The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-11-04
DULL ONLY BY CONTRAST
OCTOBER SPECULATION FAR AHEAD
OF LAST YEARS OCTOBER,
But Much Behind the Trading of Last
Spring-MOnetary Conditions Are
Causing Much Uneasiness.

was spotty and irregular to-day, but made
a firm closing at about the best. generally
after the appearance of the weak bank
statement. Very large orders were placed
in various stocks to effect the rally. The
selling after the bank statement had been
considerable and the gains earlier mad
been pretty we'll wiped out. Union Pacific
was most prominent in the rally and was
marked up to 1924 through many offerings
Of several thousand-share blocks each.
Southern Railway stocks, B. & o., Amalga-
mated Copper and United States Steel pre-
ferred also rallied strongly. the last named
rising a point over last night. st. Paul
was notably heavy and rallied but freebly.
dropping back to the lowest of the day at
the close. The general movement was mar
row. but some less important stocks moved
widely. Peoples Gas sharply de-
pressed. There was strength in Illinois
Central and the st. Louis & San Francisco
stocks 1t was hoped that the gold exports,
coming late in the week, would not figure
for their full amount in the bank state
ment under the average system. But the
cash decrease proved to be a million and
half in excess Of the estimate, and the
loan item showed the process of loan ex-
pansion by the banks still heavy in force.
The London market showed relief by redls-
bursement of November dividends and
sterling at Paris recovered fraction.
Further gold exports from New York next
week are counted as practical certainty
Prices of stocks have dritted uncertainty
during the whole of the past week, with
no consistent movement dehned at any
time. The conflicting eddies or the pool Oh
speculation have been due to movements
of individual stocks under the influence Oh
special causes The prevailing impression
among market observers has been one OF
dullness near to the low record. For the
first time this year the weekly transactions
in stocks have fallen below the aggregate
transactions for the corresponding period
of last year, yet a survey OF the transact
tiOns Of the whole month reveals an aggre-
gate of 14,023,147 shares, compared with
total of 10 900 9S5 for October of last year,
which was in turn the largest aggregate or
transactions for any October Sales OF
bonds for the October just ended amounted
with $42, 297, 600 in October of last year. and
$50, 747, $50 in October of 1898.
1t will be seen, therefore, that the senSa-
ton of dullness is due to the contrast with
the furious activity of the speculative
Jurors of the earlier part Of the year, when
the transactions at the Stock Exchange ran
from million to three million shares day
ever, that speculative operations nave
fallen to a low ebb and are left almost
wholly in the hands of professional opera
tors. The multiplication of securities listed
and dealt in by their expanded share issues
counts for the maintenance of the amount
of business in the stock market above any
previous record for the corresponding time
of the year.
Opinions continue to vary as to what will
be the ultimate direction Of values when
speculation issues from it's present dormant
and hesitating condition. The aggregate
requirements of foreign money markets
until the turn of the year are still unde-
fined, and the events of the week point to
likelihood
market will be called on to meet those re-
quirements. The beginning of gold exports
to Paris and the advance in the Bank of
! England discount rate point clearly to that
conclusion The ability of the foreign mar
kets TO command gold from New York in
face of the heavy trade balance in our
due TO the enormous return of foreign hold
ings of securities to domestic holders and
to large borrowings by home capitalists
and Syndicates during the struggle for con-
troll of the Northern Pacific and the organi-
zatiOn of the United States Steel Corpora
ton. The prolongation of the Boer war
keeps Europe shut off from it's customary
source of gold supply, while the continued
production in this country makes it the
| most available source of supply.
Attention has been attracted this week
by reports of retirement from business of
wheat exporters on account of foreign de-
mand and collapsed ship-carrying rates, so
that speculative contracts, both in wheat
and ocean freightS have involved losses.
! The export of iron products has avowedly
| fallen TO insignificant proportions. although
the urgent demands of the home trade are
given to account for this. 1t is one of the
many anomalies of the foreign exchange
situation that London has to shift the Paris
demand for gold upon New York, while
Australian gold is diverted from its usual
course to London for shipment to San
Francisco and ultimately to New York The
weeks shipment Of s2S5O,OOO to Paris is ex-
actly counterbalanced by gold received in
New York, or in transit from Australia.
The renewal of bond purchases by the Sec
rotary of the treasury only partly relieved
the apprehension of the disturbing effect
upon the money market of the unwieldy
government surplus. Reports of the do
nestle trade situation continue favorable
in the volume Of bank clearings through
out the country, the earnings and amount
of traffic of railroads and the activity in
the iron trade.
Railroad bonds have been quite active
during the week, with points of notable
strength here and there. United States
threes advanced y per cent, the refundine
| twos and the old fours y per cent, the fves
q per cent. and the new tours l per cent
above the closing call of last week
Following are Saturdays share sales and
the recorded price changes:
High Low Closing