The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-10-20
OPERATIONS ARE CHECKED
CESSATION OF THE ACTIVE sPECU-
LATION IN NORTHERN PACIFIC.
Monetary Conditions Are Not Salts
factory-Phases OF the Past
Week I'm Wall Street

NEW YORK, Oct 19-There seemed to be
a pause in the large operations in Northern
Pacific preferred that have given charac-
ter to the stock market for two days past,
and the professional traders made uncer-
tain work with the stock in the absence
Of assured leadership. The stock opened
unchanged and advanced a point, dipped
points and fuctuated doubtfully. This
unsettled the whole market and semi
stagnation settled over the dealings. Anal
gamated Copper was an exception and was
strong and active throughout, with only
occasional slight reductions. The buying
was concentrated in character and was at
tributed to Boston account, supposed to be
covering by shorts. There was no news
to account for the movement beyond the
insistence by copper interests that the
company's stocks ON hand were not un-
duly large. Sugar and Peoples Gas showed
some sympathy in the late dealings. Anal
gamated Copper rose points and closed
within shade of the best. This stock
held the market against the disappoint-
ment of the increase in bank loans re-
vealed by the weekly statement. 1t is
confidently assumed that this is due to
reborrowing, incident to paying off sterling
loans which has kept the exchange mar
ket firm all week, in spite of largely in
creased supplies of cotton and wheat bllls.
further withdrawal Of gold for Berlin
from the Bank Of England to-day indicates
continuance of the condition of hardness
in foreign money markets, which has been
responsible for enforcing this paying off
of sterling loans. The market closed IT.
regular and dull.
The animated upward movement In
stocks which was inaugurated in the latter
part of last week was checked at the be-
ginning OF this week, and there was con-
siderable backset as a result of the proht-
taking by last weeks buyers. The re-
ports set afioat last week pointing to the
renewal of extensive plans Of additional
consolidation in the transcontlnental ran
roads were discredited by the empnauc
denials from official sources. The DISPOSE
ton TO revive all the old rumors which
fed the speculative Juror or last spring
seems to awaken uneasiness in the minds
of some of the great financial powers, with
the fall pressure upon the money market
still unrelieved. and the efforts 10 awaken
active bull speculation were olscour-
aged.
But much interest has been felt all
through the week in the northwestern
railroad situation, and there has peen some
degree of excitement, although OF sup
pressed character, owing TO secrecy main
tanned as TO the actual developments. Ihere
have been many indications that the sltua-
ton in that field is developing and chang
ing, the most impressive of which was the
sudden activity of Northern Pacific pre-
ferred in the stock market, after period
of almost absolute stagnation ever since
the Northern Pacific corner ana the re-
sulting panic Of May 9. The liberal supply
of Northern Pacific stock which found It's
way to the market on THURSDAY polnteu
Enthusiastically to a relaxation of the solicit
tude with which every available share mas
been held, after securing every security
market in the world to secure IL. Inc prices
to which the securities were pushed by
that wild scramble and the enormous &C
emulation reflected in the volume OF the
transactions in them left no doubt that vast
amounts of capital had been locked up in
the struggle Where the capital came from
the financial world has never known def
nitely. No subsequent capital issue by any
of the railroad companies concerned has
revealed any provision for the money eX-
pended in the wholesale purchase or North
ern Pacific stocks in the open market at
that time.
In the money market the renewed move
ment of currency to Southern points has
marked the belated movement of cotton to
ton of the payments for redemption of gov
eminent bonds under the Treasury Depart
ment's late offer, the requirements OF the
subtreasury at New York have begun to
make inroads on the money market again
The probable extent of this requirement Is
awaited to make clear the future of the
money market, which seemed to be assured
last week. a number OF special trdnsac-
tons also have to be considered, including
the purchase of $50, 100000 Of pennsylvania
Company bonds and q 100000 payment
on account of the pending soft coal COM
bination. Some uncertainty over the future
of railroad earnings has been indicated,
especially in the movement o. Southwestern
railroad stocks. where the shortage in the
corn and cotton crops Will be most telt.
The foreign trade repression also has come
in for consideration, especially as to its
bearing on our future foreign trade The
statement for our September trade show
ing decline in the value of exports and
an increase in the value of imports, Is sig
nifcant of a decrease in buying power for
our commodities and increase in power of
competition with our products, which would
naturally result from depression and low
prices abroad. The clouds of dependency
seem to have lowered over the German
markets again this week, and in Paris there
has been quite an acute disturbance, grow
ing out of the upset IN the copper markets
I'm part and Influenced also by the pro-
longed industrial crisis in Russia, in which
French capital is heavily involved.
Railroad bonds and investment securities
generally have been in improved demand
and have risen in prices. United States
threes advanced II per cent. over the clos
ing call of last week.
Following are Saturdays share sales and
the recorded price changes: