The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-04

strike of coal miners in the bituminous
coal districts of Pennsylvania. Ohio West
virginia, Indiana ard Illinois has grown
IN lInpresSlVeneSS to the minds of security
holders. The soft coal industry itself and
the railroads which transport it's products
have been recognized as drag on general
Improvement, and the prospect of further
generalization In the industry is regarded
as a serious drawback to industries in the
revival. These facts camc to reinforce the
argument so constantly harped on by the
bears during the period ef the present ad-
vance in stocks, that prices OF securities
were outStTppng the Improvement in bust
ness, and, indeed, discountng an improve
nent that was, as yet, only promised. AS
result the week mas witnessed the Gull
mination. for The time being at least of
the advance in prices of securities and the
first clearly-deiIned reaction since the
movement set IN, over month ago. There
mas succeeded condition OF dulIneSS
which has grown more marked as the week
advanced The market has, however, re-
tanned a large degree of steadness and
even of firmness III many leading stocks
The weeks process might be fifty called
one OF assimilation and digestion. Monday
and Tuesday saw the heaviest transactions
on the Stock Exchange OF any day since
that following the election last fall. On
Monday ali offerings seemed to be we'll alb
sorbed and the selling seemed nothing
more than the professional profit taking
which has been feature at intervals OF
the steady advance in stocks. But Tues
days transactions made 1t evident that the
buying which has led the advance had to a
large extent liquidated its holdings and was
not prepared at once to buy for another
upward step in the market st. Paul has
been the leader of the market all week in
point of activity and enormous speculative
holdings In burlington have been sold out
and transferred to st. Paul The weekly
statements of gross earnings of St. Paul
have shown an excess for each week in
June over the corresponding period in any
year since 1893. For the fourth week in
June the earnings reported Friday are in
excess OF the corresponding week for any
year in the history of the road. ST. Paul's
net gam on the week is l12 and Burling-
ton net loss is nearly equal, the former
STOCK having oVertaken and crossed the
latter In price and closing the week at the
same price The statement of both roads
Tor May was also notably good. The re-
turns of most Of the railroad companies of
the country continue to show Improvement
IN some cases it is the net earnings that
snow gains at the expense of continued re-
trenchment in cost Of operation and unim-
proved gross returns. Ia other cases the
increased gross returns are eaten up by
dtQeu COST OF maintenance and equipment
rejecting the necessary outlay deferred
during the period of depression and now
made feasible by increased earnings The
number OF properties which have come
through the business depression in such
good condition as to make their gains i'm
medlately available to the stockholders is
comparatively small.
DECLINE IN STERLING EXCHANGE.
A feature of the week has been the de-
cline in sterling exchange to below the
point where gold exports are profitable,
even with the consideration amounting to
a premium. which is still offered for gold in
Europe. ~ special order for $500, 600 in gold
| which was received from Europe on Thurs
| day found no takers. 1t is the general be-
| lief of exchange and specie export houses
that this marks the termination of the
I'outgoing gold movement for this year. The
growth of bank clearings in June indicates
an increased activity in business, though it
is to be noted that the increase of banks
/ on do Of I'll AZ
Financial Chronicle, only l per cent. over
last year, while for New York city the in
crease is per cent, supposed to be largely
due TO stock speculation. Deposits in New
York clearing house banks are several
million in excess Of the highest previous
record and currency continues to move to
| that center, but the week expansion in
| loans of these banks is $3,l312O0 greater
| than the expansion in the deposits for the
| same period This indicates Ii step towards
| the absorption of the surplus idle funds in
| the New York banks, which have glutted
| the money market for many months and re-
! duces the excess of deposits over loans,
| which last week reached $15,4130W by the
| amount stated Net changes for the week
| in the stock market are mostly losses in
the active shares, but they only reach as
! high as a point in few shares. Tobacco is
off SA, Bay State Gas B. and Chicago q
| Eastern Illinois preferred Pc On the other
! hand, Sugar is up 2, Rio Grande Western
! preferred SA, Rio Grande Western COM
mon 81, East River Gas preferred ., Chi
cagO & Eastern Illinois g. Brooklyn Tran
! sit, Long Island, Pittsburg, Cincinnati, Chi
cago & St. Louis preferred, and East River
Gas 4 or over, and quite a number of
stocks, mostly inactive ones, a less amount.
The bond market was strong and active
during the week. Operations for foreign
account were less notable The high prices
for prime mortgages are forcing more gem
erous purchases of low-priced liens. The
aggregate sales We're $9,20700O. The princi-
pal gains are: Toledo, Peoria q Western
tirsts and Peoples Gas, of Chicago, firsts,
each; Cleveland, Cincinnati, Chicago &
ST Louis consols, Commercial Gable tours
| and BROOKLYN Transit TVeS, 80 eacn. Bur
lington. Cedar Rapids & Northern cOnsols.
Chicago & Indiana Coal fives, Chicago &
Western Indiana generals, Baltimore q
Ohio fives of 1925, Omaha & St. Louis first
trust receipts and Houston e Texas Central
debenture skies, or over Standard Rope
skies and do incomes lost I and Az re-
spectiVey, and Kanawha & Michigan frstS
212.
The following table, prepared by L. w.
Louis, Room II. Board of Trade, shows the
range of quotations: