The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-03

ing tendency. But the most important infu-
ence of the week was the strength of New
York Central, corroborative as 1t was OF
the rumors OF impending consultations OF
Vanderbilt railroad interests. This comes
under the head OF sudden and unforeseen
events. though the long continued flrmness
of New York Central at price above a
fair investment value for a per cent.
stock has clearly indicated faith by insid-
ers OF coming favorable developments: The
successful results of the merging of the
Like Shore and the Michigan Central into
the New York Central are already becom-
ing apparent In higher efficiency and lower
operating expenses.
THE VANDERBILT PLAN.
The railroads in which the Vanderbilt hold
ings are Influenced form so vast a ramihca-
ton that comprehensive plan of consolida-
ton such w. K. Vanderbilt is said to
favor is no less feasible, considering the con-
ditions and tendencies of the times than
was the original lines from New York to
Chicago achieved by Commodore Vanderbilt
The widespread belief that the present Van
derbilt interests contemplate a transconti-
mental line from Boston to the Pacific was
reflected during the week In the sympa thetic
strength with New York Central OF Chicago
* Northwestern, St. Paul q Omaha, Union
Pacific, oregon Short-line securities and
Oregon Navigation. The strength in New
York Central was the most influential factor
in inducing the buying of railroad stocks
in anticipation Of the rise which Wall-street
traders believe Is sure TO come after July L.
The much improved condition of the coun-
try's crops and the springing up of a cash
demand for wheat and corn from domestic
sources and also for export have also been
influences. The large grain movement being
added 10 the already heavy freight move
ment of merchandise of all classes, has
unprecedented figures. The May statements
of earnings also show some striking reduc
tons in operating expenditures for railroads
In the Southwestern region, which mark the
IN GIn T 0f oxrT f4ir10 a ~
terment, which have been In progress Tor
some time and which were charged TO OPP
Grating expenses Railroads In the North
western region, in contrast, seem to be put
ting their heavy gross earnings into the
property but they showed no fall in the
value of their securities that account.
The attitude Of London towards American
securities has become very favorable. Buy
ing from that source has been large during
exchange to effectually break the exchange
market and preclude the likelihood OF fur
Their shipments of gold.
Money rates have been high in London.
even with credits extended to the open mar
ket by the Bank of England of upwards of
S2s.oo00O0. resulting In sharp decline IN the
New York. confidence is felt in abund.
ance Of money after July l. The Bank or
France has also enormously expanded Its
loans for the relief of the market, and the
Bank of Germany has pursued the same
course. The industrial activity I'm Germany
continues undated. the conditions in the
IIOil anu steer ITdOc peiflS SlHllldE 10 lHose
In this country. But there, speculation in
securities of iron and steel companies is on
large scale. while here the securities of
these companies have fallen into almost
complete neglect and sag away in spite Of
strength In the general market. But the
rate of capitalization in Germany is low
enough to allow dividends OF Is per cent
last year, and this on some of the steel
shares. while the plant of holders is they
The industrials generally have been in dis
favor in the New York market the past
week and the railroad shares separated
themselves from the industrials. PrOfit-tak-
ing was caused, to some extent. by the stiff
ening of the money rate. but liquidation was
not to a large extent and standard shares
ended at about the highest.
There has been an enlarged business in
bonds and an advancing tendency in prices.
The following table. prepared by l.. w.
Louis. Room IL, Board of Trade, shows the
range of quotations: