The Indianapolis journal., 1900-10-28

commercial reviews. Some Of them suffered to
the extent OF ! to Is per cent In the railroad
Pacific as the latest stock TO be subjected TO un-
warranted rumors to adance II. followed by
thoritative denials Other members OF the South
western group Jared better. notably ST. Louis
southwestern preferred. The Chicago & Altons
and Kansas City Southerns strong South
eIn Pacific continued heavy. in spite of the de-
cision upon the president the Readings
quite weak at losses OF point There a
ulsPosiuoh aDout the exchange 10 depreclate the
excessive tendency OF the speculation and the
broadness OF the methods employed in some quar-
tiers. tiers. The systematic and periodical dis-emina-
ton OF bull canards felt TO endanger the
stability of market where buying was based on
such nimsy grounds.
No ineligible explanation is offered for the
large increase in cash reported by the banks for
the week Preliminary estimates OF the changes.
based statements furnished by the banks
themselves and made by recognized authorities
had placed the probable loss in cash all the way
from Sl.5oo00O up TO over $soo0.ooo- The payment,
FRIDAY, by the subtreasury. of drafts for S4Ooo.-
900 on account OF the Australian gold recently
arrived in San Francisco was not expected to
figure in this weeks statement
The week has been one of great speculative
activity in stocks. and has afforded opportunity
10 market very large holdings The development
OF an outside demand has been accompanied by
manipulation Of prices in the interest OF specua-
tors long Of stocks. The successful efforts to get
prices up have resulted in handsome profits N
the selling 10 outside buyers. That many of the
buyers had in view merely speculative opera
tfon. hoping for continued rise in prices which
would offer a profit resale, evident from
the selling pressure which developed on the ad-
vance. and which turned prices backwards But
the bull interests ON the exchange constantly
shifted their operations TO new quarters OF the
stock list. and kept the speculative interest
Nearly every day during the week brought forth
publications alleging far-reaching changes In
control and in plan for operation of great rail-
road properties allied connecting systems.
with promises of colossal results in profits Look
ing back over the week. IL is noticeable that
these stories have failed of confirmation, and in
many instances have been conclusively denied
so that after the first inward jump Of the stock,
II mas fallen back in price and become compare
lively quiet in the speculation. While these
facts make il evident that prices have been
forced up artificialIy they do not necessarily de-
tract from the values, as a barometer of general
conditions, OF the increased activity and higher
prices OF stocks The important point is that an
outside interest has been attracted in the stock
market. Previous efforts have been made to
attract such an interest by ostentatious advances
in prices, but without avail. and the stock mar
ket has been confined TO the trading between pro-
fessional operators ever since last spring.
GOOD OUTSIDE DEMAND.
Events have far progressed towards assur-
ance OF future business prosperity that the in
quiry for securities. which inevitably results from
this state of things. has made its appearance N
the stock market. Professional operators have
long expected this. and have gone long of stocks
in consequence. The weeks events represented
their efforts to get the best prices possible for
their holdings. 1t is invariabIe incident of
bull market also, that after the professional
operators have worked. through the list OF stocks
and exploited all those available for a RISE and
sold their holdings they will be as industrious
IN sowing discouraging opinions regarding future
values they before i'm expressing conf
dence- Verisimilitude will always be given to
headlong desire to sell stocks The week has not
lacked evidence that the professional mind of the
stock operator has already arrived at this stage
with regard to some stocks. There is always the
doubt, which the public must struggle to solve,
whether the anxiety of the professional is greater
theirs.
1t is a fact that conservative financial circles
have for some time past discountenanced at
tempts TO advance prices of stocks and to stimu-
late a general speculation, owing to the doubt
whether the demands on the money markets of
the world through the fall and winter season
wouldn't make IL dangerous TO initiate credits for
merely speculative purposes with the chance
tnat calling OF loans would be necessary, which
would precipitate speculative liquidation and
dangerous fall OF prices The recent supplies of
gold secured at various points in Europe and i'm
London for import, and which now amount to
nearly ST. coo. 900. has been the determining infu
ences in relieving apprehension the money
outlook. IL had been feared that such a with
drawal OF gold would have dangerous consequences
In Europe, which is still cut off from its former
source OF supply in the Transvaal. That Euro
pean markets have been undisturbed by this
movement is partly due to the skill with which
the exchange operations have been handled.
American agents have secured all out-of-th -the-way
sources for floating supplies of gold in order not
TO encroach on the supplies in the great central
institutions abroad. This solicitude over foreign
markets finds its cause in enlightened selfshness
as American financial interests in these markets
are larger than ever before, and the countrys
export trade would be damaged by an upset In
foreign money markets.
Meantime the conviction has gained force that
prosperous business and Industrial conditions
are assured for the coming year. The large de-
mand for money in circulation. the increasing
activity in the iron trade, the continued high
level of railroad earnings, the enormous profits in
cotton exports the growing foreign demand for
grain, the settlement of the anthracite miners
strike, all were of influence in encoure ging senti
nnent over the outlook 1t is the belief in busi-
ness circles that large amount of business has
been held back until the passing of the peril of
unsettlement incident to the political campaign
so that the approach to election has been a factor
In the speculative activity. the effort being to
discount post-election conditions. The weeks
receipts Of gold in New York, on the import
movement have kept the money rate down
though the demand for credits incident to the
speculation has not been without effect The
facilities afforded by the money market have
been the determining cause of letting loose the
speculative tendency which has been under re-
straint for some time. An incident of the week
has been the continued advance Of silver To the
highest level in four years. and the apparent
elimination of the rise and slight reaction
Bonds, as well as stocks, have responded to an
awakened public interest and some issues have
refunding twos advanced sc. and the threes
new and old fours and the fves, registered &c
and fives coupon, q per cent. over the quotations
ruling a week ago.
Following are Saturdays share sales and the
closing bid prices:
Stocks. Sales Rid
Atchison Atchison ,rafcrr:d 4s25 s2
Baltimore & Ohio.... 54OO 7t5s