The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-17

spanish war settlement was still in chaos.
me iass1tude in the bond market Ii espe-
Siaiiy significant. in view Of the present low
interest rates for money, which almost in
xarlapiy serves TO bring an Investment de-
nahd into the bond market. Various spe-
ciai causes which have been assigned for
the prevailing dullness have had TO be
dropped by process of exclusion. The re-
capture. by the British, of Johannesburg
ana the gold mines, and the fall of Pre-
toria. failed to awaken the expected re-
spouse in the worlds markets. The Lon
don money market has the drain of an in
staliment on the war loan and an issue of
a heavy municipal loan by the London
County Council and still left feasible a re-
duction in the Bank of England's discount
rate. The pressure of forced liquidation in
the Berlin market has been relaxed with
out the disastrous results which were
dreaded. These incidents all represent the
favorable solution Of factors which were
effectively employed by the bears. but they
nave brought no relief from the stagna-
ton and depression of securities markets.
Even the fear OF disaster to the North
western wheat crop became rather less
acute with the rain in the Northwest, as
was reflected in the quieter tone of the
wheat market. The prospect OF a short
crop of wheat, however. is without doubt
an underlying cause of the hesitation in
wall street over the speculative outlook.
admissions by conservative railroad au-
tnoritieS of damage to wheat along their
lines have not had more influence on SEN
timent than the sensational reports current
in the wheat market Profitable crops are
keenly recognized in Wall street as nee
essary basis for the country's prosperity,
and a short crop this year will have to be
accepted as very potential factor towards
reaction from prosperity The reduction to
per cent. of the dividend on Northern Pa
cific common for the six months period,
per cent. being called extra, Is porten-
tous announcement of the effect on the
grain-carrying railroads of the reduced
crop. The depressing influence of the poor
wheat prospects is emphasized by the con-
tinued decline in prices of iron and textiles
and the sluggishness of the consumptive
demand But an undertone of confidence
is manifest that when the adjustment is
finally completed in the iron trade that in
dustry will still be on prosperous basis.
The general price reaction all through the
world and a readjustment that will attract
a renewal of consumptfve demand is felt
TO be better than the same amount Of prof.
Its on lesser volume of products. Special
inducements offered by the Bank of France
drew the weeks shipments of $3,50000 in
gold from New York. The renewal of this
foreign demand for gold. coupled with the
tional banks into the treasury has awak-
ened some vague questioning as to the ef-
feet on our money market But the fact
that the government extended per cents.
have been called for redemption, and that
the deposits withdrawn from the banks are
to be available for this purpose quiets any
real apprehension.
The bond market has fully shared in the
dullness of the stock market, and the
movement of prices has not been impor-
tant. United States new tours have ad-
vanced y and the fives "a in the bid price.
Following are Saturdays share sales and
the closing bid prices: