The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-12

Sugar was comparatively quiet. but resisted
all attempts 10 force it down. The selling
for London account because of the Trans
wall crisis was ignored.
POWER OF BEARS BROKEN.
The power Of the bear party. whose ef-
forts to get prices down the week before,
was partly frustrated. II renewed its at
tack at the beginning of last week. There
was great confidence manifested in the
short selling of Sugar. and when. after noon
on Wednesday. the announcement was
made the regular quarterly dividend of pa
per cent. had been declared was acquiesced
in by the rival refining interests. the bears
had not a leg to stand on. The recovery
In the price of Sugar corresponoed in vio-
lence with the decline which had been
forced on tips" and rumors that the trade
war was to be one of extermination. and
IL would necessitate a s,u pension of divi-
dends in order to see II TO a finish. On the
same day came the declaration of a semi
preferred stock Of the Atchison. Topeka &
Santa Fe Railway. This was u more than
the last dividend. II came out OF the earn
ings for the fiscal year ending June 90 next,
and was accompanied by a statement from
the directors that enough would remain out.
OF the earnings for hat period. after pros
viding for ell previous charges and setting
aside a reasonable sum" for q reserve to
supply another similar dividend In January
next; The bear party had been very volu-
BILE in assertions that II was q question
whether the dividend on Atchison preferred
could be maintained at all, owing TO the
failure OF crops in the company's territory.
Predictions had been current in Wall street
that the preferred stock would sell at least
legged condition I'm Atchison affairs played a
large part i'm the plan of campaign of the
bears. The REPUTATION of 1t and the changed
aspect OF the speculative outlook for Sugar,
undermined their position so seriously that
they became alarmed and rushed TO cover.
The Atchison dividend and other favorable
Developments also brought some outside de-
mand for stocks through commission
houses. OF these developments the most po-
tent was the continued large earnings
every group and from all sections of the
country. There has grown up a much more
confident and cheerful following regarding
IL is felt. will be offset by the spring wheat
crop and by the heavy corn crop and the
cate large reserves in farmers hands, for
which the damage to the Russian crop will
help TO provide q good market.
Money is obviously abundant and no con-
tingency Is now foreseen which can make II
scarce. The outgoing gold movement Is IN
itself an evidence of the plethoric condition
of money. for IL Is certain that when the
crops begin TO go abroad there will grow up
a trade balance In our favor again. III
money were scarce here the goIa woH vh ,b be
return tide. thus saving the expense OF
bullion transportation. 1t is generally I'M
JUDGEMENTS offered by the Bank of England,
in the desire to replenish its reserve and by
Russian institutions. The inducements are
In effect a premium on the gold. Neyerthe-
less IL is quite evident no widespread pub
lie interest has yet been awakened in the
stock market such as Is relied upon by oper-
ators with large capital to relieve them at a
profit of what they buy. Distrust of the
new industrial issues and of the old ones.
too. is responsible for the hesitation more
than anything else. The conviction Is gen.
eral that the promoters have paid heavy
prices for the constituent members of the
combinations and that most of them have
been heavily overcapitalized. even supposing
the original prices paid for the properties
had been reasonable. AS a result the more
recent fiotations have been made with some
difficulty and the issues are not readily
absorbed. This is markedly true of the
numerous new steel issues, notwithstand-
ing the unprecedentedly prosperous condi-
tons in that trade.
In the bond market there has been some
increase in activity I'm the latter part of the
week and an Improvement in prices United
States twos advanced / per cent, the old
tours registered Il: old tours coupon, u, and
the new tours and fives, Is in the bid price.
The threes declined h.
The following table, prepared by L. w.
Louis, Room H.. Board of Trade. shows the