The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-04

BY the Pressed Steel Car Company. helped the
latter stock to the extent OF three points. and
other members Of the group to Ia. There
was urgent demand from short interest in
Sugar. and some 81 the New York public utilities
shot upward brcyantly. In the railroad list
gains small, but general. Louisville sold
N = small quantity at lh over Friday nights
level, and only few other railroad stocks
close prices ran OF sharply on proft-taking
which conspicuous in Sugar and Brooklyn
transit The tone easy at the end Sensi-
nent was not much diseomposed by Fridays
cali loan market. II was attributed in part
In manipulation. The conditions which made the
manipulate on effective felt u he temporary.
and the quick weakening Of sterling exchange.
Friday. In response 10 the rise in money. gave
would draw additional gold from Europe. The
Stock Exchange seemed to expect gain in
cash TO be shown in the bank statement. as
there failure to take account of last Sat
urdays statement having anticipated the effect
OF large payments fOr gold. which are made to-
treasury operations. Had it not been that the
gain on the interior movement ran up consid-
erably over Fridays preliminary estimates. the
decline in the reserves would have been con-
siderable. The reduction in the loan and de-
post items made the decrease In the surplus
nominal A feature in the outside market was
buying OF Standard Oil up 10 COG. and Clio BID.
The previous high record for the stock was 800
Last weeks rapid speculative activity has been
checked this week. and the volume Of dealings
has fallen on TO near the point OF midsummer
dullness. There IL a disposition in Wall street
to attribute this to judicious eurbins process
meaning the interests which deeply COM
mitted to speculative ventures This is so far
true that the inordirate manipulation, which
was the feature of last weeks dealings. has
been largely discontinued. IL is also true that
the commission houses in Wall street have ad-
Vtsed their customers against further commit
ments in stocks. Some of them have demanded
additional cash margins from their clients TO
hold stocks over the election. thus forcing some
speculative holdings upon the market. Some OBJ
servers have attributed these measures to an
aitruistic spirit on the present controlling in
tereStS, or at least to commendable self-re-
straint about taking all the good things in sight.
But additional motives may be dscerned. he
foremost being the possibility OF pitfalls in the
future for such headong speculative gait
that pursued last week and previous to that
time. The speculation has been based on the
assumption that a large demand for stocks would
spring up after the election on the part of the
public at large The industry expended in get
ting prices to a higher level has been intended
10 accommodate this expected outside demand.
But it became evident last week that the out
slde public. with degree Of sophistication for
winch professional Wall street does not always
give 1t credit. itself discounting the
pected demand by buying stocks
THREATS OF THE FUTURE
This development threatened the future in two
ways 1t curtsiled the requirements TO be left
untitled until after election. ard il added to the
volume of the long stock which would be thrown
upon the market TO realize at that time. The
controlling interests" therefore. sold large
mand. and called halt to the rapid advance
in prices. which had been the means of attract
ing it. The advance in the money rate during
the latter part of the week shows the wisdom
Of the precautionary measures adopted. Had
there been much larger amounts borrowed for
speculation. the disturbance of money rates
would have been more severe and the forcing
OF liquidation 4 much larger scale. The
stiffening of the call lean rate is attributed to
the exigencies Of the monthly settlement. and
IL Is hoped that, with the redistribution of the
amounts thus borrowed i'm the form of dividends
and interest, there will be returning Of
money next week. Needless say. the "con-
trolling interests also hope there will be re-
newal of speculative demand for stocks with the
easier money market
ON the side Of promised CT money are
the further amounts of imported gold which
still to be received and couLted in bank re-
serves. These include another consignment Of
over s., 10000 in transit from Australia. There
are larger sums OF Alaskan gold. Also in sight.
1t appears that the interior demand for cur
rency has been satisfied for the present, as not
single transfer wa made this week through
the Sub-treasury until Friday. The figures of
the controller of the currency show that ma
tional bank circulation expended during October
s., $50. and the current demand fer Govern
ment bonds and the exchange OF old bonds for
new per cents. show a continuance of the
desire for new circulation. On the other side of
the account there L. to be considered the in
erased demand for money which will spring up
lf business revives after election TO the extent
the speculative world is counting upon re-
newal of the movement to the interior of cur
irHcN II tiuS among the possibilities.
Bankers point out that. owing TO the high
price at which cotton has been marketed, larger
amounts of money will be retained IT the South
after the process has been completed than Cor
several years. IL is expected that when the
time comes for the refiux of money from the in
terror channels. the first result viii be seen in
the presentation of bank notes for redemption,
and their consequent retirement This would
have the effect of deferring modifying the
usual return of lawful money into New York
bank reserves The large current collections oy
the Government on account of internal revenues
call attention 10 the fact that the gross revenue
Is running above that of last year TO the extent
Of more than 81, 600. 600 in October The surplus
has been kept down only by increased ex-
ments in connection with the military operations
| ir China, and which are in process of cutting
down. An increase in the Government surplus
would embarrass the money market. and last
years experience teat hes that measures Of relief
by the treasury are il-calculated to meet sDecu-
lative requirements.
Sterling exchange hCvers near the gold ln,uort
| point and IL is evident that any real money
| stringency would draw further gold But the
Bank of England is striving TO check inroa Is
| on its low gold The Bank of France
markets are unfavorahly affected by political
troubles in Spain. and by uneasiness over tho
course of domestic events following the close of
the exposition. which has been period Of COM
monty recognized truce in French politics The
German money markets have made good progress
towards recuperation, but are not. expected 70
be IN condition to meet foreign requirements for
1 the present
Business in bonds has been on a declining scale
and largely concentrated in few mortgages ot
| speculative values. Prices have receded Unite
| States new and old fours advanced a ami an
| other issues u per cent. over the call price a
/ week
Following Saturdays share sales and the
| closing bid prices:
Stocks Sales. |'o5 Rid
-tt thi 1850 y