The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-05

day. The bank statement showed surplus
decrease OF one and three-quarters million
dollars, which was the ostensible reason for
prices running off in the late dealings. Lon
don was purchaser in the New York market
and the tone there for American securities
ended firm. Locally there was continuance
and round amounts of short contracts were
covered. Confidential buying of high-priced
stocks, including New York Central and
pennsylvania, gave strength to the rest of
the list. 1t was announced that New York
Central was to operate the West Shore Rail-
road more directly and that a separate or
sanIzation would be maintained only as far
as the West Shore board was concerned.
Among the other stocks showing conspic-
qous strength on the rise were Wheeling &
Lake Erie preferred, Northwest, Rio Grande
d Western preferred, Denver preferred,
Canada southern, Cleveland, Cincinnati,
Chicago d st. Louis, and Southwestern pre-
ferred, which rose from l to points. Met
ropolitan advanced Q points, of which it re-
tened ,; Third Avenue jumped liz. of
which 1t lost Az and Consolidated Gas and
Brooklyn Union Gas retained ga and 21b
respectively of large advances. In explana-
tlon or the strength in these stocks it was
said that Metropolitan was to absorb Third
Avenue. This, however, was denied and the
pl releases of Metropolitan were said to be
based on results expected from the opera
ton OF extensions about completed. The
strength of the gas stocks was on a con-
Ilhuance or consolidation talk Great
Northern preferred held points of an even
greater rise on limitations of a possible
distribution of assets to stockholders. In
ternational Silver gained 33sc on the day.
Lake Erie & Western preferred dropped 6
points on being reegated to the nom
diVidend-paying ranks, but recovered more
than half of the loss. The common stock
showed sympathetic weakness early but re-
covered and ended with a fractional ad-
vance. In the reaction ensuing on the APP
pearance of the bank statement special
weakness was shown by Manhattan. Read
ing first preferred, New York Central Penn
sylvania, the grangers, Northern Pacific,
Missouri Pacific, Southern Pacific, Atchi-
sfDd Il
sit and Sugar. The bank statement, which
affected sentiment adversely, was a surprise
IN several respects. The increase of some
$40, eco in the loan account was not due
to routine transactions but was attributed
to the financing of a number of deals of
great magnitude in railway projects and in
Sive credit was said to have been given to
foreign sellers who were obliged to borrow
until the securities reached here from
abroad.
Trading in stocks for the week left prices
lower for the more prominent shares. The
volume Of business was contracted COM
pared with the large dealings of late, but
We're still much greater than at this time in
other years. For instance they were more
than twice as large as those Of last year
ana eight times greater than those of 1897.
Money continued in abundant supply, unaf-
fected by number of great deals that were
being financed, and February dividend
and interest requirements. Reports
from various sections continued to
Indicate a prosperous condition in many in
dustrleS, with advancing prices for iron
products and cotton goods and better tone
in the wooden industry Railway reports
were generally gratifying. The most i'm
portant net declines for the week were New
York Air Brake, ga; Lake Erie & Western
prterred, 9A; and Reading first preferred, 3;
but there were many smaller declines in
active stocks, which show the tendency to
have been downward. Advances in excess
of five points follow: Great Northern pre-
ferred, 1872; Metropolitan Street-railway IA;
Consolidated Gas, 1885; New York, New
Rapids & Northern, 10; Brooklyn Union Gas,
S9s Great Northern preferred, 812; Third
avenue, ~; Minneapolis, st. Paul * Sault
Ste. Marie, IL; Long Island, 6b; Chicago &
Alton, GA; International Silver, 55a, and
Twin City Rapid Transit, ga Denver & Rio
Grande, Mobile & Ohio Pullman and Mime
ap0lis & St. Louis second preferred also
showed losses, ranging from over / point to
39s, which was Burlington's decline. New
Jersey Central lost 212 and there were lesser
declines among the other coalers. Most of the
trunk lines, too, were notably lower. Penn
sylvania losing 212 points. Losses were quite
general among the industrials, including
Sugar, Tobacco, Glucose, international
Paper, Lead, Biscuit, Leather, Federal Steel
and Colorado Fuel and Iron. Manhattan
and Peoples Gas were off points
Business in bonds during the week was on
a normal basis with a good undertone. There
were alternate periods of strength and
weakness in the speculative issues which
gave the market an irregular aspect.
United States threes advanced u and the
f1Ves, registered, 49, The new fourS declined
Is in the bid price.
The following table, prepared by L. w.
Louis, Room IL, Board of Trade, shows the
range of quotations: