The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-11-24
ACTIVITY in SPECULATION
THE MOST SALIENT FEATURE IN
SATURDAYS SHARE MARKET.
Movement of Day and Speculative
Sentiment of the week-Improved
Monetary Conditions.

NEW YORK, Nov. 23-Speculative activ-
fly was very great in to-day's short ses-
sion Of the Stock Exchange and manipu-
lative devices were freely used both by the
bulls and the bears. The consequence was
a feverish and excitable market. There
was a notable accumulation of New York
Southern Railway stocks. individual trans
actions in these running from 1000 to
$500 shares. New York Central was lifted
"a; Norfolk & Western. IL, and Southern
Railway preferred. 1%. There was a dis
position to take profits in some Of the
recent favorites which had an unsettling
influence on the market from the outset.
Michigan Central Jumped twenty points on
the purchase of 100 shares. The Buffalo.
Rochester & Pittsburg stocks and Mimi
eapolis, st. Paul & Sault Ste. Marie pre-
ferred, rose 2k and ga. A-malgamated Cop
per was weak throughout with the excep-
ton OF a slight fractional gain at the open
ing. In the late dealings the stock slumped
to SO, which is a fraction below the low
est price ever previously touched. This
weakness took the edge off the rally on the
strong bank statement and made the clos
ing very irregular. Renewed selling de-
VelOped at the last in the transcontinental
stocks also. The cash reserves of the
banks increased about as foreshadowed
and the heavy loan contraction Of $13,54,-
400 confirmed the belief that the gold ex-
ports of the week went to iquidate for
elgn loans. 1t is asserted that the break
In exchange is partly due to renewed sell
ing by bankers in the process of extend
ing foreign loans still maturing, which
amounts to the creation of a fresh sup
ply of short accounts in exchange TO be
covered at later maturities.
There was extraordinary irregularity In
the stock market during the week, leaning
TO the side OF depression in the earlier
part, but giving place to strength and
animation after the middle Of the week.
In the comparative dullnes of the earlier
part OF the week the speculative sentf-
ment on the general outlook was vague and
conflicting, and the only movements Of any
Importance were based on causes individual
to the stocks affected. AS a consequence
prices Of different stocks were often NOV
ing strongly in opposite directions. The
c~ontending factors We're, on the side or
depression, the uncertain money outlook,
due to the heavy requirements OF foreign
money markets for our gold and the aglta-
ton set on foot in the Northwestern States
against the purposes OF the Northern Sc
curittes Company. So much has been made
Of the formation of this company as an
argument for higher prices and the stocks
affected directly and indirectly by IT have
been advanced to so high a point that the
prospect of legislative opposition was
bound to be considered In the speculative
operations. ProtestationS of determination
to maintain the separate organization OF
the railroads brought under the ownership
of the one ompany did not prevent a per-
sistent dropping of the prices or transcon-
tinental stocks.
The export on Tuesday to France and
Germany of upwards Of 100000 in gold,
the largest amount ever exported from here
in a single day, kept attention focused
upon the unprecedented condition in the
foreign exchange market and offered no
relief to the anxiety as to how far the
obscure causes at work might continue.
The fact that the money market has been
only moderately affected thus far was not
convincing as to the future. The extern
sive resources of the domestic money mar
ket are illustrated by the constant recuper-
alton against the losses of the gold out
flow. Although this outflow is abnormal
at the season Of heaviest merchandise ex-
ports and must be TO a large extent I'M
forseen, IL is partly made good by the
constant inflow of Australian gold DIT the
Pacific coast. This country'S own produc-
ton Of gold at the rate of over S,OOO,0D
per month is also a part of the account
and must go to explain the facility with
which the needs Of European countries for
the metal are supplied. The option OF
fered by the Treasury Department for re-
demptioh of government bonds also is q
safety valve against money stringency, al
though the effect of these redemptions Is
modified by the fact hat some of the
bonds offered for redemption are with
drawn from the treasury, where they were
deposited TO secure circulation, thus oper-
ating TO retire that much circulation. The
relaxation of the tension in the foreign ex-
change market in the latter part OF the
week has been an important influence in
relieving fears of money stringency and
reviving speculative confidence in the stock
market.
The considerations which have served to
Offset the doubtful factors in the stock
market have to do with the extraordinary
trade activity and prosperity of the coun-
try as reflected in the record consumption
of pig iron in attempts to keep up with
current orders, heavy volume of bank
clearings and a volume of traffic in all lines
never eQualed and beyond the capacity Of
railroads to meet, in spite of the great
increase of equipment and carrying ca
pacity in the immediate past. Supple
mentary influences are found in rumors
of financial projects looking to the con-
solidation of minor Vanderbilt lines, extra
distributions by the subsidiary lines of the
New York Central system and Of an in
tended merger Of New York city traction
pany.
The railroad bond market has been mod
erately active during the week, and In
Vestment issues have shown q nrm tone.
Speculative bonds have been irregular.
United States threes registered, the old and
new tours and the fives advanced Is per
cent. over the closing call of last week.
The refunding twos declined q.
Following are Saturdays share sales and
the recorded price changes:
High Low Clos
Sales. est. est. ing