The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-26

Ctdl DlllSs $t-oO14-
Silver certificates, ,so156s2c; bar silver.
ee1sc: Mexican dollars. 4SLc. At London bar
silver closed steady at q 13-16d an ounce.
The imports Of dry goods and general
merchandise at the port of New York last
week were valued at 1851 $50. The exports
Tor the week of gold were s.. 322. s22, and of
silver 1856. sos. The imports for the week OF
gold were 81 lois. and of silver $121 $50.
The New York weekly bank statement
shows the following changes:
surplus reserve, decrease ............A ,305 400
anscta d eas $500
Legal tenders, decrease ........... S42, 200
Deposits, increase .................. 1.234, 500
circulation. decrease -.----.....--.- so
The banks now hold Sc, 6s7, 500 In excess Of
legal requirements
The total sales OF stocks amounted TO
1881 shares. Including: American Steel.
1e,4oo; American Sugar, II. 200; Atchison
preferred, 5000; Brooklyn Rapid Transit,
$500: Burlington. $500; Continental Tobacco.
S7oo; Federal Steel, $500; Manhattan, $500;
Metropolitan Street Railway, 500; New
York Central, u.S0; Northwest, 800;
Northern Pacific, $500; Peoples Gas, 900;
Rock Island, 300; 81. Paul, 1000; Union
Taci1c. AGO: Union Pacific preferred, s.4oo;
Inc New York bear operators among the
professional traders became somewhat dis
SO0l6SCu over II cNeNlS Oh SATURDAY >
short session and engaged in something like
q scramble to cover outstanding short con-
tracts in the closing dealings. An unfavor-
able bank staten INT had been counted on by
this element TO further a decline. The state
ment, while IL 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 1t had
brought slight offerings to sell. Prices were
the highest point of the day. making the
closing quite Suoyant 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 50, 900 in
loans indicated the faith Of banking author
Borrowers OF this large amount of money is
as much o mystery as was the increase last
week 1t has certainly not gone into the
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 to reflect any yielding under Of
strength In Saturdays stock market GEN.
tered In the Vanderbilt group. New York
Omaha rising 2h to 4 points. The arrival
N this country OF Cornelius Vanderbilt and
the strong statement of New York Central
Tor tue nscal year were grounds for the
strength. The ~.grangers, the trunk lines,
particularly Baltimore & Ohio. and, in fact,
throughout. There was weakness at one
time in Steel and Wire. Sugar and Ten
nesse Coal. Steel and Wire did not rally
Without Exception. h hieher at Mef the eioss any
at notable net gains. The bond market Was
quiet and yielded at some points.
TEMPORARY DECLINES.
The bears have been energetic and aggres-
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
Nhfch fhov afpCfad ns,f for onaogo1 ot+oof.
The general market has shown itself coldly
unresponsive and there has been nothing
like 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
engendered in the general list. The buying
demand for stocks. to be sure, showed signs
at times OF coming TO a complete standstiI.
but there was such a small supply of Offer
tngs for sale at the same time that prices
OF many stocks offered a firm resistance
I'd h IN its ae waiasns a attit md1ne syS class sJ persist
not resolved or It's doubts as 10 which way
prices would finally turn for a heightened
nipulation continued TO be the stocks OF the
big Industrial combinations, more especially
the newly-foated issues. although some of
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
Tor onslaught and by a demonstration of ex-
treme weakness in an individual stock to
try to bring a general supply OF stocks 70
market. II Is a commentary on the public
feeling towards new industrial fioatations
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 Wall street has
been filed with the most contradictory ru-
mors and assertions regarding coming divi-
dend declarations on some OF the Steel
stocks, and with the most profound depth
OF unenlightenment on the part OF holders
OF shares regarding the ability or inability
of the companies to pay dividends. The
discrimination OF banks and money lenders
against the fndustrials as collateral has
been enewe 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-
which has successfully moved a number of
the industrials during the week. The un-
~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
commitment 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
aness prosperity and the return from Europe
OF several financiers OF influence and au-
fhority served as sustaining factors. and
even to advance prices In a number of rail-
roads.
Sss pretty well maintained. United States
new fours declined a point, the new threes
q. and the old tours, registered y. and the
old fours, coupon, u In the bid price.
Louis. Room IL. Board of Trade. shows the
range OF quotations: