The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-22

order to enable them to repurchase stocks
at a profit. The professional bears were
ready to aid them with short selling of the
market.
THE CLIQUE IN CONTROL.
There was a feeling prevalent in all cir
cles that speculation was taking reckless
tone that BODIED no good for the future 1t
was felt that stocks were getting into weak
hands and that such a state of affairs
afforded an unstable basis to values. and
the bull inter est retired for the time being.
perfectly willing to see a reaction suffi-
cient to shake out weakly margined hold
ings and which would improve the tone OF
the market and put it on a more substan-
tial basis. This state of mind in Wall street
must be taken account of in properly esu-
matlng the Importance of the weeks reac-
ton as barometer of business conditions
in general. At the same time there is
known to be an enormous speculative in
terest in wheat on the bull side of the mar
ket. For many weeks past the stock mar
ket has moved in sympathy with the grain
markets. Reduced crop yields a bull
factor in the grain market and a bear fac
tor in the stock market. The fact that
the dominant interest for the time in the
stock market is the bear element and in
the grain market the bull element should
be considered In connection with the ready
credence given to the reports of reduced
crop yield. Another fact that has aided the
feactlonlStS in the stock market was the
hardening in rates of exchange, which
seemed last week to be fast falling to the
gold-importing point. Last Saturday pre-
dictions were frequent that there would be
engagements Of gold for import within
week. The check to the fall in exchange
seems to be due to manipulative efforts
on the part Of the Bank Of England and Of
french and German financial institutions.
The continued low rates for money in New
YORK tend to make easier the efforts of
foreigners to defer the flow of gold to New
York As stocks had been bought on the
belief that gold imports were imminent,
II was natural that change in the prospect
In this regard should be an aid to the reac-
t10nary tendency. The general conditions
otherwise all continued to favor an increase
or values of securities. All reports agree
that business, both mercantile and manu-
1 Ia turing IS greatly improved; reports ports
increases, second week in August reports
for ST. Paul. Missouri Pacific, Southern
Railway, Chesapeake & Ohio, Chicago
Great Western and Louisville &. Nashville
being notable examples. Most of the prom
iEent stocks show an extreme decline from
and three points. This is exceeded only by
Central, 81 St. Paul $ss; Denver 8 Rio
Louisville & Nashville, 31s and the Rubber
stocks about points each. The flrmness
of the resistance to the decline ana It's Inn
tied proportion gives strength to the be-
lief in its artificial character. The nerv-
BUSINESS of shorts to cover yesterday TENDS
to the same belief. Net gains on the week
are shown by Sugar. Adams Express, chi
cago Gas and Chicago 81 Eastern ILLINOIS,
5A Illinois Steel, Metropolitan Traction,
Mobile & Ohio, st. Paul & Duluth pre-
ferred, 6.
There was a marked decrease in the vol
ume of bond trading during the week and
values showed a general tendency to sag on
realizing The losses, however, were not
especially severe except in remote cases,
and some liens resisted the reactlonary
movement strongly. closing with advan-
tages ranging up to per cent. in oregon
Improvement consol fiVes and points In
Mobile & Ohio tours. The aggregate sales
were So, $50 000
The following table, prepared by l.. W.
Louis, Room II, Board of Trade, shows the
range of quotations: