The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-25

was independent strength shown different
times Dy Union Pacific and by the Southern
each. There seemed to be some inkiing OF the
favorable character OF the bank statement be-
traders had circulated rumors since Friday that
some mysterious influence work which
shorts covered heavily in advance Of the state
ImI s., and general rally occurred whica
many stocks rising point The bears
were much struck by the failure of any large
conditions indicated. and they put out fresh
snort lines In the last few minutes OF trading.
pest, except for the stocks where particular
s .,Ira mad been shown; the market at no
the feature Friday. but new buying was equally
came distinctly favorable. So far the known
movements OF money show the banks received
s. 5ss 500 shown by the statement is supposed to
De due TO some special movement OF cash from
concerned This item hgured more largely in
inc deposit increase than did the loan expansion
Of the reserve requirement by nearly 5000. 900.
the actual surplus is increased by S4,60s;5Oo
tanned durns the hS Ss Se Of
profits has made inroads on prices at many
points. and the opinion that the advance was IN
danger OF overwhelming itself has gained force
The notable strength OF a few stocks has been
and has served as strong sustanng influence ,a
The reactionary tendency undoubtedly would ,s,a
nave been more marked had IL not been Tor TINS
sustaining influence. Opinion regarding the
nd @ for haxe eaS Res
only uneasiness is lest the outlook Is being over
for thS, GH inviting
spondingly violent collapse. Professional opera
turning point in the market. and have taken the
short side many times since Nov only 10 Dc
But it is a matter Of course that the further the
market advances the more vulnerable IL pc
OF reaction 'H The bears ha9e had better success
In making an impression on prices during the
he edo OF s sns While ah a
short Of the market are all for lower prices, his
buying has
the advance more than once In the last two
LONDON BADLY BITTEN
conspicuous instance of this character was
offered by the London market London brokers
sold privileges to buy American stocks on a
very large scale before election which are sub
ject to redemption at the periodical Stock Ex-
change settlements. of which will take
place Tuesday. When prices began to advance
here London continued sell with confidence,
or with the hope Of checking the advance But
the London operators apparently decided to take
their losses this week and not take the risk OF
seeing them grow by further advance. On
Wednesday London bought more stocks in New
York than on any previous day. the total being
this source had much TO do with the sensational
advances in some of the International stocks.
Large bear interests in New York were also re-
puted to have closed out loss 1t is the
| irony of bear squeeze that when their forced
position Of the market so far weakened that a
| latter events of the week proved. The European
short interest was largest in M9rhe t1 Do Pa9 with
| that stocks sensational advance. The effect OF
e o Ss d OF hs apr
wheat crop converged on this stock and was
irony by R n the esG per- In
| dividend at the time they declared the regular
stock sold for 45a On wednesday of this week
and its policy and the sentiment towards its
| stock are typical OF the changes in the whole
| buoyant confidence in renewing business by buy
/ ing and by making contracts TO buy, based on
| but there has been an astonishing unloosening
OF credits in the money market Where formerly ,aI
discrimination shown against the mucn-su
/ accorded on the industrials collateral. Very
large amounts of floating capital have undoubt-
/ ly gone into stocks for investment and specula-
/ ton has been on an unprecedented scale. That
! these demands have failed to absorb all availa-
/ BILE funds. according almost universal expecta-
| tion is a striking evidence OF the extensive un-
locking OF credits. This has been a potential
i factor In confounding all estimates as TO the
| maintenance of strength in the stock market.
| Another has been the large buying encountered
/ in this way by waiting buyers who had grown
| distrustful of the continued advance, but who
| The continued digestion of profits in the stock
| market was another element of the PROLONGED
| strength. Not only do holdings of stocks fire.
| quently change hands, but the old holders would
| pay off loans that holders would reborrow.
/ thus tightening the pressure on the money mar
ket The loan item in the two bank statements.
following the outbreak of the speculation, is eX-
plainable other hypothesis. Without the
| restraint of a rising money rate and with no
i positive development of discouraging charac-
/ ter. the cumulative effect Of prolonged adj
vance in prices is difficult to curb within bounds
| OF safety But the available supply of credits
| is bound to be exhausted If speculation con-
/ tinues long enough to absorb them, and the re-
sulting reaction only be measured by the
amount of liquidation which then will be forced
| by process of credit contraction.
| An active business has been done In bonds,
but it has at time approached the high-record
volume of the market of January, 1899. Prices
are generally higher on the week. United States
new fours advanced q, the refunding twos, when
issued, and the old four and-a-halfs and flves
1 "a per cent the ruling call price OF week
4
Following are Saturdays share sales and the
closing bid prices: