The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-10-23
New York Uptown Gossip.

Furnished by J. c. Goings Commission
Company, members Chicago Board OF
Trade, Topeka, Kansas
New York. Oct. 28.AIn order to check
the upward trend of values, the money
lenders have begun the old game Of jug
Cling with rates. Whether they will be
able to stem the tide of bull sentiment
by resorting to this old trick, is very
doubtful. Some of the more timid trad
ers may take fright at the margin for
call money, but the many influential oper-
atOrS who are working the bull side
viii not be disturbed It IS a good many
months since a per cent rate was quoted
for money in Wall street Cheap money
has held sway SO long that every little
fractional advance IN the rate IS taken
advantage of to raise the cry Of dear
money" The supply of funds is more
than sufficient to meet all requirements
and while this state Of affairs exists there
need be no apprehension in money. The
market presents a very vigorous appe r.
ance. Speculate is broadening and the
feeling is quite general that stocks have
started upon a big advance. The uneX-
pected buying by London and Berlin has
stimulated local bull sentiment and in
duced several large traders to buy stocks
Notwithstanding the fact that they have
been operating on the opposite side of the
market for a long time The sudden re-
due to the conviction which now obtains
abroad that the present administration
will be retained in this country. The lead
ing financial paper in London states that
the success. of the Republican party viii
of American securities by English CAPT
talists Two weeks from today the voters
prefer four years more of prosperity to
four years Of uncertai nty, perhaps demon
alization. In the opinion of the leading
men in Wall street nothing can defeat
Mckinley. The most reliable newspapers
of this city consider him as good as
elected. 1t is the feeling of confidence in
the verdict of the American people that
has awakened the speculative and invest
ing public from its long sleep and lifted
the stock market out of the rut into
which it has been webbing for months.
What is to be most feared now is too
much manipulation and the indiscrimin-
ate buying of stocks that are already
selling above their intrinsic value Rail-
roads have not yet had their advance.
After such a long period of inactivity
rise of to points is merely a starter.
The public won't get thoroughly enthused
until prices have risen at least ten points.
On every little reaction. therefore. the
Changers should be bought in. This swell
is likely to carry Burlington to 1876. st.
Paul to 120 and Rock Island to u.s. While
Atchison preferred can be easily marked
up to 50. These prices will surely be reach
ed unless the unexpected happens-the
election of Bryan. The Steel stocks have
developed considerable buoyancy. but
there is strong suspicion that it is arti-
hc1al- That the rise in these stocks Is
accompanied by manipulation. is appar-
ent to those who have kept close watch
on the trading 1t is believed that they
will all sell higher bur there is no tell
ing what Woment the manipulatcrs viii
unload If you have q good profit in any
of them, do not hold on too long. All the
old rumors that were used two months
ago to boom i. r. T. are again doing
not advance as rapidly as formerly, indi-
Gates that these stories have lost their
effect. This stock is of little value and
VIII not amount to anything until OF her
interests acquire control Of The nrone,.fS-
Manhattan is selling around 90 VIII le PEG
pies Gas is under %. The former paws 4
can judge for himself which is the safer.
h. n. HUDSON.