The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-23

merits OF the week have been inportant hut the
er,ar, mas been forced upon speculative
ign prices. That the usual factors making for
,ti h'ssslon AZ this season are not 10 be evaded
Istive pools have been at work in the manipula-
Ion OF prices here and there. some times by dis
ssnInation OF unwarranted assertions regarding
prospective dividends, the entrance OF influential
ne" elements into specified properties and such
eonre LIS, ne ASK OF sustaining prices has been
which the controlling interests in various stocks
rs.a nelo them, and TO the continuance OF low
rates Tor money. But, while the bull party has
peen able to sustain prices by careful nursing
the market has been entirely unit to ABSORB
any realizing sales. owing to the determined
aostentlon OF the general public from any buy
ing. Even after perceiving this condition. the
money market was to escape the usual fall
stringency. and that they would be able to carry
their speculative holdings over the later period
Ehen advancing prices generally expected in
wall street. But unmistakable premonitory ysmp-
tSm rs nave developed this week that the
year The spectators have therefore abandoned
thelr attempt to maintain prices and have
offerings on the decline, as is Invariably the
result OF fall In prices. Bear SPECTATORS have
their requirements remain ,r anu IN , 90 iar
an element of technical strength for the market
THE MONEY MARKET
The grounds upon which hopes have been based
that money rates would be easy this fan are
pretty generally unknown First was the expec-
considerably, that there would be much less de-
nand than usual for credits. The volume of the
ciearings and the level Of railroad earnings show
that the reaction in general business activity
was good deal overestimated. 1t was expected.
in addition, that the oountrys additional money
supply would keep down interest rates. This
increase has come from the production Of our
own and the Alaskan gold mines. from the ex-
panslon OF bank note currency. and from the
government refundns operations. as well as
sequel has proved that the needs OF foreign money
markets have kept steady pace with our expanded
iaciiities. and have even outrun them making
ing on our money supply by practically paying a
premium on gold TO repenlsh their banking re-
meet military expenditures have absorbed large
credits. and the German money markets have
sues on insns 70 carry Of ina9on OF capital Is
London market is still cut OF from Its recent
source Of gold supply In South Africa, and the
large sums OF gold which usually go from Aus
traiia to London have been diverted to San
Francisco.
In consequence New York bankers have been
large lenders in foreign markets, and for a CON
siderable period have been practically out OF the
local money market. Interior banks have in the
meantime, been active in placing loans in the
New York market. The effect OF these conditions
which have been ripening for long time. be-
came manifest last week, when large demands
were made New York bank reserves for cur
rency from interior points. The hope that the
movement abnormal is dissipated ~ this weeks
larger movement. demands from Western points
being added to those from the South. New York
money rates have risen appreciably In response
and speculative seiit ment in the stock market
has been made much sensitive to other
elements OF uncertainty in the outlook
The coal miners strike, the unsettled wage
schedules In the steel trades. and the growing
complexity Of the diplomatic situation over China
have played parts of increasing importance. Il
is recalled that In the experience of last fall tbs
needs OF speculative holders of stocks were tn,
II lenders
many industrial. dividend-paying stocks wer,
uncoufproniisngly refused collateral FOL
loans. The call loan rate on the Stock Exchang.
scared TO 1S6, while more than per cent
was paid for loans In ordinary business trans
actions. These are the considerations that hav,
1 induced the weeks liquidation.
l The bond market has been only slight,
| affected. compared with stocks. but liquidation
has been In evidence there also. United State
1 new tours, coupon. advanced II and the oil,
| fours Il in the bid price. The fives declined "A
/ Following are Saturdays share sales and tn
il closing bid quotations: