The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-18

money market has not been affected to any ex-
tent bv the revival In business since election.
Clearings IN New York last week Fose TO 81. 5i6,-
se-T5 an advance CT sf7s. 600. nearly 50
tion Of the hanks In New York has, for the mo-
ment. reached its maximum. decreases In the
total having been shown from the last two
wALL-sTREET REVIEW
Fridays definite resumption OF strength In the
securities market and the evidence of large and
aggressive buying for investment had infiu-
ence upon speculative sentiment Saturday which
the most sanguine could scarcely have foreseen.
Such speculative excitement that the ex-
change at the opening has rarely been seen in
the history of that institution. Brokers had
ders TO buy in large amounts without any price
limit, apparently. Such orders were sheer reck-
lessness in market where stocks are as strong
~ held as at present, and the sensational ad-
vances which resulted were almost instantane-
color 10 the supposition that large short in
terest was IN process OF closing out py iorced
selling at intervals ever since the election. and
an uncovered bear account after Fridays ses-
vance of a large fraction and running up to
over point was imposing, but In few In
soiiated Gas was sns sold for ss1 al the same time
it selling for 1884, and Tennessee Coal opened
FRIDAY 70 70 jumped
which is less than it's average daily rise for
This speculative excess quickly brought its
Ds the n1 se nS e rsspse Ma SO
violent TO awaken uneasness- The relapse
carried prices back to within fraction Of Fri
notably PENNSYLVANIA, prices fell below; put
after the appearances Of the 1sySraoe bank
and prices were lifted again. in some cases TO
cause OF the large demand. the movement being
based evidently on confidence in the comprehen-
sive nature of conditions making for prosperity
and large earnings in all branches OF business
There has been considerable abatement this
week in the inordinate speculation In stocks lS
less extremes, and to run the money market into
a squeeze by putting too much money into spec
profits by the more cautions and increasing
holiness in the bear attacks on the market at
the weak speculative accounts which made the
market top-heavy, and discouraged the head.
long rush OF outsiders to buy. Inc class Oh
spectators whom nothing attracts but sensa-
nonai upward surge Of prices mas b nesn mTGn
evident that a large body of buyers has been
the market Confident in the intrinsic value of
securities and the soundness Of the Industrial
speculation was Initiating the prices of stocks
and endangering the stability OF values Inc
the decline and has e' regained it's equilibrium
The fact that no registration or exact record Is
except by the parties immediately concerned,
gives the opportunity for unwarranted state
According 70 the general superstition heretofore
the largest DAYS business in the ao history of the
the panic. In the nature of the case the num-
Der of sales left unrecorded was likely to be
professed A to be Careful footings at the time
placed the days business as high as 1;74Oooo
were 1.s4sOco shares. according TO the most re-
liable estimates; but for the week ended Tues
dax Iacf ali u-ora Cnld IN
any previous like period in the history of the
exchange The total amounted to ,6 $685. .s
aggregate sales were 7.4S2.567 shares.
RELATIVE ACTIVITY.
AS for bond sales, the total has not reached
So 100000, par value, any day since the cleo
ton, while the record stands at s11,ooo.oOo. par
value. AS for the record of sustained period Of
activity, the sales of stocks constantly
a million shares a day in January, 1899.
During the same period the bond sales were be-
tween thirty and forty million dollars week,
par value. An almost equally sustained bull
market was that Of April, 1889. when the horde
of new Industrial securities was offered the
market. 1t will thus be seen that the specula-
ton has hardly attained the unbridled character
The memory Of the results following the spec
out, influence this week in Wall street. An APP
prehension grew up In the street after the col
properties. as a class. would have to go through
an experience similar to that OF railroad COM
and stock johbing of the construction era The
list OF American railroads which have been
ionS one. The Standards estssIishsd con.e
quently of publicity and of information -e-
road Companies and the light given to pur-
chasers of the stocks and lenders of money on
formation allowed to the public regarding the
great industrial combinations. This Is. In many
ings. The effect upon public confidence Is evil
dent from the low prices in the market Of many
are paid and for which sufhcient earnings are
reported TO continue DIVIDENDS Inc general
and good demand at advancing prices for the
dissipated some of the distrust felt toward them.
The absence, rule, OF heavy fixed charges
dividends on stocks OF industrials meets some
objections TO them. Their sponsors and advo-
which have occurred in the relations of the
worlds industry and finance of this country as
ton of Industrial corporations. The govern
ment's statement of the country's October for
new industrial era. 1t has become manifest
that the vagaries, in recent bank statements
trust companies and other institutions outside
the clearing house association. 1t is reported
that these Institutions, after making large de-
posts Of funds in banks. previous to the cleo
Gn hye dTa IA me fs se and have been
of new war loans in England and in Germany
but with the belief that the issue of the loans
would be deferred until early next spring the
| influence passed, and the money market became
| easier thus contributing TO the returning
strength in the stock market.
The bond market has continued active and
broad, but the principal buying has been OF
bonds of speculative value or with contingent
| interest payments. United States threes and
| fves declined y, the refunding twos q and the
| old fours 3. per cent. below the call prices of a
\ week ago. The fours advanced Il per cent
/ Following are Saturdays share sales and the
closing bid prices:
| Closing
Stocks. Sales. Bid.
Atchison 40 200 3sss
AtchiSon pref 1900 S23s
Baltimore IL Ohio. 1920 S2A,
Canadian Pacific .................. 300 Ss3s
| Canada Southern .--.-.-..-....--.. 800 573,
Chesapeake & Ohio. 3,400 33A
| Chicago Great Western. 200 49,.
| Chicago. Burlington & Quincy. 1850 13S
4 Chi, Ind. x Louisville. 500 24H
| Chi, Ind. x Louisville pref........ 80. 57Is
4 Chicago & Eastern Illinois ........ 400 g9il
| Chicago Il Northwestern. $500 les
/ Chicago. Rock Island q Pacific. $500 ISL,
| c., c., G.. * st. Louis. 2,1OO GU
| Colorado Southern ................. 4,3O0
| Colorado Southern first pref. -. Al
l Colorado Southern second pref. 49,. IL
/ Delaware AZ Hudson. 100 III.
| Del. Lack & Western. 200 IS2it
i Denver * Rio Grande. 300 22i,
/ Denver a. Rio Grande pref. 39n T5l