The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-27

usence OF security holders that future condi-
lions 1.es Will improve to warrant higher prices
i nc t auVance is spoken of as steady which
- rue o! the average price, but the whole
Harket mas not moved uniformly The
average net change was small. but almost
invariably the side of advance Many
ioASSSsional operators confident that
slse level of the market has advanced too
RI TO De warranted by present conditions.
tJItapctIon, put their utmost efforts have
nltherto been unsuccessful except in a
tTlVlal degree. The idea of the bear traders
= lhat II they were able to work reac-
.lon OF imposing proportions by manipu-
lduon they would catch an enormous num-
oeI OF stop oroers and perhaps even large
amount OF long stock tempted by the very
considerable advance of the last few weeks
after the long and weary wait to take a
pfohL But such a manipulative reaction,
unless justified by a less promise of pros
porous development. could only be tenn
pUeary; II Is customary. to attribute the
present advance to the impetus given by
the reporting of the tariff bill to the Sem
ate and the showing of working majority
IN its favor in the Senate; to Secretary
cages speech at Cincinnati intimating the
preparation OF an administration plan of
currency reform and the Supreme Court
state-commerce Commission to fix railroad
rates. These events, coming nearly to-
gether NIX convenient epoch from which
10 date the advance.
AFFECTED BY RETRENCHMENT
There has been a long period of severe
retrenchment and closest economy in rail-
roads and in every other line of business.
The movement of surplus product though
at unprecedentediy low prices has begun
as indicated most strikingly by the break
ing up from time to lime of the various
pools and agreements in the iron and steel
trade and the resulting enormous trans
actions That the current upward move
ment of prices in the stock market is due
10 the conviction that the country is ready
10 realize the benefit of it's severe process
Of retrenchment and liquidation is the view
taken by traders going willingly with the
current. The weeks strength in Northwest
ern was helped by the crop prospects and
granger group the leaders of the advance.
AT one time Friday Northwestern was 8
points above last Saturdays close, but the
net gain is GA. Rock Island gains SIS !;
Omaha, 4, and Burlington and St. Paul, 3
each. Other net gains on the week are:
Lackawanna and Chicago & Eastern Illi-
nols preferred, 6; Tobacco, B; Minnesota
Iron, Rio Grande Western preferred, Lake
Shore and Ice or over; Northwestern pre-
terred, Minnesota & st. Louis first pre-
ferred, New York, Lackawanna & Western,
New Haven and Pullman, 8 over, and
ern preferred, or over. Losses extending
to point or over were shown by Balti-
more & Ohio, Consolidated Gas, Erie first
preferred, Illinois Steel, Pittsburg, Gin
cinnati, Chicago & ST. Louis preferred and
St. Louis & San Francisco first preferred.
The bond market shared in the general
markets during the week. and there was
an absence of that hestancy to values
which developed at intervals in the stock
market. Trading was in large volume and
excellently distributed, numerous hitherto
neglected issues forging to the front at
substantial improvements. Purchases by
operators was quite a sustaining factor,
and brisk domestic demand for the low
grade mortgages was regarded with con-
siderable favor by the leading interests.
The middle grade securities developed the
most aggressive strength, and were favor
ably influenced by developments in specific
issues. The speculative liens Jagged in the
advance, but, nevertheless, gains of point
or thereabouts were made in some in
stances. The aggregate sales were SO, 802,
600. Louisville d New Albany consols adj
vanced and Peoria Decatur & Evansville
trsts ia Der cent; Omaha & st. Louis
first trust receipts, Erie seconds, Peoria,
Decatur q Evansville division firsts and
Union Pacific collateral trust fiVes, per
cent. or over; Edison Electric frsts of
Brooklyn Delaware & Hudson frsts, Penn
syivania division, per cent. or over;
Peoria & Eastern firsts, Indianapolis, De-
catur & Western firsts, Lehigh Il Wilkes
barre fiVes, Hooking Valley flves, trust re-
ceipts Missouri Pacific consols, Susque-
hanna & Western refunding fives, Toledo,
Peoria q Western firstS, per cent or over.
Government bonds ruled strong through
out and sustained general fractional i'm
provements. The sales were $543 600.
The following table, prepared by l.. w.
Louis, Room IL, Board of Trade shows the
range of quotations.: