The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-11

firm and few wide recessions are to be re-
corded. The most attention in Wall street
is paid at present to the reports OF crop
prospects and prospects for crop prices.
The harvesting of abundant crops and the
securing of good prices for them by the
farming population are regarded as most
vital to the sustaining of prices at the ad-
vanced level resulting from the six weeks
bull movement. The firmness of prices In
face of the dullness of the market reflects
the confidence of holders of securities in
the accuracy of current estimates of the
good prospects for domestic crops and or
the prOba bic necessities of the countries
which usually take our surplus. owing 10
the prospective shortage in other sources of
their supply. The granger roads have led
the advance throughout and continue TO
show the greatest strength and tirmness.
The passage of the tariff bill through the
Senate as marking the conclusion of crit
ical stage in the final settlement OF the
VeXed question has been looked forward to
as a favorable factor in Wall street, but,
like all such factors that are long in pros
was marked by profit taking and g slight
reactionary tendency.
USED BY BOTH SIDES.
The ingenious professional operators have
managed to extract both a bull and a bear
argument out of the projected presidential
message on currency reform, the bears SELL
ing. They said they were disappointed over
action on the matter being deferred, aud
the bulls buying because they said they
were glad the early disposition Of tariff
questions was not to be jeopardzed by the
complication of the other question. The
strike of soft-coal miners has had its effect
in checking the upward tendency of prices
but there are not lacking expressions of
confidence that the strike may lead the way
to an opportunity OF lettering the deplor-
able conditions existing all through the
soft-coal trade by improved wages as well
S by improved pronts to operators and
transportation lines. The week has passed
without a shipment OF gold TO europe, ana
the belief is general that the year y out
going gold movement has come to an end
Sterling exchange has, however, SHOWN a
slowly hardening tendency as the week
progressed, even IN a very dull market and
1t is reported that a small order for gold
for Europe is in the market ana may ma
a taker next week If exchange continues
to rise The matter is not, however, con-
sidered important. The commencement OF
grain exports promises supply OF ex-
change, and there is a disposition to sell
long exchange for future use. The surfelted
condition OF the money market shows no
prospect of relief though the excess or re-
ceipts from the interior OF gold ana cur
rency over shipments shows a tendency to
diminish The low rate for call money has
fallen during the week from IA per cent.
to l per cent. The net changes in leading
stocks for the week are small, but are
mostly lower. Some noteworthy gains are
shown by inactive stocks. Gains of over
a point are shown also by Sugar, Tobacco
and Omaha. Losses of over point are
Western, Lake Erie & Western preferred
(3), and Rubber preferred (3A)
The bond market ruled fairly active our
ing the week and considerable strength de-
veoped in the gilt-edged liens. The deal
ings generally lacked feature aside from
extreme irregularity to the Industrial Sc
curities which impaired tone to the gen
eral market Purchases for investment &C
count were observable in many instances
and a better speculative demand occurred
for some of the low-grade mortgages. Some
heaviness was noted towards the close of
the week in the more active mortgages
but without effect on the general trend
The principal advances were: Brooklyn
Transit fves, pa; New York Central tlyes,
regular. 21s; Galveston, Houston d Hen
derson fly es, 3; Indiana, Illinois and Iowa
firsts 4; Rensselaer, q Saratoga frsts, rs )
Iowa Central firsts 2; Mexican National
incomes B, pa; Susquehanna q West
ern general, g. Peoria. Decatur & Evans
vile seconds, trust receipts, Az; Wilkes
barre & Eastern firsts, pa and st; Paul,
NJ & NJ Minnesota Union SKIES, rs per
cent Declines: Cleveland q Pittsburg
sinking fund sevens, "a, and Tennessee
Coal firsts. Tennessee division, 3 per cent.
Government bonds were quiet and fairly
well held during the early dealings. Sub
sequently however, general weakness de-
veloped on profit taking with the new
coupon fours reacting to 1241a.
The following table, prepared by l.. w.
Louis Room H. Board of Trade, shows the
range of QuOtat tons: