The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-10-22

Company, members Chicago Board OF
Trade, Topeka
New York, Oct. 22.-The strength Of the
pecially to the big bulls who sold out
about the middle of last week When
these interests disposed of their holdings,
it was considered a fOregone conclusion
that stocks would experience a. sharp set
back. But in spite Of the withdrawal Of
Wormser and his associates, the market
continued its advance and has in fact
made more rapid strides than when they
were at the helm Outsiders are buying
stocks for many months and If this buy
ing movement develops in proportions.
which the more sanguine traders antici-
pate, a sensational rise is likely TO occur
during the next couple of weeks. 1t is
claimed by the friends of the sold-out
bulls, that stocks are passing into weak
hands and that sudden collapse OF the
upward movement is only question of a
few days. Representatives of the lead
tial increase in the outside demand for
stocks and people who are buying them
are fully prepared to take care of them
One house received an order Saturday to
buy five thousand shares of different div1-
dend paying stocks from a client who had
not made trade since the early part OF
last summer. 1t is encouraging 10 be able
to note this awakening Of the outside pub
lie 1t reflects returning confidence and
insures a higher level Of values. Unless
some hing unexpected occurs to turn the
market from its present course. AS there
seems to be no doubt in the minds of Wall
street people in regard to the outcome OF
the election, and as II IS generally con-
ceded that the reelection OF Mckinley
will stimulate business and insure a con-
tinuance of the prosperity which the cOuu-
try is now enjoying, it would be strange
if the stock market did not have fair
sized boom. Just at the moment senti-
ment IS decidedly bullish and this week
will in all probability witness considerable
new business of a vigorous character
European spectators have not, yet,
shown any pronounced disposition to buy
our securities. This is no doubt is due to
the fact that more uncertainty exists
abroad over the result of the election than
on this side. If foreigners felt success OF
McKinley's election, they would be liberal
buyers. Holdings of American securities
in Europe are insignificant compared with
what they were 4 couple of years ago.
The strength in the steel stocks suggests
manipula ton. There is a movement On
foot to make them sell higher in order to
make a market for insiders to sell. Peo-
pie who make a speciality of this class of
stocks predict a big advance in prices in
the event of McKinley's election. Morgan
is said to be furnishing the buying power
in Northern Pacific, common. and South
ern railway stocks. 1t certainly requires
support of the highest grade to sustain
the price of Northern Pacifis. in the face
of the constantly decreasing earnings.
There is considerable investment buying
of Atchison common As has fully been
stated in these notes there this is one Of
the most promising low-priced stocks and
those who afford to carry it should
buy for long pull. If, as seems to be
the general impression, we are to have a
genuine bull market, the Changers will
all sell considerably higher.
r. n. HUDSON.