The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-12
A WEEK OF EXCITEMENT
WALL STREET HAD A LIVELY TINE
WITH SECURITIES.
Dangers Inherent I'm the Fevered
SpeculatiOn-The Bond Market
Local Trade Is More Active.
A, New York Saturday money on call was

At New York Saturday money on call was
nominal
Prime mercantile paper. 4,sa5Hc per cent.
Sterling exchange was nominal with actual
business in bankers bills at s4 S41k94.s45s for
demand and s4s0ssq4.S0%4 for sixty days; posted
rates. slS11s and s4.S5ls; commercial bills, $500
ls0lz: silver certificates 64Qs5c; bar silver.
&c: Mexican dollars. 50i4c. At London silver
bars sold at 29ssd an ounce.
Exports OF gold and silver to all countries for
the week aggregated 81 $50 in silver bars and
coin and $4,000 in gold. Imports Of specie were
81, in gold and $161. Sol in silver Imports
OF dry goods and merchandise were valued at
The weekly statement of the associated New
York banks, issued Saturday. shows the following
changes:
Loans. decrease Sc, e73, 500
circuation decrease NJ 100 00J
Legal tenders decrease 22S.S
Specie. decrease -..-.----...--..-..-. 7s6. 400
Reserve. decrease 4,9l5, 2G9
Reserve required decrease $50. $50
Surplus reserve. decrease .............. l3A, $50
The Financier says: "A decrease of s1,S44.57o
I'm the reserve OF the New York associated banks
cess 'n reserve down to ssiso5o which, in the
face OF the enormous dealings on the New York
Immediate money market. The statement con-
IAN 81 81 o IN CASH T had Seen is
that the banks would show slight decrease in
reported There Is every reason to believe how
ever that the position of the clearing house in
sta.ement. for the reason that the gold co one
signments from Europe last week do not appear
20 the full extent in the averages. The contrac-
ton lin loans during the past week Is very heavy
list Of individual banks. not being confined. as
A. often the case. TO a few of the larger nstitu-
loans viii continue to coitrsct it stock market
business remains active over the next week
considering the cash and loan reduction and
going out OF the banks. the actual reserve fell
only 81 St4 30 The lesseness deposits released ss
Fl per cent. legal requirement. With reference
20 the outlook, but little can be said. The in
r nda se s @ an o Gft or
time 70 come. The gold imports have ceased.
sees shat the banks will report anything but
rates OF id M be held my or tho Is
raainder Of the fall season but as Is sometimes
bring forward money from other centers. 1t is
worthy of note that the increase in note eircu-
decreas ea FOR the rsf time in months In any
forecast OF the situation i win be well to keep
In mind the circulation item. The elastic fea-
lures of the new financial law will hereafter be
q factor that will influence the money market
WALL-STREET REVIEW.
Saturdays stock market was rot materially
changed in character from that prevailing since
Wednesday morning. except that an opportunity
was given to test it when the bank statement
made its appearance. Considering the kind OF
buying that has been going on during the latter
part OF the week and the extent and reasons for
some OF the advances made. the market came
through the test WELL The momentary chill that
came when the statement first appeared seemed
closed. and the nucts ations were wild and I'M
settled under the conflicting influence of vlgor-
pressure b. the bears and eager support by
the powerful bull cliqpes, frantic unloading
b. weak speculative holders and nervous covering
for quick turn by shorts
The earlier market showed very mixed condi-
lions. but the eager demand for stock rose above
all other influences and prevented much effect
scale Pacific Mail jumped nearly ten points by
half-point intervals on the announcement Of the
entry OF Union Pacific interests into the di-
rectory, and Union Pacific was also notably af-
fected- The steel stocks showed wide and
cited fluctuations a continuance Of the heavy
speculation in those securities. American Hoop.
Tin Plate and Tennessee Coal were most con-
spicuous. and were marked up three points CT
over. When the market reapsed these stocks
and other prominent industrias and specialties
were most affected. losing in cases between
the close. The CONSERVATION manifested among
spectators over the showing OF the hank state
reckless misstatement as Fridays preliminary
figures from the bank statersent clearly indi-
eatei oss In sash. tnonsn not as large as t1e
tent OF this decline will inevitably lead 10 dis
cussion 20 whether cash withdrawn and
boarded over election The loan item seems also
tn reflect the precautionary loan contraction Of
Monday. rather than the later liberal policy
fected In the money rates on the Stock Ex-
change
The speculative world is so accustomed 70
paradcxes that IL taken somewhat by
prise by the logical rise in prices OF stocks which
followed the election. The whole OF the specu-
Iative life In Wall street consists OF efforts
anticipate future events and conditions. Thus
q conviction that large demand Is imminent
for stocks prompts large buying. and when the
event takes place which has been looked to 10
cause the demand professional spectators are
eager sellers not only of all their holdings but
OF short contracts well. II Is almost invaria-
by the case that events cveriiscounted.
Hence TIE prevalence CT the paradox I'm Wall
street Buy in weak market and sell on coed
news standard maxims there. s rarely
the case that Wall street fails 10 sufficiently
discount an event a condition, especially a
condition which has oeea confidently expected
VAS 70 spring up after election. but that is just
what happened this week. Wednesdays market
quickly showed the effect Of the enormous selling
ID realize by the powerful operators who mad
been accommodating long stocks for several weeks
In anticipation Of the after-electiun demand
coupled with the frantic eagerness 10 buy made
II possible 10 establish imposing advance IN
prsce at the outset Not only were holders Of
long stock Induced 70 realize, but bear Operators
almost immediately began to put out shor,
lines. confident that the golden moment OF the
elimination CT a rise had arrived. But she tor
rent OF the general demani sVept IN All The
offerings In the market and continued cf sun
fcient force 70 AFFORD medium for continued
operations for advance during the rest OF IRE
known - the professional sneculator
PERMANENT EFFECT
The present health Of the market. as a result
OF the weeks movements. only be deter
mined when something more becomes known OF
the character OF the buying. There has been
large investment buying matter OF course
coming from interests acting on positive and