The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-05

expected and was due TO the engagement Of
gold for expert and TO losses by the banks
10 the subtreasury by reason OF the small
ernment expenditures. Which Is now the rule.
There was very little business transacted In
the bond market and price changes were
small.
BEARS FINALLY ROUTED.
The short week on the Stock Exchange
has been characterized by a dashing cam
paign and quick retreat by the bears. They
found a number Of conditions in their favor
when they returned to the street on
Wednesday after tire three days lay-off
and they sold stocks with great confidence
and soon broke the market. The exhaustion
of margins the decline brought out a
food Of long stocks which enabled the
shorts to cover extensive lines at good
profit. Probably the most influential factor
In determining the bear attack was the
abandonment of the purpose to sustain the
price Of the new amalgamated copper
stock at or above par. The $75UO000 of
stocks of this organization was largely
oversubscribed at par and the payment of
subscriptions was completed a week ago
Monday. The subscribers were understood
TO include some OF the most powerful finan-
cial interests in the country and the new
stock was supported at or above par all
a
demand. When the price was allowed to
slump to s. on Wednesday and Thursday in
the outside market IL was interpreted to
mean tnat the powerful hackers were. not
disposed to combat the reactionary ten
dency In prices for the present. Fortified
py the acquiescence on the part OF an ele-
ment which had frustrated previous at
tempts TO force down prices, the powerful
bear party proceeded TO work it's will with
no Important opposition. large body of
security owners had for some time been in
the position of inertly holding on, waiting
Tor further rise In prices. When the
bears began to offer prices down by wide
holdings being cut away from under them,
they became alarmed and threw over their
holdings Unfortunately: There was a
uation which aided the bear campaign
There was growing conviction the yield of
wheat had been seriously curtailed by the
damage to the winter grown plant. There
was the report of a case of yellow fever at
New Orleans and the action of the Texas
authorities in declaring quarantine against
pairs the integrity Of railroad earnings In
the affected territory. There was the trade
was was In Gas in New York and in Sugar and
under the new law. which 1t was rumored
might lead to the reduction passing OF
important place on the New York Stock
Exchange. There were showings OF re-
duced earnings for April by the ST. Paul
Burling. Northern Pacific and Union
plausible explanations were offered, but
which were. on their face. evidence of a
button among stockholders. There was
hardening tendency in exchange, foreshad-
owing an outward movement of gold which
came in the announcement after banking
hours on Thursday OF an engagement of
81 .00. 600 for shipment to Europe. The fact
this engagement was made after an easing
exchange bankers to question whether the
operation could yield a profit an ordi-
nary exchange transaction. The fact that
II was made by the institution that financed
the payment of the Philippine indemnity
may serve as an explanation. The purpose
was to provide for the payment to Spain
so as to avoid the export Of gold and suf-
ficient amount Of foreign exchange was ac-
cumulated to cover the amount due to Spain
so the gold Tor certificates OF gold) could be
transferred from the subtreasury in New
York to the banking institution. 1t was
obviously a corollary OF the plan to set on
presumably. foreign subscriptions to the
new copper company to make up the for
eign credits turned over to the government
a plethoric condition In the local New York
money market and a hardening tendency
on the London money market. which were
not counted on and which made the outward
movement of gold necessary to restore the
balance. The relief to the London money
market gave strength to the stock market
reflected back on the New York stock mar
ket. This. with the fall in wheat, the sub
sidence of the yellow fever scare and good
prospects in the anthracite trade led to the
late recovery in prices and a general COW
ering of short contracts. Prices recovered
to the previous weeks level or above all
around.
Bonds sold off in sympathy with stocks,
but they were later in yielding and de-
clines were much less marked United
States threes and old fours regular. adj
vanced y and the new fours and the fives,
"a in the bid price. The old fours, coupon
declined a.
The following table: prepared by L. w.
Louis. Room IL. Board of Trade. shows the