The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-21


elimination of the rise that 1t has kept the
short account in the market very large.
This Is in itself a powerful sustaining fac
tor. and represents a practical discounting
OF threatened liquidation. As a consequence
there are large buying orders TO take
profits for short account at even slight re-
cessions in prices, which props the mar
ket and checks the declines. The bear
leadership has been notably bold and ag-
gressfve up TO this time. These influences
have served 10 offset to degree the I'M
DERIVING weakness of the market.
UNWARRANTED RUMORS.
Various Developments during the week
have demonstrated that spectators have
misplaced their confidence in many rumors
that have been afoat. A sitting process
has begun OF facts from fancies. which
leaves large residue of unconfrmed, dis
credited and even disproved statements,
which have been the ground in each case
of large buying. Expected dividends or in
creases of dividends have rot been forth
coming; much heralded consultations have
been officially disclsimed. and have in each
case, left heritage of disappointment and
prospective loss. The leading incidents of
this class have been the assertions by
President j. j. HILL of the Great Northern.
that he never owned a share of ST. Paul
stocks In his life; the denial by an official
OF the Metropolitan Street-railway of
the reported lease of Manhattan; the lack
OF expected provision by the Federal Steel
directors for quarterly dividends on the
common stock during the coming wear and
subsequent rumors of bond issue and a
suspension of dividends I'm the future: a
dividend or only per cent. on New York
Chicago a. St. Louis Railway, where ali
the way from 212 to per cent had been
confidently predicted, and the failure of the
Erie directors TO take any action on a div
idend when many spectators believed that
rGf rod ooh
on per cent. basis Immediately There
were so many unconfirmed predictions to
which these cases offered a close analogy
mat speculative confidence was very much
undermined
The commencement of gold exports had
SO little effect on the money market that
1t could hardly be reckoned with as with
an immediate influence on the stock mar
ket- The condition of the money market
mas been one of extreme and increasing
easlness. There Is no apprehension that
the Withdrawals of gold will result in any
scarcity of funds, but the speculative cam
paign in stocks has been based on an as
sumption of plethoric condition In the
money market and the ready acceptance of
| all grades Of industrial stocks as collateral
| by money lenders. The conviction has
| grown that the outward movement of gold
will reach perhaps high as $40 600 900.
| This undoubtedly would preclude an actual
| plethora of money. and the discrimination
/ or banks against undesirable collateral has
continued in full force.
| Without doubt the most potent influence
| on speculation has been the disquieting
evidence of hostile conditions among the
| great iron and steal combinations. Mr.
| Carnegie's epigram, "Iron is either a king
| pauper,' directs attention the peri
| DDS of extreme depression to which the iron
| industry has been subject in the past and
causes anxiety for the future of the highly
| capitalized steel industrials. dividends on
| which are dependent on highly prosper
| Gus condition of the industry. 1t is evident
/ also that the division of business among
the great steel corporations is subject
of friction and threatens competition and
reprisals. which inevitably would democrat
| ize profits in the industry. The announce
| ment of a projected tube mill by the Car
| negie interests in Conneaut, o.. has been
| supplemented by ominous rumorS of fur
/ Their incursions into the fields of the vari-
| Gus departments. The tacit admission by
1 the Federal Steel authorities of a contem-
| plated bond issue is accepted as a note
/ of preparation ior a conflict. From the
| purely speculate { standpoint, it is mat
i ter of notoriety IN Wall street that there
/ are animosities among the steel interests,
/ which are ranged respectively on the bull
/ and the bear sides of the market The
i stock market has felt the sympathetic eff
feet of the violent fluctuations in the steel
/ stocks. but the uneasiness over the iron
| and steel trade outlook, a barometer
| of general business conditions has been
| even more effective on speculative senti-
| ments. Standard Oil sold at $795 and $500
| a share on Saturday.
| Bonds have moved in sympathy with
| stocks on a lessened volume of business.
| United States refunding twos declined Is,
| old tours " and fves Il on the last call,
| compared with quotations a week ago.
| Following are Saturdays share sales and
| the closing bid prices: