The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-09

- antlcipate the payment Of ovcf s.. ooo. 900 OF
sanoaIs government interest did not relieve SEN
,uhm1ent to any extent. as experience shows that
ma ma manner OF relief IS cumbersome and slow in
.AihE FUNDS available to the omen money mar
hel Even in the stringent money marked ~
"a laaL holders of government bonds we're slow
Ia advance OF coming due The Corning yearly
com nSmenss. , lor which PREPARATION has already
fSe on money than ever before in the history Of
~ on small transactions.
the ~ lfreguisrity OF the stock market during
vi speculative sentiment and the present safety
Vl me voracious speculative demand. which took
sfteT election. The decreased volume OF dealings
: a reflection Of this condition OF affairs. The
SCENTS the unloading OF speculative pools. anx-
oGs TO take profits and alert to the declining In
seIest In speculation. This unloading process
hao served te reveal the collapse % the early
IN some part an aggravated cause OF this ten
T,nSS,y OF stocks and in some ways merely an
Sugar bad i Gs l OWN Tine metiS SeoT r. sbs Speculation ,sSwstroD .i in
expectation Of a dividend increase. but other
stocks in the market offer an analogy. The in
the pending problem of the efficacy OF the new
1noustrlal combination as a financial device.
sdtIve than those with an older history. but the
The steel group offers the best example of the
Ht,o gsu9ns at issue The principal of these cues
Ihat only such prces for the product as invite
ats &c eompe,,s1n NIL bring In the requisite pro-
ment OF dividends on these stocks and the course
81 obv soenfS n the trade during the past year here
subject in the minds OF the speculative and in
the securities. The outcome Of events in the
tnau curing the coming year are awaited TO
profits of manufacture at last years level of
price, IT Is proved. were so great as TO invite the
productive forces which resulted in an over
production and necessitated concessions to work
on the surplus.
THE RULING FACToR.
The lower price level has driven smaller pro-
ductive forces into retirement again. The f-
ture value of the securities of the great COM
o~inations depends on whether they can keep
prices at a low enough level 10 deter the smaller
enterprises from competitive production. and
still earn dividends on their large capital. At
the present stage the domestic demand for the
product seems TO have become sufficient to les
sen the attractiveness Of foreign rates OF our
products The, recovery in the securities of iron
industrials in Germany is the reflection of the
decline Of American competition and promises
to show effects in our export trade statistics be-
tOIe IOhg. Inc current shipments abroad Of iron
products are still heavy. but as the Iron Age
signl1cantiy observes; That is water that has
In the sugar trade, also. speculation shows
Itself sensitive to indications of a renewal OF
basis OF tolerated competition. The problem
struggling for solution in this case is to fix a
chase OF new sctmpetitors. with the conse-
these are not new problems for financiers or for
speculators and their importance at this time
Is due particularly to the general reactionary
tendency which is prone TO development in tie
STOCK market. Such a tendency is entirely nor
active requirements for money in the seasonabIe
trade ana IN preparation for yearly settlements.
We're unanimous in their predictions for an ac-
tive money market and made preparations to
conserve their resources accordingly. These
preparations proved more than ample. and the
pcst-election relaxation flooded the money mar
ket with credits. The part taken in the loan
market by trust companies and other nduciary
Institutions makes IL somewhat difficult to meas
ure the absorption of credits for purposes of
stock market speculation, as IL does not figure
In the loan item of the banks. While trust
Exchange tho were withdrawing deposits from
the banks. SO that there was an actual loan
contraction reported by the clearing house banks
an abe the period Of greatest speculative activity IN
are making preliminary arrangements to meet
the yearly settlements on Jan. I there is likely
tons to call loans. thus driving borrowers to
the banks for renewals. The large movement of
| currency to the interior and the heavy bank
| clearings at interior points justify the predic-
tlOns made by bankers before election of active
year, although the effect is somewhat belated.
With this inroad on New York bank resources
! rcsor.ing to the banks for renewals or loans
! called elsewhere. there is a possibility of forced
nduldat1on IN the stock market. especially with
Money rates have been higher during the week.
but the money market outlook has not prevented
the continuance OF strong points in the market.
| especially in the lower-priced railroad stocks.
Organized buying has been in evidence i'm some
cases, supposed TO reflect the continuance OF
policy among the great railroad systems of Sc
curing, representation in the companies of com
peting or connecting lines. These points OF
strength have served TO vary the prevailing
| tendency. which was reactionary.
The business in bonds on several days during
the week has arisen above the level of the deal
ings is the active stock market after the elcc-
ton. but has at no time reached the hign levcl
OF the January, 1899, period. The buying was
more or less speculative and was specially
directed to contingent interest bonds and junior
| issues. Gilt-edged and high grades are quiet
United States refunding twos declined y pei
cent. old fours and new fours &C and fves 1@C
under the call price of a week ago.
Following are share sales and the closing bio
prices: