The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-15

prices which are being paid for the best
class OF securities gives rise to calculations
as to whether the rate OF return for in
vested property and the price Of money has
not been permanently placed on a
reduced basis The funding OF the
to run hundred years Is pointed TO as
evidence that capitalists are convinced that
the rates for money are TO be permanently
lower. But while this spirit of cautious
conservatism is obvious on the part OF cap
itaI. coupled with its heStancy 10 embark
i'm speculation. the undertone OF hrInness
il is true that purchasers are Inclined TO
hold off and await more certain conditions.
il Is also true that sellers show equal hest
tation in parting with their holdings at
low range OF prices. A buying movement
price of a stock. the bids sometimes show
ing long jumps before an of1er Is elected,
and anything like downward trend Of
e2 Sf st,uS u many f'''A'S
One OF the notable features OF the week
is the increased demand for money for re-
amount paid on Friday for duties on goods
withdrawn from roundabout $500,
one day for that purpose. This movement
is due TO the known desire of the trainers
of the new tariff bill to devise some meas
by means of importing large stocks of
goods in bond in anticipation of the going
membered that there was "a large falling
OFF in revenues in the early period OF the
Mckinley law on account of anticipatory
fore IL went into effect. The opinion Is gen
orally expressed in financial circles that
measure to prevent this would necessarily
be "retroactive" and Unconstitutional. but
the rush TO release goods from bond re-
fleets an apprehension that means VIII be
taken to save the revenues thus involved
without infringing on the constitutional
provision. The movement has resulted IN a
distinct hardening tendency in the rates Tor
money without causing CnanRe IN
| actual quotations.
CONCERNING COAL ROADS.
The passing of the control of the Lehigh
| Valley Railroad to banking interests anil
| lated with the control of the other anthra-
| cite coal properties is regarded as offering
| a promise of still further consolidation of
| those interested and regulation of their
| business for their mutual benefit. Some
| comment has arisen also out of the fact
that the same banking interest has entered
the soft coal field by securing an influence
in the Hooking Valley Railway. This
has given rise to rumors that an
| attempt will be made consolidate
| or affiliate soft coal interests in the
| same way as has been done with, the
| preston in the anthracite business is at
| tributed to the influence OF the SOFT coal
REORGANIZATION; and the Improvement or
| other. There has been fall in silver dur
| ing the week to 6Szsc per ounce attributed
| i'm adopting the bill for a god coinage at
about the commercial ratio of silver.
The more important gains in the prices of
| stocks In the weeks trading are: Omaha
| 5ss; Tobacco. 4: Consolidated Gas, ga, and
| New York Central 27s. Other leading rail-
ways. prominent among them being the
| grangers are up 112 TO 2l2 per cent. The
| Southwestern and Missouri Pacific sagged
fraction. Manhattan registered a net
| loss of only IL at S5la. though the price
l broke to ~ the announcement of the
| dividend reduction. The leading industrials
enjoyed an advance of about a point. ex-
| cept Sugar, which IS unchanged on the
| week. The sales were 73S, 900.
| The bond market during the week dis
IRENE dulness which marked the dealings
| at intervals. Investment purchases, coupled
| with the favorable outlook generally. were
| the sustaining factors which were reflected
1 in general gains. The prime issues con-
| tinued in exceptional demand and the mar
| ket broadened appreciabiy as the week pro-
| crossed. Some few weak spots were un-
covered notably, Lehigh < Wilkesbarre
consols, which were down 8. and Lehigh q
Wikesbarre. fives II points, owing to the
/ recent unfavorable rum0rS regarding
| the financial status of the company. The
/ speculative issues were less prominent than
| heretofore, but increased animation was
| noted i'm the middle-grade liens which are
| finding a wider market owing TO the UMPIRE
| cedently high price attained for the gilt
| edged issues. Sales. $59l5,0O0.
| Government bonds moved fractionally up
| ward moderate purchases by local and
out-of-town institutions. The sales were
| $25S, 0O0
| State issues were in demand. and stiffened
| slightly on purchases of S42, 900.
A number of Broadway bankers propose
| to organize the National Clearance 1nsti-
| tute. which shall buy from city banks the
| country checks received by them and col
| lect them at a less cost than the banks now
| pay. New York city banks receive each day
| $1O.O00,0O0 in country checks, and the collec-
| ton of that amount involves a great deal
of trouble. Several attempts heretofore
| made to establish national clearing house
| have failed.
The following table. prepared by L. W. Louis.
| Room IL Board CT Trade, shows the range OF
| quotations: