The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-29


Riayed strength on the possibility of the
nfst preferred stock being retired The
prospective advance in coal rates at Western
Reaaing Among the low-priced shares st.
Louis a southwestern preferred rose four
p p0dlntS 5r ana st Louis San Francisco sec
Chicago q st. Louis American Express
ana southern Railway were also strong
Ierred and American Malt were weak
canadian Southern and Cleveland Cincin-
I'LL ssei, Shicago Y st. Louis preferred also
rms was Vanderbilt week in the stock
market The dealings We're over 725O OCO
SHARES. with fluctuations showing great ir-
Ms uIdIlty but with an upward tendency
mere We're many reported deals associated
Win the vanderbilt name and the stocks
80 s,a1 49,. moved widely, according as the
- altous fuLnorS We're believed or discredited
II was said that New York Central. North
VEST ana Union Pacific We're to be ANAL
Sdulteu, that Lake Erie q Western through
options secured on stocks Womb he fond
unuer the New York Central control. that
1 New, YORK central was projecting an ar
LdnSement with the West Virginia Central,
ana that Chesapeake & Ohio would be
merged with the Cleveland. Cincinnati Chi
Caso o. 81; Louis. AS matter of fact, it
was Sald that the Vanderbilts were increas-
ms their holdings in various properties with
winch they were identified but rumor asso-
CIateu large nuying among the important
IdHoads as being in the interest of the
Nanderbilts, whenever the roads location
was such as to lend credence to the report
ne unruI1ed condition of the money market
III race OF the unprecedented volume of
transactions in stocks and bonds was reas-
suIlhg, ana IN sense confirmed the public
conception of the marvelously favorable con-
ultlons prevailing in Industrial agricultural
ana financial circles in America.
Excellent railway returns came to hand
from various sections of the country. Sixty
one railways increased about 9A per cent.
In gross earnings for the third week in jan
uary. Among the December statements of
net earnings st. Paul showed an increase
q a xyh Ia
burlington increased $40, 600 Lackawanna's
annual report was an exception to the gen
eral favorable returns, showing as it did
dehcit of over half a million dollars but it
was received with speculative Indifference
Inc bank statement was far more favora BILE
than anticipated, showing over seven and a
half millions increase in surplus reserve
The shading of discount rates in continental
cehIers, including a reduction by the Bank
or Belgium, following the action in Berlin
and London of last week, was taken as
evidence of less tension in foreign politics
The favorable development in the iron trade
the enormous clearingS and exchanges at
tracted considerable notice. Allowing for
speculative accounts, the enormous dealings
rejected great absorption of the public s
money In nigh grade securities. Another
evidence that the public had taken firm
hold of the market was the unprecedented
distribution of the dealings and the infre-
quency OF individual stocks appearing in
comparatively abnormal proportions of the
transactions. The varying phases of the
Philippine problem had not much weight in
speculative sentiment.
NOTABLE WEEK ON CHANGE.
Monday was by all odds the most sensa-
tional day both in the tremendous volume
of business and the extreme violence of
fluctuations that the street has witnessed at
any time The conflict of buying and SELL
ing orders at the opening gave the appear
ance of such rampant speculation that mar
ket leaders were disposed to check the move
ment in order that the technical position of
the market might not be weakened. There
were large sales of stock carried over from
Saturday in expectation of the advance, and
considerable liquidation both of foreign and
domestic holdings. resulting in material de-
clines for the day from the early high prices.
Among the sensational variations that day
were rise of 1888 in Pittsburg, Cincinnati,
Chicago & st. Louis drop of Is and net
gain of AS; Canada Southern rose 1012, lost
most OF 1t and gained 312; Cleveland. Cincin-
natl, Chicago q st. Louis jumped S12, dipped
4 points and closed within point OF the
best. There wore many other wild changes
after the initial bulge that day. Suisse
quently the market irregularly advanced,
with almost daily bear attacks in the after
noon, and recoveries on each succeeding
morning. London was generally seller,
but was occasion ally whipped into line as a
purchaser, and the fortnightly settlement in
London showed a great reduction in the
floating supply of Americans. Throughout
the week the facilities of the exchange were
taxed to the utmost, and the clerical forces
in the brokerage offices worked overtime
TO keep track of their large accounts. The
largest net advances for the week were
Metropolitan, 1884, Capital City Traction, IL;
Twin City Rapid Transit, 10; Pittsburg, Gin
cinnati Chicago & st. Louis preferred, 1242 !;
Tennessee Coal and Iron preferred, IA; Ten
nessee Coal and Iron common, ~; Long
Island, Il; Cleveland, Cincinnati Chicago &
st. Louis, 915; Commercial Cable, 9; General
Electric 8s4; Rio Grande 814; Pacific Mail,
SA; st. Louis Southwestern preferred, z;
st. Louis & San Francisco second preferred,
62z St. Louis & San francisco common,
4$4 Lake Erie & Western preferred. SIS !:
Lake Shore, g.; Peoples Gas, 55s; Amer
lean Express, 51a; Chicago Great
Western debentures, Reading first pre-
ferred and Baltimore & Ohio (all
assessments paid, 4a4 each; Rubber, 5s4,
and Toledo &, Ohio Central, 5. There were
gains, too, of over points in Sugar. Lacka-
wanna & Western, Northern Pacific, On
tario & Western, Minneapolis & St. Louis
ard Wheeling & Lake Erie preferred. The
losses of note We're confined to less active
stocks the largest being: New York Air
Brake. So; Edison Illuminating and Lee
cede, 81.
Strength characterized the bond trading,
the market showing less feVerishneSS than
inently forward, owing to dissemination of
rumors regarding their standing toward a
union with other properties. Dealings were
or an immense scale, with purchases for out
of-toWn account exceptionally large United
States threes reacted 30 and the tves, cou-
pom advanced Is in the bid price.
The following table prepared by L. w.
Louis Room II. Board of Trade, shows the
range CT quotations: