The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-30

dered to Havana. This sharp decline seemed
to clear the speculative situation by CIV
ing the shorts an opportunity to cover and
by shaking out the weaker narrow-mar-
gined holders, who were regarded as
menace to the success of any movement
they advance The character of the buying
at the decline made 1t very evident that
powerful interests We're taking up heavy
lines of stocks with confidence and their ag-
gressive manipulation for an advance was
evident during the remainder of the week.
The most effective factor in their favor was
ths strong upward tendency of New York
Central, at first unexplained, but made
clearer later by information of a plan in
contemplation for absorbing the Lake
Shore. How much the general strength of
the market was due to the influence of this
special movement and the sympathetic
strength in the widely-extended Vanderbilt
group was made evident on Friday. when
a realizing movement in New York Central
left the market without support and a re-
action resulted. Rock Island was another
sustaining force on the announcement of its
refunding plan and on the very large in
crease in net earnings for the fiscal year
thus far shown by the presidents state
ment. Rock Island helped an advance In
the whole Of the granger group until the
publication of the December earnings of
Burlington and st. Paul, which, on account
OF the small increase in net and large in
crease in operating expenses, were viewed
unfavorably by the traders. The weeks
statements of railroad earnings have been,
as rule. very favorable, notably Northern
Pacific and Pennsylvania, published to-day,
the latter being regarded as an especially
reilaple index of the countrys railroad bust
ness. All of the securities of the Kansas &
IexaS Company have been very strong dur
ing the week on improved financial condi-
ton shown by reports for the year thus
Tar. The bull operators made use of reports
IN anticipation of the Presidents speech on
thursday night and some of Fridays sell
cry Of the speech. The -" markets
advance was helped very materially by the
large buying for London account on
tuesday and Wednesday. but the almost
equally heavy selling on the succeeding
days from the same source made it evident
mat the speculation was only for a short
turn. The tone of the money market has
worked easier, notwithstanding the with
drawal from the banks of the first 10 per
posits of Union Pacific payments 1t is evil
dent, also, that increasing abundance of
money and ease of rates is all that prevents
the larger imports of gold, as the supply
OF exchange is constantly increasing and
rates for money in London and Berlin are
again hardening. Net gains in the general
INST extend up to points, and in the spe-
claiitfes to 14A in Lake Shore and 6l5 in
New York Central. Kansas & Texas pre-
ferred and Chicago & Eastern Illinois stock.
Rock Island, Northern Pacific preferred
and Northwestern also made heavy gains.
With sales of bonds for the week of par
value of over $25, GOO, 000 business in that de-
partment of the exchange exceeds ali pre-
Vious records, both for a week and for a
month, on the business thus far in the
what reduced by profit taking, but prices
are materially higher on the week United
states Ola tours, coupon, are Is higher bid;
United States old fours, registered, and new
tours. coupon, a higher, and the fives, Is
higher bid.
The governors of the New York Stock Ex-
change Saturday announced that they had
adopted resolutions prohibiting arbitrage
dealings between the local exchange and the
stock exchanges of other cities. The reso-
luton declared that the trading between
the New York exchange and that of any
other exchange of this country, based upon
quotations from the floor of the New York
i0nOr-
ing the commission law.
The following table prepared by L. w.
Louis, Room H. Board of Trade, shows the
range of quotations: