The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-05-29

stock market is left to the professional room
traders. The very fact of outside neglect
OF the market deprives IL of support, so the
B BEARS i1 a duli fr stock ai market a and bniIs
In a dull wheat market In ac-
cordance with the possible effect of crop
che state of affairs during the past week.
practically every professional trader on the
Stock Exchange was a bear during the
considered evidence Of a definite indication
or a change OF heart. as the professional
traders look with apprehension always on
a few days interval OF inaction and it's pos
sibilities OF important developments. The
heavy decline in values compared with the
value OF imports and the persistent rise
in the ratE of sterling exchange were all
Incidents to reinforce the argument that our
credit balance abroad had been exhausted
ard that an early movement outwards OF
gold was likely. The languid tone of Sc
~curities and numerous industrial combina-
lions was a striking indication of the
saturated condition of the public demand
for them and was taken to foreshadow the
danger Of a break in prices of those which
were inflated in value and in weak hands.
which might demoralize prices generally.
There were evidences. not lost sight of by
the bears, OF a desire to realize on some
OF the heavy holdings taken over by power
full interests to check the panic due to
Mr.. Flowers death. Much was made also
tant group OF stocks that would result from
an enactment OF a public franchise tax bill
by the New York Legislature. On these
various assumptions the bears sold stock
quite assiduously during the early part of
the week. number Of things during the
week checked the confidence in a coming
reaction In prices. Most important was the
excellent traffic returns of railroads for the
third week In May. Beginning with st. Paul
on Wednesday. with an increase OF $500
there was practically no exception
to the favorable returns. As the
comparison with an unprecedented period
last wear IN COnfd not fail m have force.
Reports of damage to European crops dur
ing the week suggested future price Tor
the reserve in farmers hands. constituting
the invisible supply, the amount Of which
Is believed to be large in spite of the large
movement last year. II was sufficiently OBJ
Gated by the short selling did not bring out
any large offerings OF stocks. arguing con-
hdence in the holders In their future value.
There has been a pretty steady demand
from abroad for the standard railroad stocks
and outgoing steamers carry large shipments
or securities. The growing caution of the
public towards issues of new industrial COM
binatiOnS and a falling off of the Juror or
speculation in such issues is unquestionably
safety. The detailed statement of the April
foreign trade showed a number of favorable
features, especially the large proportion or
the Increase in imports included in articles
in a crude condition for domestic industry"
OF the total net increase in imports or
se.14s.o77. this item absorbed IS. $40, All. The
prevailing ease in money and the activity
reported by specialists in the various de-
partments of trade and business were all
reassuring factors.
There has been a very notable demand
for all available issues of railroad mort
cages during the whole week. There was a
moderate absorption Of gilt-edged and gov
eminent bonds. But the favorites are new
issues for refuDding and reorganization pur-
poses In course Of disposal by reorganiza-
tlons syndicates and which may presumably
hope for a stable. higher level Of prices after
THIS floating supply has been absorbed by in
United States new tours. old tours. coupon.
ana the threes advanced u. and old tours.
registered. and hves "a in the bid price. The
twos. registered, declined a half.
Inc following table. prepared by l.. W.
Louis. Room II. Board of Trade. shows the
range Of quotations..