The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-20

showed slightly larger movement from
me interior than had been estimated.
Inc bond market showed a decided I'm
provement. both in the volume OF the de-
Ihand and the prices brought. The sharp
aovance In government bonds was. OF
course, In response to the announcement
from Washington Of the calling OF the ex-
tended per cents.
Prices OF railroad stocks have partly re-
covered this week the losses incurred last
week In the Industrial department of the
STOCK list, on the contrary, there have been
some formidable inroads on prices. Busi-
ness was largely in professional hands and
the volume OF dealings has been less than
hsll Q million shares day. on an aver
age. "A large part Of the demand was evil
uentiy from the bears, who had oversold
the market in the previous decline. Profess
sional manipulation against the shorts was
a factor in the advance, as was evident
from the character of the stories set afioat
OF proposed vast consolidate of rail-
roads and far-reaching plans for extending
control, which either met with prompt Of
hcial dcnials or lost their force after a
day by reason of inherent improbability.
such course OF events in itself would
nave led to some rally in prices from pure
~ technical conditions. But a number of
incidents converged 10 effect some relief
from tho previous speculative depression,
and to help the campaign against the
shorts, though there was no renewal OF
substantial demand for stocks of invest
ment or reimbursement character. After
tho middle Of the week the market showed
|
ton of the demand from the short inter
est and with the efforts making TO realize
by professional traders who had turned
bulls for q turn.
CAUSE OF THE RELIEF.
IAN important factor in the partial
lief from recent speculative dependency
is the improved condition of the foreign
money markets. Last week London was
looking to this weeks Stock Exchange set
Element with considerable apprehension,
owing TO the wide declines since the last
settlement. especially i'm Americans. and
the prevailing stringency in money. But the
London money market has found unex-
pected relief by the receipt of S5.O00,oo0 in
Russian gold. This has resulted in some
buying for London account in New York.
which has been a sustaining influence each
day in the New York market IT also has
resulted in alternating the fears of heavy
drain of gold from New York to relieve
the European money markets, which might
upset the home market. The movement OF
Russian gold to London is more or less
mystery, as the Russian money market
has been supposed TO have been heavily
involved in speculative commitments and
Industrial imitation in all the European
markets. Not only that, but its heaviest
obligations were supposed to be owing TO
German capitalists with the German
money market next 10 Ii most involved in
credit extension. How London was able
secure Russian gold TO relieve her own
needs is not understood by the financial
world The weekly statement of the Ger
man Imperial Bank discloses that the
movement of Russian gold to London has
not interfered with that institution
plenishing its cash reserves. The Bank
of France shows the benefit of the New
York shipments of gold, and. like the Ger
man bank, has contracted its loans and
reduced its note circulation. The pay
ogesn n Banks did n aos cheek ae
growing ease of private discount
rates. and It is not believed that
further demands will be made on New
York for gold. Much interest attaches 10
the future action of the foreign govern
ment banks to the official discount rates.
The fact that they maintain their rates in
spite of the ease of private discount rates
indicates a desire to continue to strength
en- the resources. Such a course warrants
the expectation of future more pressing
needs to be met by the managers of these
institutions, when they may again assume
control of their respective money markets,
but for the time being relaxation of money
rates is the rule all over the world. The
continued ease in New York is due to gains
from the subtreasury and from the in
terror of the country. The small effect pro-
duced in the money market by the Penn
sylvania Railroads heavy loan operation
is explained by the supposition that such
part of the time loan as was not needed
has found its way back by reloaning into
the money market.
The statement of the country's foreign
trade for April. showing the largest ex-
cess of exports for that month in our his
tory. emphasized the conviction that enor-
nous balances remain abroad to the credit
of this country placed at interest Crop
prospects are playing an imposing part in
speculative considerations, and the firm
ness of Western railroad shares has been
helped by this consideration. The under
tone in Wall street, nevertheless, continues
rather depressed and uncertain, due to the
obvious facts that buying of commodities
is still withheld in waiting for indications
that bottom prices have been reached.
The fact that the investment buying of
bonds has been dull, in spite of low rates
for money, has been discouraging factor
in the stock market. United States refund
ing twos, when issued. advanced Ia, old
fours and fives ". new fours q and threes
y in the bid price.
Following are Saturdays share sales and
the closing bid prices:
Closing
Stocks. Sales. Bid