The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-03-13


financial letter says:
During the first half of the past week
the course of affairs in Wall street was
very much realization of the foreshadow-
ings in our last adviceS-heaviness, irregu-
larity and preponderant sagging In prices
having been the main features. 1t is evil
dent that. as a rule, the larger operators
have realized largely their holdings and
are now waiting for drop in prices, and
are more less fostering that outcome.
This has seemed to leave the market large
ly in the hands of comparatively weak ana
inexperienced outsiders, who have neither
the tact nor the resource to counterfeit I'M
favorable tendencies nor to combat bear
maneuverS But while these and other fac
tors have been tending towards a readjust-
ment of the market on a lower scale OF
prices. there are other influences which
seem likely to at least hold that tendency
In check. The continuous stream of new
combines coming on the market creates a
strong sentiment, in quarters possessing
some influence, In favor OF supporting the
| market: and that movement has in itself a
tendency to foster the spirit OF speculation
and to encourage the expectation OF an
active spring campaign. Also, the readjust-
ment of the finances of the Central Pacific.
and the important deals attending the pro-
curement Of control Of the Chicago & Alton
have a tendency to raise expectations of an
upward speculation In certain important
groups OF stocks at a comparatively early
day The coal stocks are also the center Of
q good deal of interest. If not also of bull
ish expectation Although various and con-
Trajectory rumorS are current land none OF
them yet confirmed), as to what the coal
companies may do to place their prices
under more effective control. yet there can
be- little doubt that something radical will
be done to effect that purpose; in which
case the securities OF those companies
the late great rise). might be expected to
rise propOrtionately to the advances realized
on other properties. These probabilities
have been strengthened by the return OF
leading banker from Europe, with the
reported purpose OF formulating plan re-
lating to the anthracite industry which will
n fq RI Nir rfny, in,
the now Prevailing prosperity Of the coun-
try. These outgivings have already had a
feature in the 'industrials.' II Is surmised
pretty confidently that understanding
has been reached between the Sugar Trust
and It's Independent opponents for the regu-
there are symptoms which seem to give
color TO these limitations. The annual
statement OF the Pennsylvania Railroad has
strengthened the hopes of the bulls. Its
showing OF net earnings so per cent. In ex-
cess Of dividends paid out during the year.
S26,c0,0O are regarded as the most signifi-
cant evidence OF railroad prosperity that
has yet appeared and as being calculated to
nave an important effect among foreign in
vestors.
1.-The effect on the money market OF the
two last bank statements. which showed it
self I'm a 4Gi1a per cent. rate on call loans
and some considerable selling of stocks, has
quickly disappeared. For the moment, the
plethoric condition OF the banks at the in
terror centers was overlooked, but the
oversight was dispelled by an immediate in
fux of money from several sections of the
rate of interest Immediately fell back to 2ia
per cent. The course of foreign exchange
has also favored local ease in money. rates
having closely Appropriated the point at
which gold could be imported. This expert.
ence has lessened the effect of the anticipa-
tion OF the hardening Of money rates usual
ly incident TO the April settlements, as IL
shows that any pinch at that time would
be likely to attract funds from the interior
Some important transfers OF funds have TO
OF the chicago q Alton ana the Central Pa
citic syndicates: the first installment has
however. already been paid In each case
and. in any case the effect of the transfers
from one set OF holders to another would
be only momentary, as the amount of loan
bears can hardly make any effective capital
out CT their predictions OF disturbance in
the money market arising from deficiencies
In the treasury income. For, should the
government need money. II would find an
ample resource in the sale Of the short OBJ
Railroad as well as in the authority to issue
S1oo.ODoDO0 of year 3 per cent. certifi-
Gates provided last summer for war pur-
poses and which still remains In force
Under all the circumstances therefore. it
seems safe to anticipate a reasonably easy
condition Of the money market until the
next croD movement.
From the foregoing facts. it will be seen
that although Ii may have seemed natural
and reasonable to expect reaction from
r
moment when such movement appeared
TO have set In. new set OF conditions has
come into play of considerable extent and
force. How far these new bullish factors
may carry the market IL IS not easy to es-
innate. They will at least encourage and
help the holders OF r large mass OF secur-
tiles on which prices have risen to an un-
precedented elevation, and so far hit gives
the bulls q new lease OF life Whether the
influential operators who have realized AT
the top OF the ma rket will be drawn info
the arena again remains to be seen These
new aspects OF the market are likely h.w-
ever. 10 arrest misGivings among present
holders and check the selling which a few
DAYS since seemed destined to end in con-
siderable drop in prices. To-day's bank
statement is not likely 70 be good one
neither will the three following ones. as
money will flow steadily from the banks
TO the interior meanwhile 10 provide for the
1st OF April settlements. and the United
States treasury Will also be compelled 10 |
draw quite considerably from the banks
during the same period. Besides this the |
February railroad monthly statements viii
not be particularly favorable. owing TO the
snow blockades which spread over the cron
sections OF the country. This IS also the |
critical season for the crops 7 still con-
tinue therefore. 70 advise buying corservo
lively on the weak spots and simnl,- for
quick turns for the coming week at least"
American Coal for Europe
LIVERPOOL. England, March 12-Aia
steamship owner has received overtures