The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-05

the week since Monday has seen a new
stock brought forward and put through the
operations. On Tuesday II was Sugar which
was forced up points on new interpreta-
ton Of old facts regarding the probable ex-
clusion OF Dutch refined sugars. On
Wednesday Sugar was made to serve the
same purpose through the morning hours
with jump of points, but ii was eclipsed
In interest before the close by bound up
ward of 10A points in Omaha on talk that
the stock was to be put on a regular
guarantee 4-per-cent. dividend basis under
appeared that the busy spectators had
overestimated the advantage of the in
definitely rumored arrangement to Omaha
and had underestimate the benefit to
Northwest The Omaha stock reacted
points and Northwest was brought forward
for a rise of points, the whole Wander
bit group being brought into the move
ment Canada Southern rose Az, Cleveland,
Cincinnati. Chicago. & st. Louis S1s, and
the New York, Chicago & st. Louis stocks
less amounts. On Friday ST. Paul came to
the front and on purchases of no less than
low par The heavy Increase in earnings
OF the road and of all the grangers, and
dend rate We're the impelling causes
MEANING OF ADVANCE.
These successive upward bounds of diff
ferent stocks and the continuous liquidation
which attended them have made sensa-
tional and extremely irregular market all
week. The greater part of the advances
have been we'll maintained and the volume
OF dealings has shown a constantly broad
ening demand. the sales on Friday APP
preaching the maximum for the year and
those yesterday the maximum for a Satur-
day. That this tremendous speculation has
absorbed vast sum of money is evident
from the clearing house statements and
still more evident from hardening of ex-
change rates during the week, the pur-
chase of securities abroad having appar-
emily offset the heavy foreign purchases of
our breadstuffs. The absorption of funds
has made no appreciate effect on the rates
for-inoney, which still remain unprecedent-
edly cheap. The movement of currency to
the interior has been larger than last week,
but is still small considering the large ex-
panson of business indicated by clearing
mouse statements of interior points and the
heavy crop movement shown by the traffic
reports OF the railways. The interior roads
have thus far been largely supplied from
interior sources, contrary to the rule here
above the gold import point is due in part
to the heavy purchases of securities by
Americans IN London. each incoming
steamer bringing large consignments. But
while these large purchases are absorbed
without any effect on the local money mar
ket the rates for money in London con-
unue to harden in spite of large sales of
securities. The Bank of England up to last
week continued to contract its loans and
llltlc Is II HldtSlIl Oh pTOIl III Tic
money rates sufficient to induce drawers of
exchange to leave their funds at interest
there thus deferring the gold import
movement. How much longer the cheap
ness of money will continue in
New York in face of all this
expansion of demand is question to which
an answer is perhaps indicated by Satur-
days bank statement, given above, show
ing decrease of So, 403, $50 in the surplus
reserve. The cheapness of money is an in
centive to a rise in prices, especially in
view of the recent placing of large issues
of railroad bonds for long periods at an in
terest rate of 312 per cent, which bonds
command a premium in the market. The
reduction in rate of interest and return on
invested money naturally tends to raise
the principal value of securities on which
the dividend rate is unchanged. Recent
prices of government bonds are az higher
records. That the plethora of money and
its resulting cheapnesS are an influence In
this way in the rise in prices of securities
well the increased earnings shown
by the properties, is evident. The extreme
gains in the stock market have been indi-
Gated. but the whole list is materially
higher, especially the industrialS. Total
sales for the week were 3,l94901 shares.
The bond market has shown great ac-
tivity during the week and prices are gem
orally higher. Notable advances are
shown by the .Atchison, Fort Worth &
Denver City, Northern Pacific prior fours,
Texas & Pacific, Wabash seconds, Norfolk
q Western and Reading issues. Total
sales. 49, 76S, 400. Government bonds are Is
to l higher on the week.
The following table, prepared by l.. w.
Louis, Room IL, Board of Trade, shows the
range of quotations.: