The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-16

nelow Friday nights close. but the cover
ihS movement reduced net declines in some
cases 10 fractions.
NO JANUARY BOOM.
Reactions in the stock market the last
two days put an end to a period of strength
and activity earlier in the week which was
regarded as giving good promise of the
usually expected January boom in prices.
Only those stocks which scored extreme
advances early in the week have anything
left to show for it, the general level of the
market being decidedly lower than at last
saturdays close. The firmness with which
the market withstood the effect OF the first
news of the Havana rioting on Thursday
led TO a hope in the minds of the bulls that
the power for evil of the Cuban question
mad been tested to the full. But the mar
ket was sustained on Thursday only by the
striking strength displayed by the Wander
Dlits New York Central and Lake Shore
rising about four points each on reports
that new plans We're in contemplation for
operations looking to reduced cost and in
creased dividends on the stocks. The
amount of the trading on a practically
stationary market on Thursday might have
served as a warning of what would have
happened had this sustaining force been
Withdrawn. 1t was an obvious fact that
heavy realizing was in progress all the
week, side by side with the active strength
OF special stocks. The special points of
vantage on which the strength of the mar
ket held early in the week were the North
its various affiliated and connecting lines,
the source of this strength being the as
surance of the continuance of the Union
Paclllc old outlet to the Pacific coast.
Northern Pacific and the Union Pacific
group also enjoyed the benefit of anticipa
lions of a large Klondike business in the
spring. Another source of strength to
Northern Pacific was the decision of the
lnterstate-commerce Commission to con-
tinue the suspension OF the long-and-short-
haul clause in cases where rates were in
competition with Canadian lines. Manhat
tan was another point of strength
IN rise the baf market of With With tenp haan
lost in the taking of profits. Sugar
was persistently weak. It's decline has been
directors to retain the surplus for con-
tingencies, and professional traders have
taken q gloomy but uniformed view of
what these contingencies might be. The
pendency of the Hawaiian annexation treaty
in the Senate has been unfavorable to
Sugar, as annexation would allow Hawaiian
refined sugar to come in free. The indus
trial list generally has been heavy during
the week. A feature has been the large
buying for investment account of gilt-edged
stocks.
The bank statement indicates that the
expected replenishment of the money mar
ket has been accomplished, and significant
weakening of foreign exchange indicates
that the seasonable outgo of gold is likely
not to occur on account of the heavy trade
balance in our favor The item of loan eX-
pansionS does not indicate a very active
demand for money, but in the last few days
offerings of commercial paper We're re-
ported to be in large volume. Bidding for
choice grades has also been sufficiently ac-
tive to effect lowering of rates.
The market for railway bonds has been
very active all week, and record prices have
been reached for many high-grade issues
The issues of the Union Pacific group have
been conspicuous and strong, showing adj
vances ranging up to six points. Seattle
Lake Shore & Eastern firsts trust receipts
rose at one time 20 per cent, but lost a
part of the gain. Total sales, $29, 200 00
United States twos and the old. fours,
coupon are y higher bid and the new
tours Il higher lex. interest for the regis
tered>
The following table, prepared by L. w.
Louis, Room II, Board of Trade, shows the
range of quotations: