The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-16

the settlement. Probably the greater part
closing out OF Short contracts nv tbe bsarS'
This contingent has been particularly active
In Brooklyn Transit during the past week.
on the persistent talk of a pending strike.
Their buying TO cover Saturday made that
stock the most active on the list. and moved
II up two points from the opening decline.
sugar was largely bought and rose at one
time Ia over last night. Peoples Gas re-
covered sharply from Fridays price. Ore
gon Navigation preferred advanced IL on
implied guarantee of preferred dividends to
the amount OF 10 per cent. in yearly INSTALL
ments; Cotton OH rose over a point. Man.
also inclined TO strength. The bank state
ment was up 10 expectation in the Item OF
loan contractions ana the consequent re-
pectedly favorable In the showing of a gain
In cash. considering the payment of 81, 50o.-
during the week. The New York money
market worked still lower. but demand
sterling advanced a significant fraction and
London discounts were also harder. Ster-
ling exchange. at continental c%enters, also
rose sharply, lending point TO the note OF
alarm sounded by the weekly English inan-
OF the London money market.
BAD WEEK IN STOCKS.
The week in Wall street has offered EVIL
dences that an eager speculative contingent
is watching for an opportunity to embark
on the long side of the market. There is
evidence also that a large portion of the
contingent was not possessed of abundant
funds and the continued tightness of the
money market and the successful machina-
tons OF the bears have checked the bullish
enthusiasm. wiped out margins and pre-
cipitated considerable speculative liquida-
ton. A number of individual stocks. how
ever, has shown aggressive strength on
large buying and sustained the general list.
Ine activity OF the market for call loans
on the STOCK Exchange, even at the high
rates. also indicates confidence in some
quarters In the early clearing of the situa-
ton. The extended period of the hardness
of money after the July 1 period upset the
calculations Of many observers and last Sat-
urday's bank statement, showing surplus
reserves down to near 100000 and lower
thing like alarm. There were large orders
to sell at the opening on Monday. as it
was certain many loans would be called to
reduce deposit accounts of the banks that
were below their legal reserve limit. The
acute phase of the Transvaal situation in
terfered with values abroad and SO empha-
sized the money stringency in all foreign
%centers. with the result that London offered
large amounts OF stocks for sale in New
YORK. Finally there was acute weakness in
New York Traction stock and in Peoples
Gas. The combined effect was a violent
break in prices through most of the list
and active selling movement. The
almost complete recovery on the following
day on only two-thirds the volume of Mon
days business demonstrated that the pre-
10 SCtllLE udQ Dctu well dDSOfDeQ ana
the amount of stock for sale greatly dimin-
ished. The technical position of the market
WIS thus much strengthened by the shak-
ing out OF weak holders. 1t came to be bet
ter understood that Saturdays bank state
ment, based on averages or totals for each
day in the preceding week, did not fairly
reflect the actual condition of the banks
on the date when 1t was made. At the same
time IL became known some very large
loans made on account Of an organization
Of the tube industry and to the New York
city government pending its sale Of new
bonds had been liquidated and that funds
disbursed on July / for dividends and inter-
ests were coming back into the deposit ac-
counts Of the New York banks. But the
relief afforded on this account gave way
to renewed uneasiness when il was per-
cefved that the rate for demand sterling
was hardening as the local rate for money
became easier. 1t was feared the continued
urgent needs of the London money mar
ket would cause a further drain of gold
from New York and keep the local money
rate high for a considerable time to come.
The downward tendency of long sterling
under offerings Ct futures against merchan-
disc shipments partly answered the fears
on this score.
The bond market was moderately active
and Irregular, the Southwestern railroad
issues moving up in sympathy with the
strength of the stocks. United States twos
and old fours. registered, have declined u
in the bid price.
The following table, prepared by L. w.
Louis, Room H.. Board of Trade, shows the
range of nuOfafions.