The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-26

wanes and the market Is given
over the traders whose operations are of
the day 10 day order. What produces the
general stasnation I'm financial markets.
the world over, becomes of iterest, and
opinions vary as TO the cause. With the
unsettled Chinese situation agitating civ
ilzatton, measures TO recoup the treasures
OF the various nations involved for the
immense sums expended are heard of.
rlnanciers are well fortified against any
possible unusual drain of gold, and banks
are steadily STRENGTHENING their position by
mental institutions are also pursuing meas
ures TO enable them to meet the enormous
expenditures of their respective govern
ments. The position OF the Bank or Eng
land was considerably strengthened by re-
celpts OF gold from here and the colonies.
w nile borrowing heavily in the open mar
ket; 1t maintained its high rate of discount
and reduced loan Liabilities by many mil
hons, Retrenchment, as for some time
past. continues to be the policy Of the
Bank OF France. Rumors connect the
tions for fnanciering the reported Russian
loan.
IN STRONG POSITION.
Home institutions have to contend with
liquidation of the balance due on the por-
ton OF the British Exchequer loan allotted
here, and the disbursements for crop-mov-
Ing purposes. With the installments for
the British loan falling due. when ordi-
narfly the movement Of currency to the
interior is progressing, the effect on local
reserves requires consideration. Already
rates for foreign exchange are raising, but
as the level is well below the profitable
gold export point, no uneasiness is felt.
In fact, the strength of exchange is ex-
planned by the ~cheepness OF our money
market. capital being naturally attracted
abroad, where better rates are obtained.
Authorities agree that It is yet too early
to forecast the disposition of the balance
due on the loan. 1t is conjectured that
the amount may be utilized to Offset the
fan exports of our staple products.
According to trade reports a distinct i'm
provement is noted in various lines, but
the volume of business is not UP to the
average, owing to the unsettled state of
leading industries and the usual ~contrac-
ton in a national election period. No es-
sent1al change occurred in money market
conditions. Payments by the government
on refunding operations and gains from
the interior have practically restored the
cash loss to the banks of last week. Stocks
moved very irregulayly throughout. but
worked lower toward the close on sales by
tired holders. Various factors combined
TO infuse activity In special issues, but al
though rumors were plentiful no definite
news developed. 1t mattered little to the
traders what semblance of truth sur
rounded special movements as long as they
a1orded an opportunity for a profitable
by the varied maneuvers of the industrials
prices moved along In a pretty well-defned
channel. Foreign support, which on last
week was an effective backing. was with
Drawn, and although sales were small, the
sentimental effect was an aid TO short SELL
ers. Domestic centers gave an impetus TO
the downward movement, Chicago unload
Ing its favorites. Although railroad reports
show the same notable gross increases, dis
position was manifested to ignore the
showings pending the publication Of the
net results. Crop news was alternately
good and bad, but did not create any
notable variation in prices. Stocks which
usually are not a factor in shaping market
sentiment became prominent. notably New
Jersey Central, which was advanced to 13s
on reports of it's impending absorption by
a trunk line. Consolidated Gas, Brooklyn
Transit, Peoples Gas and Sugar were read
lily moved according TO the whims of the
traders. Metal stocks showed less sus-
ceptibility to trade advices and the labor
attitude than would be expected in a pro-
fessional market Comparisons with the
final prices Of a week ago show that many
of the prominent railroad stocks are dow
from i to PA points. In the specialties
Sugar and Brooklyn Transit are down 81
and 4 points. respectively. Exceptions are
noted in both classes Of stocks, but the
advances are not important generally.
The bond market showed periods of activ.
ity and strength, with exceptionally heavy
trading in the st. Louis Southwestern
issues. United States refunding twos. wher
issued, registered, declined Il in the bic
price.
Following are Saturdays share sales and
| the closing bid quotations.