The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-06
NO LIFE in SPECULATION
EXPORTS TO BOOM PRICES NULL
FLED BY LIQUIDATION.
Generally Lower Level ON the Day
Pressure of Gold Export Fears
Temporarily Removed.

NEW YORK, Nov. 1.-The hopes deferred
of some of the large speculative holders Oh
stocks made their influence felt in to-days
stock market. Another renewed disappoint-
ment OF these hopes was reflected in the
lively selling movement with which the
market closed and before which prices re-
coded from / to points lower than Mon
days closing level. In the morning squirt
fractional advances were very general and
reached a point or more in one or two
prominent stocks This buying was clearly
based on the supposition that. the election
being over, active interest in the stock mar
ket was to be revived. There has been
well-defned assumption among certain
speculative class that the recent semi-stag-
nation in the market has been due to
anxiety over the outcome of the elections.
This class was made up mostly OF the men,
bers of large speculative pools, which have
constituted themselves the champions OF
various prominent stocks. of which they
have taken on heavy lines with the inten-
tior of pushing their prices to higher
level. and then selling out at a profit. The
history of the recent stock market has
been made up of the letting go of success
sivo parcels of these large holdings by the
pools. The demonstrative buying at the
opening this morning evidently came from
these sources and was intended to signal1ze
the supposed passing of the period OF de-
preston. The liquidation, however, that
mec the advances was of a character to dis
courage all efforts to put up prices, and
it was quickly demonstrated that the recent
depression of the market was due to other
causes than election uncertainties.
These causes of so general a char
acter and have been so widely discussed
as to not require charging upon here.
AS to one of the most important of them,
the prospect of gold exports, to-days I'M
mediate development moved against export
probabilities. Sterling exchange at Paris,
which is the real center of the pressure
for gold, advanced a fraction and money
and discounts were easier in London. Call
money was slightly firmer. The consequence
was that no engagements for export were
| made for shipment by to-morrows steamer.
as had been expected by good authorities
but 1t is believed that the autumn's de-
mands on the great foreign banks for the
needs of the circulation of money for pur-
| poses of trade, will ultimately result in
| Withdrawing considerable sums from the
| United States. The fact that gold continues
| to come in from Australia to the Pacific
coast, arrivals last week amounting to ST.
| 100000. with sl.750.000 additional in transit,
| adds to the probability of outgo from New
Y9sE while tbi sufgo SERIOUS St
| creasing labor cost. both in transportation
and in manufacture, which has been
| brought up by the anthracite labor trouble,
keeps attention closely fixed upon the prob
lem of the eliminating point of the period
| of prosperity. When the rise in prices
| reaches a stage at which consumptive de-
| mand Is checked the eliminating period of
| industrial activity Is to be expected Specu-
| lative attention just now is keenly alive for
| symptoms of this condition.
| The pressure to sell was felt in the bond
| market, but in less degree than in active
| stocks. Total sales. at par value, were
| $3.50. 000 United States bonds were all un-
| changed on the last call.
| Following are the days share sales and
/ the recorded price changes: