The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-11

ket has shown itself sympathetic TO foreign
stock markets throughout. This Is more
especially due 20 the fact that some sup
port for American securities was looked for
With the relief attending the fall OF Pretoria
and the security of the johannesburg gold
mines. The new development in China mas
effectually counteracted this expected IN
huence. and the expectations OF easier
money conditions abroad have also been
disappointing. The Bank of England, by
refraining again from reducing It's mini
mum discount rate. proclaimed to the imam
cial world that IL preferred to conserve It's
resources for some future contingencies
The Bank of France offered a similar in
timation by a rather drastic loan contrac-
ton and an extensive retirement OF note
circulation, Notwithstanding substantial
gain Of cash reserves for the week: Inc
Berlin boerse has been in a condition OF
panic through the forced sale OF IRON shdIeS
to pay of loan obligations. American re-
curities therefore, have received no sup
port in foreign markets. and the selling Tor
foreign account in New York, though snaIi'
has been an effective element OF oepres s,ot
The decentralization in foreign iron markets
has been due to the course or iron price ~
this country. which promises enectlVe coii.
petition for foreign iron manufacturers III
their own markets. hara
had little direct effect on the secuultles;;
as Ii has been discounted ana II 80 =.
TO be step toward attracting Duyihs W
meet the weil-known conservative 1s9u iii; IN
ments No one expects buying orders VIII
be placed TO meet this requirement. uh.I'
! IL IS demonstrated that the recession Al
prices has been ended. For ms reason
plan has found advocates In the iron udu1
Of sharp general cut in the prices 10 Wen
below the price of production IN orosr 10
effectually check production and Work vi,
acc,,mulation The consequences mvoiveh
of throwing out of business weaker con-
Germs the reduced employment Tor LABOR
and corresponding train OF circumstances
are not viewed with equanimity In Wai,
f1a he
table basis of prices In the iron marker
is fully recognized.
The Importance as a basis of prosperity
os good crops is brought sharply into prom
inance nv the critical conditions existing in
the sprinz wheat belt. PeSstmfstS nave Al
ready given up the Northwest wheat crop
as a failure. and point TO the necessary
results in reducing the buying power OF the
community, the decline In railroad earn
ings and so on through the complicated
channels of trade. These lamentabie predic-
lions have not had great enect, as ran,
road earnings thus far are well maintained
and the generally conservative course
which has been pursued by the railroads
of making necessary outiays curing lhe
period of prosperity with a view TO pre-
barring the way TO retrenchments In pos
sible period of adversely AFFORD puttress
TO confidence in the stocks OF these prop
critics. The falling OF In trafnc or the ran
roads and the disputes arising at various
points over competitive freight and passen-
ger rates. have, nevertheless, weighed on
the railroad list. Ine placlns OF AtCnsoh
preferred on 5 per cent. dividend OASIS
and the maintenance of the quarterly divi-
dend on Sugar at the Iz per cent. rate
only temporarily strengthened those stocks.
The reductions I'm the operating expenses
of the Atchison system for the benefit OF
net earnings lessen the effect of the in
creased dividend. While the American
Sugar Refining Company Is admitted to be
lying down in peace with its competitors.
only part of the competitors are inside the
Sugar Company instead of all of them, as
on previous similar occasions. The stocks
have therefore been under pressure. The
continued refiux of money to New York.
while offering means for cheap specula-
ton discourages IL because IL Is an index
of declining trade and business
The bond market has been dull. but
prices have been remarkably steady. United
States fives declined 81: old fours. coupon,
~: old fours, registered. q, and refunding
twos when issued. threes and new fours. Il
in the bid price. The twos advanced Is
Following are Saturdays share sales and
the closing bid prices: