The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-10-24

EuI0lSnGQ j. 4. NTO1nES COMMISSION
Company members Chicago Board OF
Trade, Topeka, Kansas.
New York, Oct. 24-Ldquidation stin
goes on and the price shows an inclination
to react. Offerings are readily absorbed
and in some sections of the market the
demand exceeds the supply Who the big
buyers are is a puzzle. Some good author
tiles think they see evidence of STANDARD
Oil manipulation while others are equally
positive that Vanderbilt and Morgan are
furnishing the bulk of the buying orders.
1t IS certain, however, that there IS strong
support back of this movement, or else
stocks could not have held up 50 well
under suck severe proht-taking. one OF
the foremost houses whose clients have
been prominently identified with the ad-
vance mas moderated It's views someWnaI
and is disposed to advise the sale Of
stocks. on the bulges. The active mem
Der of this firm stated that nearly all
their customers who had been long at the
beginning of the week had taken their
profits and were waiting for a sharp re-
action to replace their holdings. The con-
sentative view Of the situation is that the
advance has been too rapid to last. This
element claims that McKiniey's election
is being discounted too far ahead. It
would have been better they maintain. If
this bull campaign had not been started
until the closing days of the political bat
tie Traders must be prepared for occa-
sional set-backs, perhaps evere, but the sc
who can hold stocks and will add to them
on the breaks will make money during the
agement IN the outlook and those who feel
absolutely confident Of a Republican VIC
buying stocks The furry In Northern
Pacific, common, while by some attributed
to purchases for Jim Hill, 1t quite gener-
ally believed to be a drive at the shorts
who have over-sold the market. Its reve-
nues are decreasing right along and with
greatly reduced wheat crop through its
territory, there is not much to hope for
in the way of increased dividends. Con-
sentative spectators will do a great deal
of thinking before making up their minds
to pay current prices for the common is
sues. The talk of a stin money market
has checked the manipulation in steel
stocks and a set back IN prices is looked
for. No class of securities will feel the
effects of dear money to the extent that
the industrials will be because of the
great difficulty that will be experienced
in obtaining loans upon them, even at ad-
buying 3. r. 7. by the ridiculous rumOrs
that are being circulated by irresponsible
people. The stock is not worth a cent
more than 1t was two months ago and
those who buy it on the big bulges will
regret their folly. Tenn Coal a. Iron is
another stock in which the outsider has
no show 1t is completely under the con-
troll of a few people who are always on
the alert for victims. Buyers should con-
fine their operations to reputable railway
stocks, giving preference to such of these
as are known to be selling below their
intrinsic value, prominently among which
may be mentioned Atchlson common and
preferred. Rock Island, Burlington and
Pennsylvania. st. Paul earnings decreas-
ed nearly so 900 last week. Although
these decreases have come with remark
able regularity of late, they do not seem
to produce an adverse feeling upon the
stock. 1t keeps pace with the rest OF the
market and has strong friends who look
for it to sell away above its present price.
R n. HUDSON.