The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-25

Legal tenders. decrease ............ A2. 200
Circulation, decrease .................. 500
The banks now hold s25. 697. 500 in excess of
legal requirements.
The total sales Of stocks amounted to
1891 shares. Including: American Steel.
10. 100; American Sugar, II. 100; Atchison
preferred. 5000: Brooklyn Rapid Transit.
500; Burlington, $500; Continental Tobacco,
500; Federal Steel, 1890; Manhattan. $500;
Metropolitan Street Railway. 500; New
York Central, 1850; Northwest, 800;
Northern Pacific. $500; Peoples Gas. $500;
R Pscisc Isian md s1G 2 ST. .o Paul; 1000; Union
Tennessee Coal and Iron. 1870.
The New York bear operators among the
professional traders became somewhat dis
couraged over the events OF Saturdays
short session and engaged in something like
a scramble to cover outstanding short con-
tracts in the closing dealings. An unfavOr-
able bank staten ent had been counted on by
this element to further a decline The state
ment, while 1t cannot be called a favorable
one, was not as weak as had been fOretold
and when the bears started to cover shorts
after its publication, they found IL had
marked up quite suddenly in some cases to
the highest point of the day, making the
closing quite buoyant in tone. The banks
losses were not as large by over a million
dollars as had been stated and the further
liberal expansion of more than 5000. 0O in
loans indicated the faith of banking author
tiles in the money outlook. Who are the
borrowers of this large amount of money is
as much q mystery as was the increase last
stock market during the week one sup upe
position is that the gold that has been going
abroad goes in the form of actual loans to
plain the mysterious action of the exchange
market In face Of the gold shipments which
has failed e to reflect any Yielding under Of
strength in Saturdays stock market GEN.
tered in the Vanderbilt group. New York
Omaha rising 2b to 4 points. The arrival
In this country of Cornelius Vanderbilt and
the strong statement of New York Central
for the fiscal year were grounds for the
strength. The grangers, the trunk lines,
particularly, Baltimore & Ohio. and. in fact,
throushout There e wes Hea Mere 81 stro ons
time in Steel and Wire. Sugar and Ten
nesse Coal: Steel and Wire did not rally
without exception. higher at the close and
at notable net gains. The bond market was
quiet and yielded at some points.
TEMPORARY DECLINES.
The bears have been energetic and agrees
sive during the week and have had mod
crate success in driving prices to a lower
level. But their success has been almost
entirely confined to the Individual stocks
which they singled out for special attacks.
The general market has shown itself coldly
unresponsive and there has been nothing
Xix a general break in prices at any time.
Holders of the standard railway stocks
have held out with stubborn tenacity. and
the most marked result of the slump of a
Few individual stocks has been the lethargy
enge1dered in the general list. The buying
demand for stocks, to be sure, showed signs
at times or coming to a complete standstill.
but there was such a small supply of Offer
fngs for sale at the same time that prices
OF many stocks offered a firm resistance
to any decline. The moneyed class persist
ed In its waiting attitude and was evidently
not resolved nf ifg doubts aS IN which uo
prices would finally turn for a heightened
period. The vulnerable point for bear ma
nipuiation continued to be the stocks of the
the newly-ffoated Issues. although some CT
the old ones with old established dividend
records have also been acute sufferers. The
policy of the bears has been to pick out
first one and then another of the industrials
for onslaught and by a demonstration of ex-
treme eakne in an individual stock to
try to bring a general supply of stocks to
market. 1t Is a commentary on the public
feeling towards new Industrial foatations
that the Vulnerable point of attack has been
in the Steel stocks in spite Of the fact that
enormous profits are being realized in the
production and manufacture Of all grades of
this material. The week in Wal street has
been filled with the most contradictory ru-
mors and assertions regarding coming divi-
s SOCKS ae ana Wi5h the Se m n0ne p po o une S S5ee,
OF unenlightenment on the part of holders
of shares regarding the ability or inability
discrimination of banks and money lenders
against the industrials as collateral has
been renewed. and there is an unwillingness
TO accept the market price as the proper
valuation, even where the higher interest
rates are asked for loans on this class of
collateral. All of these factors have con-
tributed to the feverish price movement
which has successfully moved a number of
the industrials during the week. The I'M
easiness in the London and Paris stock
markets on the Transvaal situation, and the
Cabinet crisis in France, and the money
Stringency in Berlin, Vienna, Frankfort and
Amsterdam, on account of large speculative
commitments in the Berlin market, have
been more or less reflected here and have
added TO the fear of a drain of gold, which
might ultimately affect our money markets.
On the other hand. the improved crop out
look. the good earnings by railroads, the
continued ease OF money, the general bus
mess prosperity and the return from Europe
of several hnanciers of influence and au-
thOrity served as sustaining factors, and
even to advance prices in a number of rail-
roads
The volume of business In bonds has de-
creased somewhat. but prices in the main
were pretty well maintained. United States
new tours declined a point, the new threes
*, and the old fours, registered, y, and the
old fours. coupon, "a in the bid price.
/ The following table. prepared by L. w.
Louis. Room IL. Board of Trade, shows the
range of quotations: