The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-20

Pacific and the transcontinental lines in
the United States for Klondilke and Pacific
business was q depressing factor, causing
q f u Isss o. points IA Canadian Pac,nc ana
Union Pacific tours were very heavily dealt
IN. two individual transactions of par
being recorded One block of 100000 of
Rock Island extension fives also changed
GOOD WEEK FOR BEARS.
The weeks developments in the Cuban
question effectually unsettled the market.
and precipitated a heavy liquidation of
speculative accounts Prices of securities
were recognized as discounting to a certain
extent future prospects, but confidence in
the future had been sufficiently firm to
prompt the holding of long lines until the
De LONE incident and the Maine disaster
awakened renewed uneasiness. This un-
easiness caused the bulls to abandon plans
for any present aggressive advance in
prices, and caused the liquidation of numer-
Gus holdings of long stock dislodged by UNI
covering of margins The bears showed
some hestancy at times during the week
and their haste to cover at the low level
effected a rally on two days. namely Tues
day and Thursday, after the severeSt de-
clineS There Is question as to how far
the powerful interests which of late have
largely. controlled the course of the market
reduced its long holdings. But the situa-
ton generally, aside from the Cuban Ques-
ton, is recognized as a strong one.
Saturdays bank statement reflects condi-
tons that may also account for some OF the
weeks liquidation in Wall street 1t was
expected that the movement of money away
from New York and the withdrawal of an
installment of the government deposits of
the Union Pacific might be offset by con-
traction of loans resulting from the liquida-
ton on the Stock Exchange. Instead, there
has been an expansion in loans OF over ST.
100000 and a decline in the surplus reserve
OF $6,748 coo. The loan account is probably
affected by operations in connection with
the Kansas Pacific sale. But allowing for
the undoubted reduction of loans for stock
speculation that must have occurred, there
is still indicated a, largely increased demand
for morPy, a good proportion of which has
gone into commercial paper. This indicates
good basis for the expectation among
bankers that the money market has higher
rates ir prospect and may also account Tor
the cheap rntes at which sterling exchange
for future delivery is sold as compared with
present rates. While this might curtall re-
sources for immediate speculative purposes.
it is sign of the continued growth of bus
mess activity. The astonishing growth or
our foreign trade as indicated in the govern
ment's report for January, the large con-
sumption of iron at advancing prices, the
continued foreign demand for grain at mgn
prices and the favorable traffic returns or
railrO ads, ali point to an increase in values
but prices Oh the Stock Exchange We're
unable 20 withstand bear pressure 1or the
time being.
Bonds held relatively much firmer than
stocks during the week and showed the EVIL
dences Of continued large absorption for m
Vestment Business was not as large as IN
the previous week. but was of considerable
volume anG net declines in prices We're un-
important. Total sales. $24, 220 600. United
States new fourS coupon declined "A, United
States new tours registered Is; old tours
registered, Is; old fours coupon, "A and the
fives "a bid
Louis. Room Ii, Board of Trade. shows the
range OF quotations: