The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-28

indicated large short interest, and there
seemed to be a practical corner in the
stock Reports were revived that the 81.
Paul-NOrthern Pacifc-Grcat Northern deal
was on foot again. and the inference was
encouraged that the threatened rupture
among the great steel combinations was
about to be patched up to the mutual pene-
int OF all parties. The early upward move
ment was followed by reaction on proht
taking. and again a secondary rebound
SMALLER TRADE VOLUME.
The true state Of affairs. however, was
most significantly indicated by the dimin-
ishing volume of trading, which fell late
I'm the week to an average lower than at
any time since the election in November
The progressive decline in the volume or
dealings and the diminution in the arc OF
price oscillations are the usual phenomena
which mark the fag-end period of great
speculative movement. y the new condi-
lions which awakened the speculation and
set the price in violent motion were TO re-
main unchanged. the pendulum ultimately
would come TO a full stop, and buyers ana
sellers would be agreed as TO the prices
to be paid for stocks. That conditions
never become permanent is the fact best
known to capital, but that the genuine buy
ing demand is becoming adjusted 10 the
genuine selling demand in the stock market
that the halcyon period of the great specu-
lative era OF 1900-19Ol is distinctly declin-
ing. Over-sanguine spectators point 10
the fact that railroad earnings continue
large: that trade and business continue
active and profitable; that money is abund-
ant and credits cheap. and ask themselves
why prices of securities should not then
continue TO advance; But those are con,
ditions which have become humdrum and
commonplace by their long duration, while
speculation requires new conditions as a
stimulant. .
The speculative world Is beginning to
canvass the future again, in the conviction
that the influences of the past have lost
their force. The size OF the country crop
for the coming year must again De t reeha
is eagerly scrutiniZed. with opinion mucIi
unsettled and conflicting as TO It's iutuIe
Growing importance is attacheo 10 ,n,s
coming test of the new feature or the panh
currency law. The treasury is called on a. o, {,
redeem more national bank notes from uay
to day than at any time since the new ian
went into effect last year. l M lem ~s, tbeir
rotes i'm circulation. As they do not inquire
In the money reserves required Dy Jaw Oh
national banks, the tendency VIII DC W ie-
Deem and retire them unless they can pe
gent i'm circulation. The legal limitation
uron the retirement, 10 ~'VOo,VVo a n 1
still remains in force. The current reueiip-
ton of bank notes at the suDer a;nsS . de
each week by the New York banks on SUP
treasury operations and In the current use
90 tba Tevy York money market. The ex-
BORT t"o of gold is thus facilitated even while
he constant disbursements on government
account keep the London money market
easy in spite Of the maneuvers OF the BANK
of England to keep up the open market
rate for money.
The bond market has been relatively
more active than that for stocks and prices
Lavs heen better maintained. Bonds of the
nrinc,naI southwestern railroads have been
II, large demand and show striking gains.
ITnited States new tours and threes. regis
terad advanced "a, and United States
coupon. y per cent. over the call price Of a
Following are Saturdays share sales and
the closing bid prices: