The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-28

more pronounced lower plane. This process
enlivened the weeks proceedings and was
accompanied at times by wildly -animated
dealings. The trading at other periods was
intensely sluggish. but the contraction in
business was only discernible when the
market essayed to rise The attitude of for
eign operators was regarded with consider
able interest, and quotations from London
from day to day were eagerly scanned as
eign financial centers. The great bulk OF
the arbitrage operations favors the short
account. but evidences that the foreign
operators were disposed to accumulate
moderate lines on various levels steadied
the market and stimulated covering. The
unwieldy nature of the short interest
forced the leading active interests to move
prices up sharply occasionally in order 10
shake off an undesirable following. The
watched the operators usually employed by
Washington interests and were ready 70
swing from side to side as soon as they
detected the source and nature OF tranSac-
persistent sellers, and their constant llqul-
dation dampened bullish enthusiasm which.
distress among the light wasted bulls, coup
led with the marked exhaustion of lightly
margined holdings and the frequent cans
for additional collateral by lenders was Ioi-
lowed by protective sales which
accelerated the reaction. The. bears
tested the. market frequently, and where rs
evidence of support was lacking stock was
vigorously assailed. The grave aspect OIL
the European situation, which gave promise
or serious complications, anu the
of the substantial interests to bolster lne
market until matters assumed a more cneer-
full aspect intensified the air of depression
which permeated the security markets.
News having a general bearing on nndu-
cial affairs was more plentiful as the week
progressed, but the preponderance OF the
developments only served to augment tne
early distressing factors. The frequent dls-
semination in the street of washington
adviceS intimating the character ana scope
of the board of inquiry statement on the
Maine disaster was used as preteXt 70
sway the market, although these olspascn rie
were purely conjectural. The dramatIc
speechmaking in the Senate, describing me
horrors of the conditions in Cuba ana tne
earnest appeals for Intervention by tne
United States, combined with the announces,
ment that the Spanish TORPEDO fleel ,d nao
Rico, made the climax of the moWeek
deveIopments Those considerable were
sllpplemented by the Semi-ofhc1al state
ment as to the Maine calamity, Whlch az
forded the bears an opportunity 10 make
a demonstration against the market on sat
urday's opening. The subsequent dealing
showed firmn ass owing to the concentrated
es1lnDort accorded the list by powerful in
terests TIL unfavorable factors enumer-
ated outweighed numerous health{ul IN
fiuences, consisting of railroad statements,
favorable monetary outlook, encouraging
trade advices and the gold influx, which
now aggregates $35, 900.
The bond market suffered in common
with the stock market, but the concessions
were less pronounced and business was
largely curtailed. Government bonds also
exhibited extreme weakness with the
tours.
The following table prepared by L. w.
Louis Room IL. Board of Trade, shows the
range of quotations: