The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-26
by the government nevertheless continues

by the government nevertheless continues
large.
A SQUEEZE OF SHORTS.
Early in the week the unexpected an
nouncement of the acquisition of Third
avenue by the Metropolitan Street-railway
disclosed that the amount OF short sales
OF Third-avenue stock was greater than
the total amount procurable IN the mar
ket. The squeeze of the shorts in the stock
frightened the bears in other stocks, and
there was a frantic demand to cover shorts
in all the New York public utilities, In
which a bear campaign had been in full
swing. Other industrials and specialties
responded in sympathy. There Is a maxim
with professional stock operators that
prices of stocks must advance before the
general public will manifest any interest
or come in and buy. The squeeze or the
shorts in the specialties and the resulting
sharp advance I'm prices seemed to give the
necessary fllip to the market. ana OUTSIDE
buying through commission houses iaIse-
ly~ Increased as the week progressed Inc
more active speculation In stocks kept the
demand for money well abreast or the spe-
cial supply. and rates were thus wen Hash-
tanned. The large demand 1or STOCKS ior
London account was a feature OF the
weeks trading. The more active specula-
ton there. as here, is due to easier money
following the release OF FUNDS tled up III
the new government loan, which mas peen
all0tfQd. III Is All IltIcSllh6
that the London market has been benefited
by the extension of the Bank OF England
note issue of 81, $751; 600 In the judiciary de-
partment, the first in seventy years. This
issue Is based on the privilege accorded the
bank of issuing notes to the amount or
two-thirds Of the lapsed issue OF private
banks.
While the various technical points in the
investments were the immediate causes
of the upward mOvement-they were IN
reality only an instrument serving TO re-
lease latent forces in the market. The
strength of the market Is broadly Daseu
on the evidence of continued prosperity In
all departments of business. Large bank
~clearances, statistics Of railroad traf1c,
railroad earnings, reports OF conditions In
the various trades, the governments re-
turns of foreign trade, all go TO confirm
the general conviction, not only That con-
ditions are prosperous, but show Dy COM
parative figures that they are unprece-
among the machinists have caused some
heavinesS in the stocks OF the companies
in the metal industries, but have not af-
fected the general market. The large
American subscriptions to the British loan,
the recent subscriptions by American IL
ducfary institutions to Russian railway
bonds, and a sale Of New York bonds at
the highest rate on record, are cited as
convincing evidence OF the abundance OF
capital seeking investment and the grow
ing wealth and influence of the country
I'm the financial affairs of the world.
The bond market has shown increasing
activity and strength. as the week pro-
crossed. Savings banks and other insti-
tutions which have sold government bonds
AVE been in the market for high-grade
railroad bonds. United States twos and
fives declined n; new fours x. the threes
l and the ~refunding twos. when issued.
IA per cent. in the bid price.
Following are Saturdays share sales.
and the closing bid prices: