The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-26
SHARE LIST is LOWER
FOR THE WEEK, HOWEVER, THERE
ARE SEVERAL NOTED GAINS.
When Foreigners Began to Buy
Prices in Wall street sIumped-Lo-
cal Markets Remain Active.

4eo24 Tor demand and at $4.S4AG4S41z for
sixty days; posted rates, A.S4lkQ4.S5 and
S4861z@4.S7; commercial bills, $4.SS1k.
i Silver certificates, nominally, 591k@60lac;
bar silver, 591ac; Mexican dollars, 47Ac. At
London bar silver was steady at 273sd an
ounce.
Exports Of gold and silver from New York
to all countries for the week aggregated
$SSS,C25 silver bars and coin, and $21, 293 gold.
The imports of specie last week were $29,567
in gold and $92,054 silver.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease. 81 OPS 925
Loans, increase - Qe2 Q0
Specie, increase 523O00
Legal tenders, ACKNOWLEDGEMENT. I'LL, 500
Deposits, increase .13, 40l, 800
Circulation, increase ................ 4,O0
The banks row hold $50, 1894, 900 in excess of
legal requirements.
Total sales Of stocks at New York. Satur-
day.. We're 520,1O0 shares, including: Atchison,
$50; Atchison preferred, $500; Central Pa
clhc, $3.50; Chesapeake & Ohio, 1860; Bur-
ilngton, 25,090; Louisville & Nashville, 4,245;
Metropolltan, 4,Z0; Northern Pacific, 1910;
Ontario & Western, 1850; Rock Island, TO-
SO; Union Pacific, S,723; ST. Paul, II, $50; Tex
as & Pacific, 400; Union Pacific preferred.
i,340; Tobacco, IL, $50; Steel, 1920; Steel pre-
terred, 4,064; Consolidated Gas, 4,485; Brook
Ign Transit, IA, 100; Pacific Mail, 1855; Sugar,
% rlfys 4 ElItlCSStG AOdl anu iron. ILDU. I6dJn-
er preferred, 3,1O0; Rubber, 1850.
The New York stock market worked frac-
tionally lower Saturday on dealings of a
half million shares during the short session.
The Philippine situation continued to be used
as a bear argumen with the present ele-
ment, which was largely in control of the
market. There were various umorS afiOat
favorable to the specialties, including To-
bacco, Sugar, American Stel and Wire, In
ternational Silver and Third-avenue Rail-
way, but lacking of Insiders
were said to have given assurances that the
regular dividend disbursement might be ex-
pected IN Sugar, and forthwith the stock
rose 8 points from the lowest. 1t was assert
ed that Tobacco earnings were large and
that the company was backing those secur-
ing control of the Cuban cigar-making
plants, but this was IN a measure offset by
denials from Union Tobacco Company
sources that there would be a consolidation
with the American Tobacco Company, Which
made only a fractional gain. Reports of the
acquisition of other concerns and earnings
gossip were responsible for a sharp rise in
which was retained. Favorable trade adj
vices lent strength to international Silver.
The feature of the dealings ooth mere ana
abroad was the large demand for New YORK,
Ontario & Western on the expectation that
because of its new acquisitions in the coal
lands the company would profit by any i'm
provement in the anthracite trade. The
stock gained 2 points on transactions of al
most 100000 shares. In the general market
the opening was hesitatins, but a pro-
nounced tone soon developed and prices ran
off sharply on liquidation in the specialties
and successful drives against the grangers,
Atchison preferred and Northern Pacific.
Renewed buying of Sugar and like proper
ties rallied the market, but the bank state
ment fulfilled bear expectations, showing
another decrease in reserve Of over 81 ,O0O,V00,
and an increase in loans of nearly $lS,VO,O0Q,
and brought heavy realizing, particularly
among the high-pTiced stocks. toward the
again and the general market tailed on.
Third avenue, which has been extremely
conservative in its movement until late, as
CrFuop6 n commanding nOSitlOn among the
erratic specialties, rising 1912 points, TO 235:
The rise was attended by a. reiteration OF
which. as yet, lacks authenticity. The mar
ket closed firm with a general rise IN
progress.
THE WEEK ON CHANGE.
The movement of stock prices for the
week were extremely irregular with losses
prevailing among the standard stocks in
GLIDING Northwest, 4; Burlington, 8; New
York Central, pa; Pennsylvania, 2H, and
declines of 2s for Southern Pacific and 2
for Central Pacific. There were some very
pronounced gains, however, among the local
stocks, including T~hird-avenue Railroad.
Az; Consolidated Gas, 1928, and Brooklyn
Union Gas. 6. Among the Industrials the
maximum gain was that of Tobacco, 31A,
while the preferred rose Z; American Steel
and Wire, 1874. the preferred and Sugar, 3A.
The enhancement of these shares conveys
an idea of the part professional manipula-
ton played in the weeks market. Other no.
table advances were New Jersey Central,
AZ; Ontario q Western, 3A, and Chicago
Great Western A. 5. Generally speaking
stocks were inclined to advance until Lon
don reversed her tactics, and purchased
some stocks on Thursday for the f~ortnightly
settlement. But, as often happens, stocks
were freely supplied when there appears an
inclination to buy abroad, and although
the market was again opened up on Friday,
the tendency of the general list continued
downward. The feverish dealings were Sug-
gestiVe of q renewal of professional control
of the market operations. The enormous in
crease in paper values of trust stocks,
including some but recently Launched,
brought about cautious realizing elsewhere.
merely q drive of obstinate shorts, which
may turn out to be the case, but
it was asserted with but feeble de-
mails that the company was to gain
practical control of the trade by a union of
the rival companies, the details being with
held. The continued demand fer the finished
mills running at full capacity served as a
tonic to the American Steel and Wire stocks.
while the Federal Steel stocks at one time
sympathized in the movement, but later lost
their advance. The punishment of the To-
bacco shorts begot apprehension among
those having outstanding. short commitments
in Sugar and there was haSty covering. The
persistent rumors that events were shaping
themselves toward an arrangement for a
uniform control of anthracite production
and prices were reflected in the rise of New
Jersey Central and New York, Ontario &
Western. Burlington receded after the an
nouncement that the refunding plan adopted
was of much lesser scope than the bulls had
anticipated and that an issue of more stock
was contemplated. This sympathetically
affected other railways.
The continued expansion of loans, which
have increased over $51, 100000 in five weeks,
as being largely attributable to foreigners
returning our securities, was NOT altogether
rcassuring, while on the other hand the
enormous increase in bank clearings re-
Elected the activity of general business, in
which, moreover, the failures were the
smallest in years.
A constantly large excess Of exports over
imports and easy money, as we'll as favor
able wheat crop advices even after the
storm, were features of confidence. The
sterling Exchange market was strong for
several reasons. the return from abroad of
American securities, a comparative scarcity
of commercial bills and some discounting of
the probable payment of the indemnity to
Spain. Pending a complete and satisfactory
exclamation of the words political rea-
sons" used by the commander of the Amer
lean naval forces in the Philippines in re-
uuesting the presence of a battle ship, a.
sinister Interpretation was put forward by
some speculative interests, but generally
there was some disposition to be noncom-
initial until the circumstances were eluci-
dated. The dealings for the week were
about 100000 shares in excess Of the week
before.
The weeks bond market. while somewhat
irregular, showed a good undertone. Strik-
ing gains were made in many issues which
hftbsr+o r,oxyad NARROWLY ITOifad CfataS