The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-24
ACTIVITY MORE MARKED
But THE BULk OF THE TRADING Is
STILL PROFESSIONAL.
Coal and Grain Roads and Ama1ga-
mated Copper Lead in the Opera
tions-Money Market Situation.

NEW YORK, Aug. 23.-The Wall-street
district had more appearance of animation
to-day than for a long time past. The
prolonged and persistent resistance of the
market to any factors of depression and
the scarcity of stocks offering, notwith-
standing the very considerable advance in
the level of prices during the last two
weeks, apparently prompted the profess
sional traders to-day, as though by a COM
mon impulse, TO i%naugurate a movement
to put prices up. There was no indication
that the general public was taking any
part in the movement, the commission
houses continuing TO complain of lack of
business, but the professional operators at
work made play with a freer hand than
had been the recent rule. There were no
very large individual transactions. but the
number of 1000 share lots was very con-
spicuous and was well distributed through
out the room. The dominant speculation
was in the Pacihcs and Southwesterns
Union Pacific leading the railroad list in
point of strength and activity, with an ex"
treme rise of 27s. The so-called Gould
stocks were all active and strong. includ-
ing the Denver d. Rio Grande stocks and
the Colorado & Southern stocks. the latter
apparently on a supposition that develop
ments are impending looking to it's absorp-
ton into the Gould system. The grain
carrying roads, as a whole, were affected
by the decided weakness in the corn mar
ket. ~Amalgamated Copper was in very
large demand, Notwithstanding the denials
of reports that further absorption of cop
per interests was intended. The extreme
rise in Amalgamated Copper was 2%. There
was gossip of coming rights on Baltimore
& Ohio to subscribe to new stock, TO be
issued in connection with the pending re-
organization of Pittsburg & Western. The
minor steel stocks were strong, Tennessee
Coal rising 3A. The United States Steel
stocks opened a fraction higher and were
held almost immovable all day, the ex-
treme fluctuations in each being IL. There
were strong points among the minor rail-
roads and specialties and the coalers con-
estimates Of the weeks cash changes were
apparently relied on as foreshadowing a
strong bank statement tomorrow. On the
ordinary express movement with the in
terror. the banks seem to have gained up
wards OF a million dollars and although
have been wiped out, the loss to that in
stitution Is only $3.50. 900. The subtreasury
figures include the receipts to the banks
on account of Australian and klondike
gold, and also the deposits of currency for
Geographic transfer 10 the interior. These
figures do not seem to promise q very
strong bank return, and 1t is explained
that special remittances to Philadelphia
on account of subscriptions to a municipal
bond issue and payments for the purchase
of the Bethlehem Steel Company, are not
included. Neither is the transfer of $780,
600 by telegraph to Chicago through the
subtreasury to-day. The officials estimate
that the total out-of-town currency move
ment to Chicago and New Orleans was five
times as great as it was at this date last
year. The members of the Stock Exchange
have petitioned the Governors TO close the
exchange on Labor day.
The railroad bond market shared in the
greater activity and strength of the stock
market. but speculative bonds were most
conspicuous. Total sales, at par value,
were $2,5S5,O0O. United States bonds were
all unchanged on the last call.
Following are the days share sales and
the recorded price changes: