The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-05

the opening sold the stock down a point
the lowest or the day. The close was near
meantime. All sorts OF rumors were afIoat
regarding the stock. and the dealings in it
Wee at times quite feverish. Sugar was
isdded in for the most part at a level below
Fridays close, the supply Of stocks being
apparently large on any advance. Chicago
Great Western showed degree of strength
on account Of its large percentage of In
crease OF earnings for the fourth week in
November. Susquehanna & Western con-
tlnred TO rise in price and Delaware & Hud-
son Of the coal group sympathized, but New
Jersey Central and the Reading stocks, on
the other hand were heavy. The days
news, so far as it was regarded, was favor
abe, statements of fourth week earnings
that were published showing large earnings
and handsome increases.
London advices during the week have re-
ported very heavy American demand IN
that market for high-grade American rail-
road bonds. The same demand has existed
IN the New York market, with very linn
lted supply, which was largely furnished
for foreign account as well as in London.
This would indicate a. further heavy trans
fer to this side of the water of the highest
priced railroad securities in sufficient vol
ume to have quite an appreciate effect on
the exchange balance. The activity of the
bond market has been a feature of the
Stock Exchange all the week. and total
dealings in bonds on Thursday were Of a
par value of nearly A,700O00.
SPASMODIC STOCKS.
The activity of the stock market has been
spasmoGic. The week opened with evil
dences Of an awakened outside interest in
the market, due to the sharp advances of
Friday and Saturday previous. But the
buyers of that period took occasion to real
lie on Monday and turned prices backwards
again. Tuesday and "Wednesday the bulls
loaded up again and prices slowly hard
ened. Thursday opened with great ANNA
ton and rising prices, but while the ami
nation continued the rise soon came to a
stop, and soon prices were falling quickly
and sharply. This second realizing move
ment by the powerful operators, whose re-
sources enable them to manipulate the
prices, threw the market into seni-stagna-
ton, from which it showed no sign of re-
coVsry either Friday or Saturday. The re-
actions, however, did not wipe out all gains,
ana the week shows net gains between one
and two points in the leading shares, and
exceeding two points in some, notably
Sugar (4A), Pennsylvania, Chicago Great
Western, Missouri Pacific and Union Pacific
d Inc rise OF Tuesday and wednesday was
due primarily to the aggressive and conf
dent buying of influential combined inter
ests. But the factor which induced a large
following was the favorable railroad state
mentS, notably the October statements OF
Pennsylvania and Burlington, and the state
ments in general of gross earnings for the
fourth week of November and the announce
| ment of the Rock Island refundinG scheme
and the sale of 100000 of the refunding
bonds The free, offerings. Of stocks on the
advance shows the disposition to await the
shaping of policies by Congress before buy
ing securities to hold.
The bond market has shown less hesitancy
than stocks and prices have steadily adj
vanced though periods of lessened activity
have accompanied the declines in prices OF
stocks. The supply of high-grade bonds has
been unequal to the demand and the demand
has overhowed to the low-priced bonds
which show notable gains. Total sales
SIS, 100000 United States bonds were strong
The new fours are p higher bid, the twos
u higher bid and the old fours registered
and the fves registered are "a higher bid
the former ex. interest.
The following table, prepared by l.. w
Louis, Room H. Board of Trade, shows the
range of quotations.: