The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-25

weak after an early advance. The newly
arrived operator whose buying advanced
Southern Pacific published extensive an
nouncements to explain the faith that was
in him, and the demand for Pennsylvania
was supposed to come from the same
source. The moderate advances that fol-
lowed these movements and the pubica-
ton of the bank statement met selling TO
realize, and the market closed irregular.
A somewhat vacillating sentiment re-
garding the speculative outlook has been
reflected by the fluctuations Of the prices
In the stock market during the week. Con-
hdence has continued undated over the
prosperity Of the general conditions In the
country, but solicitude has been manifested
at different times over the resources of
the money market to carry the present ex-
panded credits through the period OF ex-
banded circulation of money in the coun-
try. The return to New York Of j. 2.
Morgan, after an extended vacation caused
a rise of speculative ANNA ton, which was
followed by sharp reactions. AS there has
been speculation for some time past over
the expected developments TO follow Mr..
Morgans return, and as those develop
ments were not announced Immediately,
the realizing of profits was a natural con-
sequence, according to the custom of
speculative buyers. There can be no doubt
that there are settlements outlined or i'm
portant problems which have awaited Mr..
MoTganS approval and advice, and which
will have important effect on financial
affairs, but the hopes professed in specu-
lative quarters of the rapidity and scope
OF these decisions were somewhat absurd.
II is evident, also, that the speculation has
already partly, If not wholly discounted
the effect Of some of these projects. The
belief that the anthracite coal miners
strike would be Immediately settled by Mr..
MorganS presence was naturally disap-
pointed. The faith is strong in Wall street
however, that the end of this struggle is
approaching, and that the suspension OF
mining is not likely to extend into the sea-
sons demand for winter supplies.
The undecided situation in which l.. q
y. has remained ever since the passage of
control in the speculative buying of the
stock in the open market and the SubSe-
Quent deposit of the stock with j. =. Nor
gan & Co for settlement, is not likely
TO endure much longer. Efforts to discount
this settlement have been an important in
fiuence in the market. not only that
stock, but in the whole Southern field, as
il is expected that a comprehensive re-
adjustment of railroad relations in that
field will be involved. The entry of the
St Louis & San Francisco into that field
is supposed to enter into the final settle
ment and the movements Of the Gould
stocks have suggested the possibility that
they also are involved. 1t is evident also
that the situation caused by the impair
ment of the health OF the president Of
the United States Steel Corporation COM
handed the early attention of the leading
spirit in that combination.
Mr. Morgan's assumption Of the direction
of the far-rea ching affairs which he COM
mands was therefore an important Incl
dent in the financial world and was clearly
reflected in the stock market.
There also an easier tone developed
in the money market after a slight furry
on Monday as Il consequence of the un-
favorable bank statement of last Saturday.
The source of the relief TO the money mar
ket was not obvious. IL was alleged at
first to be due TO funds attracted from the
interior by the higher rates prevailing here,
but this view was regarded with skeptiscm
in view OF the active money markets of
the interior and the transfer Of some funds
from New York 10 interior points The
more likely explanation that the New
York trust companies We're placing loans
in the local market. and thus relieving the
pressure on the clearing house banks. There
were also further large transfers Of credits
10 foreigners early in the week but as the
money rate here relaxed the foreign ex-
change rate hardened and the offerings of
finance bills I'm the exchange market d.
minished markedly. The fact that a further
20 per cent installment of subscriptions on
the Sl6O OO0. 600 British loan becomes due on
Sept L. the talk OF an early issue of a
TransVaaI loan in London and the report
that the French government will issue soon
a new lean OF S260 100000 were additional in
huences in hardening the exchange mar
ket, IN which the short interest Is now very