The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-10


western 1T was current belief in Wall
street that part OF the buying was for ac-
count of the Pennsylvania Company itself.
stimulating effect on the whole railway
nst from its reflection of the prosperous
cohultloH OF the transportation industry
IN all the diversified branches represented
Dy the company. That stock touched a
record price during the week, and many
otner railroad stocks sold at prices never
before equaled.
CONSOLIDATION RUMORS.
There were reports current Of further
great consultations TO come In the rail-
road world which were based on the char
acter of some of this buying. The activity
Of speculative pools in many stocks was
responsible for some of these reports and
the exaggeration of others. On the result
ing advances these pools unloaded large
holdings TO take profits. causing much
i~rregularity from time to time in the price
movement. The facility with which prices
were advanced where any active demand
developed was evidence that the supply of
stocks seeking a market was not large.
The recent large buying by competing rail-
road interests, bankers and capitalists for
the purpose of Influencing control has evil
IDENTIFY much reduced the floating supply of
securities in many directions. A feature of
the market has been the movement of
stocks of the smaller railroads which seem
in any way available for absorption by the
larger systems.
There has been a furious speculation in
Amalgamated copper, which lifted the price
stock was issued. Sugar has also had its
usual speculation incident to the dividend
period. The municipal gas stocks have
moved widely under the leadership of Con-
solidated Gas and Brooklyn Union Gas, in
which a mer ger is said to be contemplated,
with valuable real estate released for the
market as a consequence. The actual
process of exchange of securities hampers
operations in them in the market. Pro-
vision has been made for dealing In the
trust certificates issued for the stocks or
the steel companies deposited In assent TO
the plan. But there is nothing In exist
| ence to represent the new United States
steel stocks beyond individual contracts TO
deliver them when issued. Dealings In
these have continued in the curb market
on a very moderate scale, and their price
has been held above that ruling Tor the
old securities estimated by the rights OF
exchange between the old and new securl-
ties. 1nis discrepancy is Narlously eN-
planned as due to d certain amount OF FISK
involved until the plan Is actually oecldieu
operative or to a manipulative device TO
encourage the exchange OF the ola secuII-
les into the new securities at the relatively
higher price quoted for the latter
Opinion over the money market outlook
is uncertain. The regular routine or events
| promises a reduction of New YORK Dank-
ing reserves for the immediate future. Inc
subtreasury requirements are heavy, ana
the tide of the interior money moVeihent
is turning from New York. BUT the rear
\ OeDG0OtnCG O lilC OliC
disposition of heavy credits involved In tne
| great corporate transactions and transfers
which nave been going on. Inc pupnc -
ignorant how far the credit requirements
for these operations are alreaoy repre-
scented in the loan item or the BANKS. as
the new securities authorized to provide
funds for some of these large purchases
are issued and distributed, the tendency
will be TO release syndicate borrowings 70
the banks again. TIL completion OF the
transactions, considering their magnitude,
will have large effect on the money market
| i'm one way or another. The possibility OF
closer money conditions is a factor IN the
stock market for the present. any ue-
cisive development in the South African
war is bound to have an influence on the
money markets of the world. owing 10 tne
renewal of the gold supply which would
follow Crop prospects VIII nave growing
inheritance from this time on. The ques-
ton of wage adjustment among coal miners
is given attention by stock operators;
the buying of middle and low-grade ran
road bonds has been on a large scale,
United states refunding twos declined a
and new tours "a. The fves ADVANCED
u over the closing bid of last week.
Following are Saturdays share sales ana
the closing offered quotations.: