The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-02

Ing on the course Of the market, and al
though apprehension as to stringency was
entirely allayed the occasional fiurries that
occurred unsettled speculation. Tobacco was
the dominant feature, and the deluge of
stocks which accompanied the break gave
color TO reports that inside interests were
jump above $50 was for the purpose of
squeezing powerful short interest, and
now that the incident was closed the down
ward course received acqueScence from the
manipulative interests in control The nu-
merous ccups that have been effected in
this. speciality since its Introduction to the
stock market has chilled public dealings
and reduced trading to the more daring
professionals. The magnitude of the trading
In the specialties naturally served to pro-
mote a sympathetic tendency in the rail-
road list. but developments brought out
many favorable factors which stemmed the
reaction In fact, standard issues, on the
whole, exhibited remarkable resisting pow
ers and moved Independently at intervals
But the persistent raids elsewhere robbed
the list Of monetary advantages.
SUCCESS FOR THE BEARS.
The bears followed systematic course
and diverted their efforts from one stock
to another, until the entire industrial group
was hammered. Losses for the week ranged
up to 80 points in Tobacco, with ConsoIi-
dated Gas, Rubber, New York .Air-brake,
Manhattan, Cotton Oil and Leather pext in
order. Sugar encountered supporting orders
dI liIHeS, anu covering ELSEWHERE
impaired occasional steadiness. Holders of
industrial securities were alarmed during
the campaign. knowledge regarding the
next point of attack was not available and
the prominence of the interests engaged in
the movement impelled conservative operat-
ors to withdraw on the first Indication of
weakness Railway earnings embracing all
the leading lines were in the main encour-
aging, but returns from some sections
known conditions. ne policy of effecting
improvements increased the ratio of operat-
ing expenses, but this action will permit
radical reduction in operating charges later
on. Foreign and state politics were dis
cussed, and. as is commonly the case ex-
IRENE arguments were advanced in support
siderable back log, as the disposition abroad
10 purchase securities in face of the depres-
sion of the local market induced some sub
stantal covering and demand for the long
account. Domestic conditions reflected a
continuance of the business expansion
Whlch is particularly marked in some lines.
ACTIVITY In the iron and steel trade, which
IS considered a fair barometer of the gem
eral situation, confirmed confident predic-
IONS as to the general outlook, and the
steady Increase in west-bound traffic on the
leading lines offset the light grain move-
ment The latter circumstance must eventu-
ally be remedied by increased movement
on hlgher wheat prices or forced Shipments
Belated borrowers of call money had to pay
as high as per cent for accommodations
but this rate was only temporary Average
rates were and A. and time funds and dis
count rates were decidedly easier Shin
ments of currency to the interior showed a
notable decrease, and the available funds
In the market were increased by the gold
arrivals and anticipatory interest payments
by the government.
The bond market moved in sympathy with
STOCK fluctuations, and showed more activ-
lty on the easier money conditions.
Government bonds were remarkably we'll
neld throughout the week, concessions be-
ing confined to u per cent. in the twos and
Is each in the threes and fours
The following table, prepared by T. w
Louis, Room II. Board of Trade, SHOWS the
range of quotations: