The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-13

pressed In the Senate Friday, of the pos
sloility of foreign complications on ac-
count OF the Monroe doctrine, as applied to
the Danish West Indies. were cited by the
preston
The report of a small decrease in the
loan account OF the banks for the week
instead of a heavy increase was a surprise
TO Wall street. 1t did not alter the belief
In the reported loan to the Pennsylvania,
which Is reported to be from sl5.000.000 TO
900. The placing of such a loan late
In the week would figure in the bank state
ment for the averages of only one day.
Inc calling of loans earlier in the week
In preparation for the new accommoda-
ton would figure Extraordinarily in the
averages. The effect would be the throw
ing OF the new loan in the statement of
the following week.
Prices for stocks are lower than they
were week ago after week of great
irregularity and uncertainty in movement.
For two days the market looked though
general liquidation had set in, but the
quick recovery on Wednesday afternoon
was the result Of movement to cover
by the bears, who had been selling short.
but who became alarmed at the cessation
of the pressure for liquidation. The liqui-
cation, in fact, seemed to be completed for
the time being, and its limited extent gave
color to the supposition that ii had been
due to the selling out of a pool whose
members had grown tired of their nonsuc-
cess in getting prices up. The strong and
skillful manipulation with which the mar
ket was sustained while the liquidation
was being effected showed that the sellers
had large resources and a wide-reaching
concert of action. The market rallied con-
siderably from the low point on the de-
mand to cover contracts, and efforts were
made by bull pools to extend the advance,
but the general demand for stocks con-
tinued extremely apathetic and the mar
ket fell back into dizziness and renewed
weakness. Wall street wants to know how
much further the decline in prices of COM
modities must go before renewed consump-
ton will be invited in sufficient volume
to absorb production On the answer to
this question depend future profits for
industrial enterprises well as earnings
by railroads. So far as events of the week
have served TO throw light on the problem
they indicate the readjustment of prices
Is not yet complete. A marked influence
was extended in speculative sentiment by
the indications that the business reaction
was beginning to affect the volume of rail-
road traffic.
THE RAILWAY SITUATION
The weekly statistics of tonnage received
from west of Chicago and shipped to the
East were regarded as highly significant.
Grain deliveries at Chicago, compared with
the corresponding week of last year. show
falling off of IS per cent, and compared.
with 1898 decline of ST. per cent. Grain
shipments to the East show a falling off of
4S.7 per cent. from the previous week, and
freight officials of Eastern lines were COM
planning of light traffic. West-bound traffic
is reported to be still large. and retail dis
tribution of merchandise good, but the
special heaviness shown by trunk-line
stocks reflects the unsatisfactory condi-
tions. Much Importance was attached to
the decrease reported by the Chicago, Mil
waukee & st. Paul for the first week in
May of gross earnings compared with last
&c he fret
by this road for any week since the sum-
mer of 1893. The facts that the decrease
was small. that last years earnings for
the same period were at an unprecedented
level and that this years earnings re-
NAMED above those for any preceding hrst
week in May except for the last year did
not prevail against the impression created
by the word decrease.
The present ease of money is regarded
in an unfavorable light as reflection OF
the diminished trade in the interior. but IL
affords means for meeting the present spe-
cial demand for gold from Europe. On the
other hand, should trade revive in the In
terror, with the lower prices OF commodl-
ties and the money market become more
active, any stringency on foreign markets
might become embarrassing. The volume
OF American credits now placed in foreign
leans makes the home money market more
than ever sensitive TO the course OF Tor
eign markets. The statement for the past
week of the great government banks
abroad show that money conditions there
are easier for the time being, in spite or
the stronger position of these institutions.
This has been accomplished in part through
speculative liquidation. notably In Ger
many, where the reaction in our iron mar
ket has induced large realizing In iron COM
pany shares In London further expend-
itures for war purposes will make addi-
tional demands on the money market, TO
prepare for which il is considered probable
that London will try to secure some gold
from New York.
Late in the week the government crop re-
port was a rather depressing influence In
stocks. The fact that the reaction has car
ried prices near to or below the previous
Der of standard railroad stocks or to or
below the panic prices OF last December
for some of the steel industrialS has been
| looked to hopefully to attract some buying,
| but the demand has not been forthcoming.
| Bonds reacted in sympathy with stocks,
| United States refunding twos, when issued,
| the threes and old tours declined II, and
| new tours Il in the bid price.
The governing committee of the New
York Stock Exchange has adopted reso-
| luton. to take effect the 1st of next month,
| restricting the use of private telephone and
telegraph wires connecting the offices of
members with those of nonmembers. The
| telephone and telegraph wires are placed
under control of the committee on arrange
ments This is in keeping with the purpose
OF the committee to prevent. by all possible
| means improper business relations between
| members of the exchange and certain out
siders.
Following are Saturdays share sales and
the closing bid prices:
Stocks Sales Bid:
Atchison 5llO ZSs
Atchison pref ....-..--..-.--.-.-- .'aDg e.S
| Baltimore & Ohio. 7,0l6 ~
Canadian Pacific