The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-30
s %Sass. The : somewhat stringent period two
wALL-sTREEr REVIEW

W~ALL-STREET REVIEW.
rnoay night New York showed more symptoms
Vi alarm over the runors OF financial difficulties
IN London than that center die itself. SATURDAY.
morning the Rev York market gave about fifteen
minutes Of active buying to overcome the rather
sharp declines in the international stocks which
'ao resulted from the unsettled condition Of af-
iairs In London, growing out of the announce
inent OF actual failures resulting from the gamble
IN west Australians and their subsequent slump.
lower prices here seemed an attraction in
'oeises, and the aggressiyely sustained adj
vance In St Paul On renewed reports OF the
10y OF j. j. Hill into an active share in the
with other Northwestern railroads was = stimu-
Ill innuencc throughout the whole list. The
lying OF St Paul itself was on a very large
seaIe, and the price rose TO ia, leaving the prev
o9s record price far behind. The market sold
oH a little before the bank statement, but re-
hewed strength appeared on the showing made
81 me banks. the expansion in loans being more
.han provided for by the increase IN reserves OF
u eary $3.50, 600. which was considerably more
=" was expected. The principal strength of
.ne market was in high grade railroad stocks
s Aisn-priced members of the anthracite group
49, conspicuous. The stocks
neie puoyant. but the other grangeIs failed to
sno" much sympathy with the St. Paul. North
IN racine, Union Pacific. Illinois Centred, the
.,uhk lines, American Express. wslls-Fargo,
.ne Rubber stocks. National Tube and. after
eNis weakness, Sugar and Brooklyn Transit,
me,e al strong features, the advances running
OH TWO 10 five points. There were weak spots
II the list under the pressure of persistent
eapi" ,ans, but these prices were above the
earl. low point and the realizing was well abb
share.
There have been lingering apprehensions dur
,ns tne snort week in the stock market that the
mucn dreaded money squeeze might, after all,
esentuate during the last week of the year. and
,opple over prices under the rush to realize
Fronts There has been. In fact. enormous real
i<ihe on every day, and influential professional
opeidtors nave testified their confidence that the
Alct III DIICeS mad illuminated law ne MIR
ting out short lines. But the astonishing alb
sorpuVe power of the market has taken up Of
i.rihgs from all sources with unsatiated vorac-
aSs sseking out constantly new stocks for favor
ana sniftlng profits from one quarter of the mar
Hel 10 another The judgment Of professional
OPERATORS mas been continually at fault, and the
bears nave been forced to cover their short con-
tracts day after day, helping on the notable
Idiles from the occasional periods of reaction.
mere mas been a growing perception that all
ordinary rules and standards are quite Inadequate
10 apply TO the present stock market. Not only
are individual or syndicate operations ON an un-
precedented scale, but the dissemination of in
tsfest through the general world of capital takes
the market beyond the bounds of the ordinary
tors and speculative cliques. The looked for
money squeeze is about the only prospect that
could lie relied upon to check the determination
TO buy stocks. and money has continued easy,
III spite of the Preparations for the yearly set
Elements and the enormous requirements Of the
unbridled speculation. The widely diffused pub
Tic sentiment has apparently continued well
satisfied with the prices Paid for stocks and
III 1HC NdiuG Ol It's pOSSeSSlOnS. ana
there have not been lacking signs of continued
buying by banking interests in furtherance Of
py professional operators to work reactions have
therefore beer uniformly defeated.
WORKING IN A CIRCLE.
IL is a truism that so long as the public main
tains its confidence in the value of stocks and
has money with which to buy prices will con-
tinue to advance. But it is worth while consid-
ering that the fact of the advance is the attrac-
ton of the general nnhlfe a. hnv vbfl that
buying is. in turn, the cause of the advance.
IL Is clear that this is a process which, in its I'M
checked operations, would lead to unlimited in
fiation. The credulous mood of the speculation
which quickly follows any leadership or swallows
any rumor indicates the possibility that the
stage of imitation has alreay been reached. One
OF the continuing surprises of the situation is the
seemingly boundless resources of credit upon
which the speculation is able to draw. This is
yeloped in the business world last summer After
a year Of almost unexampled prosperity the con-
Nlctlon became deeply rooted that the culmina-
ton had been reached of one of the country
prosperous cycles The relapse in the price OF
iron products and the failure of the spring wheat
crop were accepted as reliable indications that
the period of diminishing profits and declining
ment of new enterprises came to a practical
standstill In the face of this seeming condition
and idle capital was accumulated The available
resources of capital were never SO great before
in the country, and 1t became timid and con.
servative pending the more definite outline OF
the future. The possible unfavorable contin-
sencles were given exaggerated Importance, in
GLIDING possible pressure on the New Yorl
money market from both domestic and foreign
sources. The present conditions prove how more
than ample were the provisions made agains
these contingencies. With the rebound from tn,
| spirit of overcaution and the unlocking of all the
springs OF credit, the first outpouring of the re
serves of capital was into the stock market.
| But the buoyant confidence of capital which
has had, its exempliication in the recent stool
| market Is the certain fOrerunner or new enter
| prise in the field of business and development
| The low prices to which securities had faller
invited the rush OF capital with the restoration
of confidence. But with prices of securitie
| lifted TO a level where the return on capital ha,
become small. the time is sure 10 come whei
vestment in the new enterprises which have tn
attraction OF larger returns and which the bust
ness activity and prosperity of the country an,
its vast undeveloped resources give a REASONABLE
assurance of success. The time for this tendenc,
to snow itself i'm the stock market is a matter O
surmise. and 1t is not unlikely to be precede'
By many speculative vicissitudes, largely due L
/ technical causes of speculative excess and read
| justment to the real volume of capital invest
ment in securities. AS the operations in tn
stock market have already far Outrun a mer
professional movement to anticipate the unex
/ pected future demand for stocks in January, 1
would be futile to attempt to estimate how mucl
of that actual demand remains to be satisfied
or how long the speculative public will continu
been some fragrant manipulation of special stock
l during the past week, and the ready response O
/ speculative followers to the most fragrant of 4
justifeS a suspicion OF the soundness or some O
the apparent strength of the market.
There has been increasing interest in railroa
bonds of lower grade issues, and the volume O
dealings has Appropriated high record figures
United States refunding twos advanced 1A; oil
| fours, Ia: threeS, IL; hyes, IA, and new four
y per cent. over the call prices of a week ago.
Following are Saturdays stock sales and tn
closing bid prices:
Closin
Stocks. Sales. Bid