The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-27

showed no exhilaration over stories that the
trade had been fixed. There was not much
reimbursement to bear operations IN such
market, and when reports by cable We're
received that the Spanish government had
instructed instructed It's commissioners TO sign a
treaty OF peace, the market, generally,
turned upwards and quickly retrieved a
part of all of the earlier declines. Atchi-
sens October statement helped that COM
panys preferred stock and by sympathy,
the entire list. The statement showed a net
increase of s221,4S7 saved out of the gross
receipts. 1t was announced, incidentally,
that the reduction in operating expenses,
due to extraordinary expenditures for bet
terments, would begin on Dec. 1. Good
statements of earnings by a number of 9th
er railroads helped thf recovery The bank
first glance, with the increase in surplus
reserve though subsequent scrutiny Of the
decreased loan item caused some modifica-
ton of this view and caused some late re-
actions but not until an active buying
movement had developed all through the
list. There was heavy covering in the Fed
eraI Steel stocks and sharp recoveries in
the Baltimore & Ohio stocks. The St. Paul
& Duluth and other less prominent issues
were also markedly strong.
THE WEEK CUT IN TWO.
A midweek holiday is almost certain to
break in on the course of a market and to
curtail operations. except such as are de-
signed to even up contracts. The past
week was no exception, and the movement
of prices has been highly irregular at all
times, and with intervals inclining towards
the reactionary side. The market has,
nevertheless, maintained fair degree of
activity, and dealings have been well dis
tributed through a widely extended list of
securities. Notwithstanding the process of
digesting huge blocks offered for purposes
Of profit taking and some elements of posi-
tive weakness, the market has stood up
Well under its burdens, and prices are, on
the average, higher than they were a week
ago. As is likely to be the case where a
faVorite stock or group of stocks meets
heaVy offerings TO realize, the activity and
strength have shifted to new stocks. This
IS partly the natural turning of the public
demand TO uneXpiored regions and partly
the result Of manipulation, with the puspose
OF sustaining the market for purposes or
realizing. The aggressive attitude assumed
by the Northern Pacific towards Oregon
Navigation in it's policy to extend into dis
puted territory has brought large blocks of
Northern Pacific stock to market from the
disgruntled element in the ownership. The
large banking interest which seems to have
assumed the task of maintaining the price
OF the stock in face of this liquidation is
also known to be deeply interested in the
neWly-foated Federal Steel Company. The
stocks Of this company have also tended
downwards from the combined effect of the
reported failure of the steel rail pool and
the disincination said to exist among the
financial institutions 10 hold the stock as
collateral. 1t was not surprising, there
fore. to find other stocks in which this
banking interest is largely involved show
ing evidences of manipulation for an adj
vance and brokers 1nQuStrlOuSly bidding up
their prices on the floor Of the ex-
change. Southern Railway, Reading
and Erie Were conspicuous exam
pies. Profit taking in the Atchs0n
securities was on a large scale
and there was some uneasinesS felt early in
the week over the outcome of the Paris
peace conference which emphasized the in
cltnation to sell. The strained relations
among Northwestern railroads and the
snowstorm served to divert the buying de-
mand to other quarters Besides the coalerS,
which there short
to be squeezed there were rather conspicu-
Gus advances in the trunk lines as a group,
including Baltimore * Ohio, based on the
demonstrated possibility of heavier train
loads and lower train operating expenses.
The strength of Peoples Gas was explained
rights to subscribe to new stock issued for
the purpose of absorbing additional proper
ties and for other purposes. The belief that
Vanderbilt interests have entered into the
Manhattan ownership served to sustain one
of the weak members of the list. The ap-
prehenesion felt early in the week that the
Berlin money stringency would be reflected
on this side has subsidized with the easing of
the private discount rates at London, Paris
and even Berlin itself and the fall in for
eign exchange in New York.
The bond market has been active and
broad during the week and prices, with few
exceptions. are higher, though there has
been some irregularity in the movement at
times. United States fiveS, coupon, have adj
vanced IL the old tours, registered and the
new tours 3s and the twos, the threes. the
old tours, coupon. and the hVeS, registered
Il in the bid price.
The following table, prepared by L. w.
Louis, Room II, Board of Trade, shows the
range Of quotations: