubber pre-
ferred showed gains of 1 to 2 points. The
opening raid on the granger had resulted
in losses of Ia in Burlington, IA i'm North
west. Ia in Rock Island. l in Omaha and "a
In st. Paul The general list yielded frac-
tlonally, the loss reaching a point in the
case of Lake Shore. New Jersey Central
continued 10 be a focus of great speculative
activity, varying over a point either way
several times during the day, and with a
nnaI rally, which left its net decline only
IS The bear attack on this stock resulted
also in a decline in Reading of l and Read
ing first preferred 2. but without subsequent
recovery The hnal hour or trading witt
messed a renewal of liquidation in many
stocks and carried prices down to near the
lowest point OF the day in most cases. Su-
gar lost rs, Leather preferred H. and
Northern Pacific preferred is. The closing
was weak, with severe net losses in nu-
merous shares.
The bond market displayed a, general
frmness. with important advances i'm the
gilt-edged issues, which were in better re-
quest than for some time. The st. Paul
liens figured prominently i'm the operations
and recorded substantial gains. BROOKLYN
Elevated trstS were bid up rather sharnIv
despite the appointment of a RECEIVER FOR
the road. which was understood to be a
friendly action In line with the proposed
reorganization of the road. The sales were
Government bonds developed marked
nrmness, which had been decidedly lacking
In this department for some time. The new
1ourS, coupon. were in special request a
DOCK or 100000 changing hands at 1231a.
The following table. prepared by l.. w. Louis
Room IL Board OF Trade. shows the range OF
quotations: