The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-10-07
WALL STREET WEEKLY REVIEW.

Nollie Gibson 81
Portiand 49, ............ .-.-.---.-...---lsz
Isabella -. zot2
Mount Rosa liz
WALL STREET WEEKLY REVIEW.
Henry Clews says Of the New York stock
market last week: 1--WE have had a repe-
titior OF the comparative quiet and the alb
sence of outside interest that have char
actcrized business now for some weeks
past. There is a fair traders market, with
moderate fluctuations In prices. and but lit
tie more This aspect seems TO be due
less TO any new distrusts than TO the alb
sence of any special factors stimulating
activity. 1t Is perhaps no more than an
inclination to rest naturally following the
great squirt that set In with the syndicate
operation The effects of that recovery
seem to have exhausted themselves for
the. time being. and a breathing spell ap-
pears TO be In order.
Among cautious observers there has
been for some time a disposition TO doubt
whether, in the general business OF the
country, analss may not have struck a
raster pace than conditions on the whole
warranted. The increase in Industrial pro-
ductlon has been SO great as TO suggest
a question whether supply might not be
Iound 70 surpass the wants or consump-
ton. The almost universal rise in wages
seems to have been as much a matter of
sentiment as OF prudent business calcula-
III 1lISntL WAGES ndFt nCCtSSltdltu oil
advance IN prices; and higher prices have
naturally induced caution in laying in
stocks. Thus the first flush of Industrial
recovery Is begetting a certain amount of
hesitation in the distributing trades; and,
for the moment at least. there Is some ten
dency towards react on In some branches
OF trade this tendency is encouraged b.
the largeness of the imports-an effect on
the one hand OF lower duties and on the
other of the rise in the prices OF home
products. In the iron trade there Is a
distinct reaction from the late large ad-
vance in prices and some contraction in
the demand. The wooden trade, in making
neutralized much of the benefit arising from
free raw material, and, thus handi-
capped. 1t has to meet the competition Of
way the leather trade has advanced wages
and prices to a point at which the boot
and shoe trade are compelled to contract
at the same time their purchases of leather
and their product of goods. These are but
specimens Of what is occurring In other
branches of trade. and may be taken as
expressing a process OF temporary reaction
tns.r Is all caring in most OF our manufac-
lures.
Facts Of this character attract the at
tentlon OF Wall street and check the buoy
ancy of the financial After
such a large advance in the prices of
stocks as has taken place within the last
six months 1t is, therefore. not surprising
IL there should be some willingness to see
the market tested and TO wait for the fur
Their development OF tendencies. The mar
ket has. therefore. easily fallen into the
hands OF the professionals. who are salts
fed with fractional ups and downs, and
do not care to risk large operations to
force the general movement Of prices either
the one way or the other. 1t is probable,
moreover. that some large holders Of
shares have succeeded in unloading to a
considerable extent. and so far the market
lacks an element of support.
1t Is not, however, ~ De inferred from
these facts that the market is i'm any really
weak or exposed position. There are coun-
tor n no rr@.2a . A-..E1 -.Sl@@l-
While the manufacturing interests may
have run into a temporary. over expansion.
yet the reports from trade circles uni
formly represent the retail trade as active
and healthy. II wages have been hastily
advanced, the working millions have the
more money to spend. which will help TO
take on any surplus production and TO sup
port the higher range OF prices. The rail-
road situation is improving and Is likely to
continue 10 do so as the crops come for
ward for export, the movement OF which
has thus far been tardy. The gold situa-
ton has entered upon a more assuring
phase. Produce bills are gradually increas-
ing In volume. Europe is coming round TO
accept the rise in cotton and wheat, and
both articles are consequently contributing
q Larger supply of exchange; and some
against the negotiation of that amount of
stock Of the Anaconda mine. Owing to
these facts, the rates of exchange have
fallen below the specie-shipp.ng point, and
the general conclusion in Wall street Is
that not only shall we export no more gold
this year. but may quite probably import
upon the course of our securities in the
foreign market. The cessation of gold ex-
ports will AFFECT London favorably toward
Americans. and that fact would support
any upward tendency in prices on the home
market. At present. the mining craze at
London and Paris must involve some neg
has reached such a high tension that the
time cannot be far distant when prudent
operators will begin to realize upon the in
Aorrnh1 A. SfuH rnnn uhfCh fhau re xanftrr-
ing such high stakes.
"Upon the whole, therefore, we are far
from taking a gloomy view OF the pros
uat;on material enough for a further i'm
provement in values later on; and the spirit
among operadofs Is sucm mat fsn tney "Euie 10
not a safe market to be heavily short
upon. and the bears" evidently appreciate
Therefore. will sfiord promising opportuni,
ties for buying for moderate profits. Quick
in-and-out transactions will be the most re-
munerative for the coming week."
On London Exchange.
LONDON, Oct. 6.-With the release OF
dividend money. commencing on Saturday.
with no prospect for relief for the money
market, prices promise to recede to the
lowest level. Silver has been firm on pur-
chases for China and Japan. The stock
| market. has been dull except for the tenn
| porary setback in the mining markets,
which closed yesterday with the feeling
that a steady recovery will occur in all
good mining Investments. Consols and
irst-class securities were firm. Railway
stocks were somewhat lower. especially the
Scotch lines, owing to the threatened ship
ping trade dispute. American railroads were
| also lower. but the tone was good, the
bond issues being purchased, thus indi-
eating more confidence about exchange.
Shares generally receded q half. the chief
falls being Wabash incomes. Ia; Louisville
& Nashville and Atchison, Topeka & Santa
Fe, IL: Erie second and Illinois Central.
1: Central Pacific fuctuated a great deal
and closed TX lower. Grand Trunks gem
orally dropped. the firsts, IL: guaranteed,
1: seconds, a. and thirds, s.
Saturdays Bank Clearings.
At Chicago-Clearings, $13. ass. 900. Money
is In good demand. At the commercial
banks sales are firm at 5 per cent. for
call loans and 5d7 per cent. for CONNER
cial paper. At the trust companies sharp
call money Is quoted at 41105 per cent.
| New York exchange Soc discount Bank
ers Usondon) sterling, A.s7iz and S4.S6h-
At MISUNDERSTANDING. s., 1e6. $50: for the
week, S13. 40, 500: week last year, So. ISL 200.
AT Baltimore-Clearings, $2,3S3,ssS; bal
ances. $751;. 316.
| At New York-Clearings, $l12. AZ, el7; bal
ances. $6,323. S57-