The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-01
SOLICITED.

in par value OF bonds There mas been a
constant digestion OF speculative prohts
or a very large scale. and this has eI:-
couraged the bear party TO go snort oil ths
market occasionally In the confidence thai
the elimination Of the rise mad been
reached and that they would have good
opportunity TO cover snort contracts later
on Nm the expected period or active spec
ulatfve liuuidation. but the continued large
demand for stocks and the recurrence Of
rumors regarding plans Tor the betterment
or individual properties have as often
driven the bears TO cover. The admission
tor trading in the unlisted department
or the exchange of the United States Steel
stock when issued. proved an excitement
10 the general speculation. The prices
TO which these stocks had risen IN the
narrow trading on the curb offered hand
some profits on the stocks of the constit-
uent company which were exchanged. COM
pared with the prices of those stocks be-
fore the merger. There was an appre-
henSion that with the greater facilities
them downward very promptly that these
stocks were not TO be left without support.
There was organized and skillful support
from the outset and the realizing was
largely absorbed and prices advanced. This
gave renewed confidence to the whole spec-
ulation and the trading in the steel stocks
formed an important element in the mar
ket during the latter part of the week.
The belief that plans were working out
for a general combination of Southwestern
railroads made another center of s~pecula-
tive activity. Missouri Pacific continued
the leading figure In this movement, ana
the Colorado roads were very conspicu-
Gus and strong.
LARGELY PROFESSIONAL.
The market was highly professional and
speculative during the whole week. as
shown by the volume of transactions in
individual stocks. which were sufficient to
have affected a change of control in many
stocks. had they represented any proper
ton of actual transfers. The good reports
of business in most lines, all through the
country, and the continued high level Of
railroad earnings. formed an effective I'M
derlying support for the whole speculation.
The only threatening prospect was in the
money market. Great confidence was pro-
fessed by high authorities that there was
no danger of stringency, but the continued
discussion of the possibilities Of replenish-
ment in case of need indicated some dis
quiet. These discussions have not devel-
oped promising prospects. Suggestions that
the secretary OF the treasury might afford
relief by a purchase of government bonds
have been met by the objection that the
available issues are held unreasonably
high. Nor has any official countenance been
accorded to the suggestion that the gov
eminent interest, due on May 1. might be
paid in advance. But the drain on the
money market of the subtreasury opera
lions continues large.
The export of a small amount of gold.
this week, in the coin Of the country to
which II went, was not in itself of large
ll1DOTtdUtt, Jul IL Is the general feeling
that ii is the prelude of a general outward
movement of the metal. The rising tend
ency In foreign money markets and the
known future needs of those markets point
to such a result. OF course. the scarcity of
exchange bills in New York is artificial. as
the exports of merchandise continue
very large, but the commercial
bills of exchange are withheld
from the New York market and sent
forward to the credit of the holders who
are placing loans i'm foreign markets. 1t is
quite likely that an advance i'm the ex-
change rate to the gold export point will
bring additional offerings of these bills
upon the market, but a further advance in
the foreign markets needed it, unless do
nestle Interest rates should show a greater
PROFIT at home. 1t is a we'll known result
of the operations of natural forces that an
extensive enlargement of the circulating
medium, such as has occurred in the United
states during the past year, and the result
ing low interest rates, attract such q large
demand Tor credits as TO result in a re-
bound OF interest rates. The enormous
financial transactions of the past few
months have been the direct outgrowth Of
the early perception by far-seeing capital
lists of the increased credit facilities which
would result in the growth of the circu-
lation. The great industrial and business
activity, the tremendous new enterprises
embarked in and the resort to our money
market, In increasing degree, or foreign
governments and other borrowers, show
the operation Of the law. The higher prices
or securities which result from this ACTIVITY
afford increased basis for borrowing money.
The strength OF the bond market has not
been SO conspicuous ana SO general this
week, but points or strength have continued
10 develop. United States refunding twos,
coupon, advanced Y and the threeS, old,
ano new tours a per cent. over the closing
call of last week.
Following are saturdays share sales and
the closing bid prices: